Deficit as a proportion of GDP was 3.7% in the first three quarters
According to preliminary data, the deficit of the general government sector in the 1st–3rd quarters of 2022 was HUF 1,825 billion, 3.7% of GDP. The balance improved by HUF 366 billion, or by 1.7 percentage points as a proportion of GDP compared to the same period of the previous year.
In the 1st–3rd quarters of 2022:
The general government sector’s revenues were HUF 20,048 billion and its expenditures HUF 21,872 billion.
In the 1st–3rd quarters of 2022, compared to the same period of 2021:
Revenues increased by HUF 3,971 billion or by 24.7%. The largest, HUF 1,281 billion (18.3%) increase in value was recorded in taxes on production, within it, VAT revenues grew by HUF 966 billion (by 25.0%). Revenues from taxes on income surpassed by HUF 1225 billion (54.7%) the previous year’s, mainly due to the income tax refund to families with children (the accrual-based accounting of the refund lowered the value of the base period). Social contributions increased by HUF 487 billion (by 11.5%). Other revenues went up by HUF 975 billion (37.6%).
Expenditures increased by HUF 3,605 billion or by 19.7%. The growth in case of paid compensation of employees was HUF 743 billion (17.4%), regarding social benefits other than social transfers in kind it was HUF 755 billion (17.7%). Intermediate consumption went up by HUF 503 billion (by 16.0%) and interest expenditures increased by HUF 325 billion (by 35.5%). Gross fixed capital formation decreased by HUF 4 billion (by 0.2%). Other general government sector expenditures went up by HUF 1283 billion (by 35.9%).
In the 3rd quarter of 2022 compared to the same period of 2021:
The general government sector had a deficit of HUF 932 billion, representing 5.4% of GDP. The balance deteriorated by HUF 261 billion or by 0.5 percentage points compared to the previous year.
Revenues increased by HUF 1,133 billion (by 20.3%).
Expenditures were HUF 1,394 billion (22.3%) higher.