Deficit close to 5 percent in 2024
According to preliminary data the deficit of the general government sector was HUF 4 002 billion in 2024, 4.9% of GDP. The balance improved year-on-year by HUF 1 097 billion, close to 1.8 percentage points as a proportion of GDP.
The Hungarian Central Statistical Office reported the data to Eurostat, the Statistical Office of the European Union in compliance with the regulation on Excessive Deficit Procedure (EDP), according to the methodological requirements included in the European System of Accounts (ESA 2010). The deficit of the general government sector was HUF 4 002 billion, representing 4.9% of GDP. The debt of the general government sector at the end of 2024 – based on data of the National Bank of Hungary – reached HUF 59 875 billion, 73.5% of GDP.
In 2024 the revenues of the general government sector were HUF 34 203 billion, its expenditures HUF 38 206 billion.
In 2024 compared to 2023 revenues increased by HUF 2 158 billion, by 6.7%. The largest, HUF 976 billion (13.1%) increase in value was recorded in social contributions. Taxes on production increased by HUF 773 billion (by 5.9%), within it, VAT revenues grew by HUF 452 billion (by 6.4%). Revenues from taxes on income surpassed the previous year's level by HUF 599 billion (by 10.8%). . Other revenues lessened by HUF 194 billion (3.3%).
Expenditures increased by HUF 1 061 billion, by 2.9%. The growth in case of paid compensation of employees was HUF 1 090 billion (14.8%). Regarding social benefits other than social transfers in kind the rise was HUF 713 billion (8.8%) intermediate consumption went up by HUF 91 billion (by 1.4%) and interest expenditures increased by HUF 506 billion (by 14.3%). Gross fixed capital formation decreased by HUF 488 billion (by 12.6%). Other general government sector expenditures went down by HUF 850 billion (by 11.1%).
In the 4th quarter of 2024 compared to the same period of 2023 the general government sector had a deficit of HUF 1 749 billion, representing 8.4% of GDP. The balance improved by HUF 382 billion or by 2.5 percentage points compared to the previous year.
Revenues increased by HUF 193 billion (by 2.2%).
Expenditures were HUF 189 billion (1.7%) lower.
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