Government finances offer important information regarding the economic status of a country, within it about the general government sector. As a main rule in the European Union member countries the government sector deficit may be 3% of the GDP at most; government debt ratio maximum 60% of the deficit. In case these conditions - the conditions for introducing the Euro also - are not met by a member state the excessive deficit procedure is launched against that state. Statistics regarding the government sector offer, beside deficit and debt related data, information about sums of revenue and expenditure as well as about their content.
Balance of the general government sector in proportion of GDP
Changes in total revenues of organisations classified into the general government sector compared to the same period of the previous year, in a given quarter.
The economic performance of Hungary surpassed in the 1st semester of 2022 the one year earlier level by 7.3%. Consumer prices year-on-year increase in the first seven months was 10%, producer prices, characteristically, grew at a several times faster pace. Compared to the high base caused by the pandemic, the number of deaths decreased by 14%, the natural decrease of the population in January-June 2022 amounted to 27 thousand people, 26% fewer year-on-year.
The approximately 500 tables, graphs and maps and tens of thousands of data the Statistical Yearbook of Hungary contains give, for almost one and a half century, an overview of the social and economic processes of the country in the given year. Besides paying attention to the ever changing socio-economic environment and user demands we always strive to share new information: the health chapter broadened this year with indices regarding outpatient care, time series of healthcare expenses, life expectancy in good health and the number of Covid19 infected people.
The deficit of the general government sector was HUF 3,938 billion, 7.1% of GDP in 2021 based on the second preliminary data of national accounts. According to data produced in compliance with the methodological requirements of the system of national accounts (ESA 2010) the revenue of the general government sector was HUF 22,753 billion and its expenditure HUF 26,691 billion. Compared to 2020 both revenues and expenditures increased by 7.9%.
Our publication, also highlighting the main effects of the pandemic, gives an overview of the social and economic trends in Hungary in 2020, including a 5% drop in GDP, putting us in the middle of the EU ranking, taking into use 28,000 new homes, the highest number since 2009, a nearly threefold increase in the share of people working remotely or from home as compared to the average for the past 10 years, a 42% increase in the value of mail order and internet retailing, and fewer accidents on the roads.
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.