Government surplus of HUF 164.3 bln in Q1-Q3 2016
Image by Shutterstock.com
Hungary’s government sector had a surplus of HUF 164.3 billion in the first three quarters of 2016, with the balance improving by HUF 600.3 billion, or 2.4 percentage points, as a proportion of GDP compared to the corresponding period of 2015, the Central Statistical Office (KSH) said today in a first reading of data.
The main factors in the change were a growth in revenues from actual social contributions and from taxes on income and a decrease in expenditures on investment, according to the KSH.
In the first three quarters, the government sector’s revenue was HUF 11.5918 trillion, while its expenditure was HUF 11.4275 trillion, giving its balance a surplus of HUF 164.3 billion, or 0.6% of GDP, some 2.4 percentage points higher than in the corresponding period of the previous year, the KSH reported.
Investment expenditures fell by HUF 584.6 billion, or by 46.6%, mainly due to the completion of EU programs at the end of 2015. Interest expenditures of the general government sector were down by HUF 52.2 billion (by 5.8%), according to KSH data.
Within revenues, actual social contributions were HUF 227.9 billion (7.0%) higher and revenues from taxes on income HUF 217.5 billion (13.5%) more than a year earlier, while other revenues, including mainly EU transfers, were HUF 350.1 billion (17.6%) lower, the KSH said.
The government sector spent HUF 174.1 billion (6.6%) more on the compensation of employees and HUF 38.1 billion (1.1%) more on social benefits other than social transfers in kind, said the KSH.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.