Hungary gen gov't deficit reaches HUF 739 bln in Q1

Debt

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According to preliminary data published by the Central Statistical Office (KSH), the deficit of the general government sector in the first quarter of 2022 was HUF 739 billion, about 4.8% of GDP.

The balance improved by HUF 74 billion, or by 1.4 percentage points as a proportion of GDP compared to the same period of the previous year.

The general government sector’s revenues stood at HUF 6.448 tln in Q1 and its expenditures HUF 7.187 trillion.

Compared to Q1 2021, revenues went up by HUF 1.403 tln or by 27.8%.

A HUF 336 bln (52%) increase in value was recorded in taxes on income mainly due to the accrual-based accounting of income tax refund to families with children.

Revenues from taxes on production were HUF 356 billion (16.4%) higher than a year earlier, VAT revenue growth was HUF 305 billion (26.2%).

Social contributions increased by HUF 209 billion (by 15.4%).

Other revenues, owing mainly to EU transfer increases, grew by 502 billion (by 57.8%).

Expenditures increased by HUF 1.329 trillion or by 22.7% compared to the first quarter of 2021.

The growth in the case of paid compensation of employees was HUF 486 billion (36.4%).

Social benefits other than social transfers in kind rose by HUF 362 billion (by 24.1%), within it pension benefits increased by HUF 316 billion (by 30.9%) mainly due to paying 13th-month pension.

Intermediate consumption went up by HUF 178 billion (by 18.9%), interest expenditures grew by HUF 47 billion (by 14.8%).

Gross fixed capital formation went up by HUF 55 billion (by 14.5%). Other general government sector expenditures grew by HUF 202 billion (by 14.5%) year-on-year.

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