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In the third quarter alone, the deficit of the general government sector reached HUF 909 bln, equivalent to 4.2% of GDP. This represented a deterioration of HUF 95 bln, or 0.2 percentage points of GDP, compared to the same period of 2024.
On the revenue side, general government income rose by HUF 529 bln year-on-year, an increase of 6.3%. At the same time, expenditures grew by HUF 624 bln, or 6.8%, resulting in a slightly weaker balance.
Within the general government, the central government recorded a deficit of HUF 831.6 bln in the third quarter. Local governments posted a surplus of HUF 19.8 bln, while social security funds also remained in surplus, at HUF 57.3 bln.
In the first three quarters of 2025, the general government deficit amounted to HUF 1.219 trillion, corresponding to 1.9% of GDP. This marked a significant improvement compared to the same period of the previous year.
Total revenues of the general government reached HUF 27.6 tln in the January–September period, while expenditures stood at HUF 28.8 tln.
Compared to the first three quarters of 2024, the balance improved by HUF 1.142 tln, equal to a 2 percentage-point improvement as a share of GDP.
Revenues rose by HUF 2.241 tln year-on-year, an increase of 8.8%. The largest contribution came from taxes on production and imports, which increased by HUF 794 bln, or 7.8%. Income tax revenues grew by HUF 624 bln, representing a 13.8% rise, while social contributions increased by HUF 569 bln, or 9.2%. Other revenues were HUF 253 bln higher than a year earlier.
Expenditures increased by HUF 1.1 tln, or 4%, over the same period. Compensation of employees rose by HUF 617 bln, a 10% increase, while social benefits other than social transfers in kind grew by HUF 446 bln, or 6.7%. Intermediate consumption was HUF 164 bln higher, and other general government expenditures increased by HUF 389 bln compared to the first three quarters of 2024.
At the same time, interest expenditures fell sharply, declining by HUF 432 bln, or 14.4% year-on-year. Gross capital formation also remained below the previous year’s level, lagging by HUF 85 bln, or 4.5%.
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