Government revenues, expenditures up in 2013
According to KSH’s preliminary data, the deficit for the general government sector in the first half of 2013 was HUF 381.5 billion or about 2.6% of Hungary’s total GDP. The figure represents a HUF 73.5 billion, or 0.4%, increase year-on-year. KSH attributed the higher deficit as rooted in expenditures increasing at a higher rate than revenues. The increase in the second quarter rose 1.6% to HUF 116.9 billion.
General government sector revenues amounted to HUF 6.6293 trillion, a 6.1% increase y.o.y.; rising were revenues from taxes on production and imports (6.3%, including about two-thirds of this from VAT payment), income tax revenue (6.3%) and social contributions (2.7%).
Expenditures were HUF 7.0108 trillion in the first six months of the year, a 6.9% increase over the first half of 2012. Gross fixed capital formation saw the largest increase y.o.y. at 25.9%, to which expenditures on the introduction of electronic toll, large projects in flood protection, refurbishment of public buildings and disaster management development all contributed.
Interest (9.6%), employee compensation (5.8%), intermediate consumption (5.6%) and miscellaneous social benefits (3.5%) also rose. KSH put the increase in the last sub-category as mostly influenced by the 9.3% growth of pensions and retirement benefits this year.
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