Hungary gen govt deficit 1.1% of GDP in Q2
Hungary had a general government deficit of HUF 78.9 billion in the second quarter or 1.1% of GDP during the period, preliminary data published by the Central Statistics Office (KSH) on Monday show.
The accrual-based deficit, calculated with European Union accounting standards, fell by HUF 250 billion or 3.6 percentage points of GDP from the same period a year earlier.
Revenue of the general government rose 13.5% to HUF 3,352.4 billion in Q2 from the same period a year earlier. New opt-outs from private pension funds contributed HUF 56.2 billion to the increase, while taxes on production and imports increased 9.7%, VAT brought in 13.9% more and taxes on income rose 14.4%.
Expenditures of the general government climbed 4.5% to HUF 3,431.3 billion. Interest expenditures were up 7.8% and payroll costs rose 4.5%, but gross capital formation plunged 22.4%.
KSH noted that it had reported data from the second reading of national accounts data for 2011 to Eurostat as part of Hungary's Excessive Deficit Procedure (EDP). The data show a general government surplus of HUF 1,213 billion or 4.3% of GDP in 2011, according to the Maastricht definition. Hungary's state debt reached HUF 22,690 billion or 81.4% of GDP at the end of 2011, based on data from the National Bank of Hungary, KSH added.
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.