Government surplus of HUF 164.3 bln in Q1-Q3 2016

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Hungary’s government sector had a surplus of HUF 164.3 billion in the first three quarters of 2016, with the balance improving by HUF 600.3 billion, or 2.4 percentage points, as a proportion of GDP compared to the corresponding period of 2015, the Central Statistical Office (KSH) said today in a first reading of data.

The main factors in the change were a growth in revenues from actual social contributions and from taxes on income and a decrease in expenditures on investment, according to the KSH.

In the first three quarters, the government sector’s revenue was HUF 11.5918 trillion, while its expenditure was HUF 11.4275 trillion, giving its balance a surplus of HUF 164.3 billion, or 0.6% of GDP, some 2.4 percentage points higher than in the corresponding period of the previous year, the KSH reported.

Investment expenditures fell by HUF 584.6 billion, or by 46.6%, mainly due to the completion of EU programs at the end of 2015. Interest expenditures of the general government sector were down by HUF 52.2 billion (by 5.8%), according to KSH data.

Within revenues, actual social contributions were HUF 227.9 billion (7.0%) higher and revenues from taxes on income HUF 217.5 billion (13.5%) more than a year earlier, while other revenues, including mainly EU transfers, were HUF 350.1 billion (17.6%) lower, the KSH said.

The government sector spent HUF 174.1 billion (6.6%) more on the compensation of employees and HUF 38.1 billion (1.1%) more on social benefits other than social transfers in kind, said the KSH.

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