Deficit Relative to GDP Improves in Q3 2023
Image by Shutterstock.com
According to preliminary data, the deficit as a proportion of GDP was 3.7% in the third quarter, improving by HUF 264 billion, or by 2 percentage points compared to the previous year, the Central Statistical Office (KSH) writes.
The general government sector had a deficit of HUF 701 bln in Q3 2023.
Revenues increased by HUF 861 bln (by 12.7%) compared to Q3 2022, while expenditures grew by HUF 597 bln (7.7%).
Q1-Q3 Deficit at 5.4% of GDP
According to preliminary data by KSH, the deficit of the general government sector was HUF 2.997 trillion, approximately 5.4% of the GDP in Q1-Q3 2023.
The revenue of the general government sector was HUF 23.027 tln, the expenditure amounted to HUF 26.024 tln.
The balance deteriorated by HUF 1.363 tln, or by 2.1 percentage points in proportion of GDP compared to the same period of the previous year.
Revenues increased by HUF 2.467 tln or by 12% compared to the same period of 2022. The largest, HUF 1.107 tln (12.8%) increase in value was recorded in taxes on production proceeds, within it the revenue growth from surtaxes and local taxes on company sales was significant, KSH remarked. Revenues from taxes on income surpassed by HUF 647 bln (19.4%) the previous year’s level. Social contributions increased by HUF 697 bln (by 14.8%). The change of other revenues is marginal, these went up by HUF 18 bln (0.5%).
Expenditures increased by HUF 3.829 tln or by 17.3%. The growth in the case of paid compensation of employees was HUF 231 bln (4.6%). The rise regarding social benefits other than social transfers in kind was HUF 1 tln (19.9%), within it the amount spent on pensions increased by HUF 784 bln (22.3%). Intermediate consumption went up by HUF 516 bln (by 13.7%) and interest expenditures doubled, reaching HUF 2.469 tln. Gross fixed capital formation decreased by HUF 190 bln (by 8.4%). Other general government sector expenditures went up by HUF 1.044 tln (by 21.4%).
Erste Bank Hungary Q1 Earnings Close to HUF 29 bln
Hungary Welcomes Extension of China's Visa Exemption Policy
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.
