General Gov't Deficit Over HUF 1 tln in Q1
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According to preliminary data, the deficit of the general government sector in Q1 2024 was HUF 1.068 trillion, corresponding to 5.4% of GDP.
The general government sector’s revenues were HUF 7.952 tln and its expenditures HUF 9.02 tln.
Compared to the first quarter of 2023, revenues went up by HUF 758 billion or by 10.5%. Taxes of production surpassed by HUF 160 bln (5.3%) the one year earlier level. VAT revenue growth was HUF 89 bln (5.6%). Revenues from taxes on income were HUF 206 bln (17.1%) higher than a year earlier. Social contributions increased by HUF 246 bln (by 14%). Other revenues increased by 145 bln (by 12.2%).
Expenditures increased by HUF 146 bln or by 1.7%. The increase in the case of paid compensation of employees was HUF 266 bln (15.5%). Social benefits other than social transfers in kind rose by HUF 245 bln (by 10.7%).
Intermediate consumption decreased by HUF 36 bln (by 2.8%), interest expenditures grew by HUF 249 bln (by 33.5%). Gross fixed capital formation decreased by HUF 29 bln (by 6.8%). Other general government sector expenditures fell back by HUF 549 bln (by 22.7%) year-on-year.
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