Deficit as a proportion of GDP was 3.9% in the first three quarters
According to preliminary data, the deficit of the general government sector in the 1st–3rd quarters of 2021 was HUF 1,570 billion, 3.9% of GDP. The balance improved year-on-year by HUF 79 billion, or by 0.7 percentage points as a proportion of GDP.
In the 1st–3rd quarters of 2021 compared to the same period of 2020:
The general government sector’s revenues were HUF 16,468 billion and its expenditures HUF 18,039 billion.
Revenues increased by HUF 1,349 billion or by 8.9%.
The largest, HUF 608 billion (9.7%) increase in value was recorded in taxes on production within it VAT revenues grew by HUF 559 billion (by 16.9%). Income tax revenues were HUF 366 billion or 15.7% higher than a year earlier. Social contributions went up by HUF 251 billion (by 6.3%) and other revenues increased by HUF 124 billion (4.8%).
Expenditures increased by HUF 1,270 billion or by 7.6%. Intermediate consumption grew by HUF 319 billion (by 11.6%).The growth in case of paid compensation of employees was HUF 241 billion (6.3%), regarding social benefits other than social transfers in kind it was HUF 305 billion (7.7%). Interest expenditures rose by HUF 110 billion (by 13.1%). Gross fixed capital formation increased by HUF 17 billion (by 0.9%). Other general government sector expenditures were HUF 278 billion (8.1%) higher than a year earlier.
In the 3rd quarter of 2021 compared to the same period of 2020:
The general government sector had a deficit of HUF 623 billion, representing 4.6% of GDP. The balance deteriorated by HUF 85 billion and it is basically equal to the level of the 3rd quarter of 2020 as a proportion of GDP.
Revenues increased by HUF 557 billion (by 10.7%).
Expenditures were HUF 642 billion (11.1%) higher compared to the same period of the previous year.