Hungary’s government sector deficit reached 1,570 billion forints (EUR 4.3bn) in Q1-Q3, equivalent to 3.9 percent of GDP, preliminary data released by the Central Statistical Office (KSH) on Tuesday show.
Government sector revenue rose by 8.9 percent year-on-year to 16,468 billion forints during the period. Expenditures increased by 7.6 percent to 18,039 billion forints.
On the revenue side, VAT rose by 16.9 percent to 3,872 billion forints and revenue from taxes on production and imports climbed by 9.7 percent to 6,861 billion forints. Social security contributions increased by 6.3 percent to 4,211 billion forints.
On the expenditure side, spending on wages rose by 6.3 percent to 4,053 billion forints and social payouts increased by 7.7 percent to 4,275 billion forints. Intermediate consumption expenditures climbed by 11.6 percent to 3,071 billion forints.
In the featured photo: Finance Minister Mihály Varga. Photo by Noémi Bruzák/MTI