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In contrast, the second quarter alone recorded a surplus of HUF 480 bln, or 2.2% of GDP.
In the first half of 2025, the central government registered a deficit of HUF 535 bln, while local governments and social security funds recorded surpluses of HUF 137 bln and HUF 88 bln, respectively.
Breaking down the second quarter, the central government showed a surplus of HUF 521 bln, local governments had a deficit of HUF 45 bln, and social security funds posted a surplus of HUF 4 bln.
In the first half of 2025, the general government sector’s revenues amounted to HUF 18.7 trillion, while expenditures totaled HUF 19 tln.
Compared to the same period in 2024, revenues increased by HUF 1.7 tln, or 10.1%. The largest growth came from taxes on production, which rose HUF 523 bln (7.7%). Value-added tax revenues climbed HUF 416 bln (11.7%), while income taxes increased by HUF 475 bln (15.7%). Social contributions were up HUF 381 bln (9.2%), and other revenues rose HUF 333 bln (11%).
Expenditures increased by HUF 476 bln, or 2.6%. Compensation of employees grew by HUF 435 bln (10.7%), while social benefits other than social transfers in kind rose HUF 262 bln (5.7%). Intermediate consumption increased HUF 172 bln (5.6%), and gross fixed capital formation was up HUF 27 bln (2.5%). Interest expenditures fell HUF 217 bln (11.1%), and other expenditures in the sector decreased by HUF 203 bln (5.4%).
The overall balance improved by HUF 1.2 tln, or by 3.1 percentage points as a proportion of GDP, compared to the same period of 2024.
Revenues in Q2 2025 increased by HUF 1.1 tln, up 11.8% year-on-year. Expenditures were HUF 118 bln (1.2%) higher than a year earlier.
The quarterly balance improved by HUF 949 bln, representing a 4.5 percentage point improvement as a proportion of GDP.
For the full year 2024, Hungary’s general government sector deficit reached HUF 4.1 tln, or 5% of GDP, according to the second preliminary data of the national accounts.
The KSH reported the figures to Eurostat in line with the European Union’s Excessive Deficit Procedure (EDP) and the methodological framework of the European System of Accounts (ESA 2010).
At the end of 2024, the general government sector’s debt stood at HUF 59.9 tln, representing 73.5% of GDP, based on data from the National Bank of Hungary.
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