According to the Ministry of Finance, by the end of June, the central fiscal subsystem closed with a deficit of HUF 2,896.0 billion. Within this, the central budget showed a deficit of HUF 2908.3 billion, the separate state funds showed a surplus of HUF 90.4 billion, and the social security financial funds showed a deficit of HUF 78.1 billion.
In June (in one month), the central subsystem closed with a deficit of HUF 132.7 billion, the lowest June deficit in the past eight years.
In the first six months of the year, we spent HUF 969.2 billion in general protection expenses to compensate providers of district heating, universal service, and household electricity and natural gas storage.
In addition, the ministry said in the statement that, in addition, spending on housing subsidies amounted to HUF 330.7 billion by the end of June, which was HUF 60.2 billion higher than the same period of the previous year.
The amount spent on retirement benefits and curative preventive care also exceeded the amount paid a year ago. 2,998.7 billion forints were spent on the former, while 1,119.4 billion forints were spent on the latter from the budget until the end of June.
It was also a peak in May
As already mentioned, by the end of May, the central fiscal subsystem closed with a deficit of HUF 2,763.3 billion. Within that, the central budget showed a deficit of HUF 2,752.4 billion, the separate state funds showed a surplus of HUF 56.5 billion, and the social security financial funds showed a deficit of HUF 67.3 billion.
In May, the central subsystem closed with a deficit of HUF 53.6 billion, the smallest deficit that would have occurred in the past seven years.
In the first half of the year, due to well-known operations and one-time expenditures, the deficit was higher, and its rise was faster. In the first five months of the year, spending on housing subsidies amounted to HUF 320.3 billion, which was HUF 95.7 billion higher than in the same period of the previous year.
Moreover, at the end of July, it was also revealed that the government sector deficit in the first quarter of this year amounted to CHF 1,728 billion, or 9.8 percent of GDP. Compared to the same period a year earlier, the balance worsened by HUF 1,265 billion, or 6.8 percentage points in relation to GDP. In the first quarter of this year, the government sector’s income amounted to 7,210 billion Swiss francs, and its expenditures to 8,938 billion Swiss francs.
Compared to the same period last year, revenue increased by 607 billion HUF, or 9.2 percent.
Excise taxes exceeded the previous year by 415 billion HUF, or 15.6 percent, mainly due to special taxes imposed last year. The increase in VAT revenue was HUF 129 billion, or 8.8 percent.
Income tax revenue increased by HUF 169 billion, or 16.4 percent. Social security contributions increased by HUF 186 billion, or 11.9 percent. Other revenue decreased by HUF 164 billion, or 12.2 percent.
