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GOVT SECTOR DEFICIT REACHES 3.9% OF GDP IN Q1-Q3

 

Hungary’s government sector deficit reached 1,570 billion forints (EUR 4.3bn) in Q1-Q3, equivalent to 3.9% of GDP, preliminary data released by the Central Statistical Office (KSH) show. Government sector revenue rose by an annual 8.9% to 16,468 billion forints during the period. Expenditures increased by 7.6% to 18,039 billion forints. On the revenue side, VAT rose by 16.9% to 3,872 billion forints and revenue from taxes on production and imports climbed by 9.7% to 6,861 billion forints. Social security contributions increased by 6.3% to 4,211 billion forints. On the expenditure side, spending on wages rose by 6.3% to 4,053 billion forints and social pay-outs increased by 7.7% to 4,275 billion forints. Intermediate consumption expenditures climbed by 11.6% to 3,071 billion forints.