Deficit as a proportion of GDP was 2.8% in the 1st half of the year
According to preliminary data, the deficit of the general government sector in the 1st half of 2022 was HUF 893 billion, 2.8% of GDP. The balance improved by HUF 627 billion, or by 2.9 percentage points as a proportion of GDP compared to the same period of the previous year.
In the 1st half of 2022:
The general government sector’s revenues were HUF 13,324 billion and its expenditures HUF 14,217 billion.
In the 1st half of 2022, compared to the same period of 2021:
Revenues increased by HUF 2,838 billion or by 27.1%. The largest, HUF 873 billion (19.4%) increase in value was recorded in taxes on production, within it VAT revenues grew by HUF 664 billion (by 27.0%). Revenues from taxes on income surpassed by HUF 855 billion (57.5%) the previous year’s, mainly due to the accrual-based accounting of income tax refund to families with children. Social contributions increased by HUF 338 billion (by 12.1%). Other revenues grew by HUF 772 billion (by 46.0%).
Expenditures increased by HUF 2,211 billion or by 18.4%. The growth in case of paid compensation of employees was HUF 535 billion (18.5%), regarding social benefits other than social transfers in kind it was HUF 503 billion (17.5%). Intermediate consumption went up by HUF 296 billion (by 14.5%) and interest expenditures increased by HUF 190 billion (by 31.8%). Gross fixed capital formation grew by HUF 84 billion (by 7.0%). Other general government sector expenditures went up by HUF 604 billion (by 25.2%).
In the 2nd quarter of 2022, compared to the same period of 2021:
The general government sector had a deficit of HUF 371 billion, representing 2.3% of GDP. The balance improved by HUF 282 billion or by 2.5 percentage points compared to the previous year.
Revenues increased by HUF 1,313 billion, by 24.1%.
Expenditures were HUF 1,031 billion (16.9%) higher.
In 2021:
The deficit of the general government sector in 2021 was HUF 3,938 billion, 7.1% of GDP, according to the 2nd preliminary data of the national accounts. HCSO reported the data to Eurostat, the Statistical Office of the EU, in compliance with the regulation on Excessive Deficit Procedure (EDP), according to the methodological requirements included in the European System of Accounts (ESA 2010). The debt of the general government sector at the end of 2021 – based on data of the National Bank of Hungary – was HUF 42,352 billion, 76.8% of GDP.