Gen govʼt deficit at HUF 41 bln in Q1-Q3 2019
Image by Shutterstock.com
According to preliminary data, the deficit of the general government sector in the Q1-Q3 2019 was HUF 41 billion, 0.1% of GDP, the Central Statistical Office (KSH) reports.
The balance improved year-on-year by HUF 262 billion, or by 0.8 percentage points as a proportion of GDP. The improvement of the balance was due to a larger increase in revenues than in expenditures, according to KSH.
In Q1-Q3 2019, the general government sector’s revenues were HUF 14.747 trillion and its expenditures HUF 14.788 tln.
Revenues went up by HUF 1.004 tln or by 7.3%. The largest, HUF 465 billion (8.2%) increase in value was recorded in taxes on production, within which VAT revenue growth was HUF 304 bln (10.2%). Revenues from taxes on income were HUF 201 bln (9.7%) higher than a year earlier. Social contributions rose by HUF 274 bln (by 7.1%). Other revenues increased by HUF 62 bln (by 2.9%).
Expenditures increased by HUF 742 bln or by 5.3%. The growth in case of gross fixed capital formation was HUF 261 bln (16.3%), regarding intermediate consumption it was HUF 156 bln (7.1%). Paid compensation of employees went up by HUF 160 bln (by 4.9%) and social benefits other than social transfers in kind increased by HUF 129 bln (by 3.6%). Interest expenditures grew by HUF 49 bln (by 6.6%). Other general government sector expenditures were reduced by HUF 13 bln (0.5%).
In Q3 2019, the general government sector had a deficit of HUF 247 bln: 2.1% of GDP. The balance worsened by HUF 179 bln or by 1.5 percentage points compared to the same period of the previous year. Revenues increased by HUF 205 bln (by 4.3%), and expenditures were HUF 384 bln (7.9%) higher than a year earlier.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.