Hungary’s government sector deficit reaches 3.9 pc 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 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.
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Source: MTI
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1 Comment
The Global Indicators used to evaluate and access – the Economic & Financial Performance of a Country – present and future – these indicators continue TRENDING – to the negative, that give clear indication, that the Hungarian Economy – is in Trouble.
The Finance Minister of Hungary – Mihaly Varga – continues, through means that are driven by Falseneess using Propaganda, to “Paint” pictures – suggesting the Economy of Hungary – is performing creditably, in these -CHALLENGING times.
Who are these (3) three major credit rating agencies – Finance Minister – Varga – you “claim” – singing praise(s) of the Hungarian Economy ???
Are they :
(1) – Standard & Poors?
(2) – Moodys Corporation ?
(3) – Fitch Ratings ?
FACT – these are the (3) three – Globally respected – Credit Rating Agencies.
Debt – Government Debt – continues to grow – in Hungary.
Income generation – to SERVICE debt – mass challenge to Hungary.
Maintaining a stable – Economic & Financial Economy – just by “putting on hold” – major projects – just a “Band Aid” quick fix measure – that long term – DOES not assist in “Aged” accumulated Debt Retirement.
Will the Hungarian Government – need – Internationally to “source out” – if it can BORROW – further – funds ?
This would be – of course – another DEBT – on the citizens of Hungary.
Income Generation – the ability to service repay – retire Debt – and NOT – borrow funds – NOT – grow Government Debt – to maintain a Stability within an Economy – that is in TROUBLE.
In the simplists of Economic & Finacial Management commentary – this is – the Challenge Hungary – is Faced.
The indicators – Globally used to evaluate & access the performance of a countrys Economic & Financial – current position and future – these Globally Respected Indicators – continue to TREND – in the reverse Negative direction, that highlight – that the Hungarian Economy – is in TROUBLE.