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KSH: Q1 geneneral govt deficit reaches 2.0% of GDP

Hungaryʼs general government deficit calculated according to European Union rules came to HUF 160.1 bln or 2.0% of GDP in the first quarter, preliminary data released by the Central Statistics Office (KSH) today reveal.

General government revenue came to HUF 3.694 trillion and expenditures reached HUF 3.855 trillion during the period.

On the expenditure side, social contributions came to HUF 1.153 trillion, payroll costs were HUF 821.4 bln, intermediate consumption was HUF 519.3 bln, interest costs were HUF 318.4 bln and gross fixed capital formation was HUF 224.4 bln. "Other expenditures" came to HUF 817.7 bln.

On the revenue side, tax on production and imports reached HUF 1.42 trillion, including VAT revenue of HUF 738.4 bln, while tax on income and assets was HUF 526.9 bln. Social security contributions came to HUF 1.066 trillion and "other income" added up to HUF 678.9 bln.

In the same period a year earlier, the deficit was 2.8% of GDP.