The HUF 301.6 billion balance improvement, or 3.6 percentage points as a proportion of GDP, was due to a decrease in expenditures and a growth in revenues, KSH said.
Revenues were up by 3.1%, or HUF 112.1 bln, over the same period last year, KSH said.

The revenue increases were caused by an 18% rise in revenues from taxes on income due to a growth in payments from enterprises, a 5.4% rise in social contributions, and a rise of 1.5% in revenues from taxes on production, KSH explained.

This is the first time since 1999, as far back as KSHʼs current records show, that there has been a government surplus instead of a deficit.

Other forms of revenues decreased by 10%, particularly due to a reduction in EU funds, KSH said.

The revenues of the general government sector totalled HUF 3.7017 trillion and expenditures totalled at HUF 3.6906 trillion in Q1, KSH noted.