Huge deficit in the Hungarian government sector in first quarter

The deficit-to-GDP ratio was almost 10 percent in the first quarter. Hungary’s government sector had a HUF 1,728 billion deficit in the first quarter, equivalent to 9.8 percent of GDP, according to preliminary data released by the Central Statistical Office (KSH) on Tuesday.

Government sector revenue rose by 9.2 percent to HUF 7,210 billion, while expenditures grew by 26.5 percent to HUF 8,938 billion. Revenue from taxes on production and imports increased by 15.6 percent to HUF 3,071 billion.

Guest nights rise 3.8 percent in May

Guest nights spent in commercial and private tourism accommodation in Hungary were 3.8 percent up in May year on year, the Central Statistics Office (KSH) said on Tuesday.

Whereas the number of guest nights spent by domestic travellers dropped by 4.1 percent to 1,580,000, nights spent by foreign visitors grew by 13.3 percent to 1,550.000.

Revenue of commercial accommodations rose by 31 percent to HUF 49 billion.

In the January-May period, the number of guest nights increased by 2 percent year on year to 11,995,000. The number spent by domestic travellers fell by 7.3 percent to 5,903,000, while those spent by foreign visitors increased by 13.1 percent to 6,091,000.

Szijjártó: Hungary exports hit record high in Q1

Hungary’s exports totalled over EUR 50 billion in the first four months, an all-time record following a 12 percent increase from the record set last year, Foreign Minister Péter Szijjártó said on Tuesday.

The ministry cited Szijjártó telling the opening event of the foreign economy meeting in Budapest that the record was expected to be broken once again this year.

Noting that Hungary is a small country with few energy resources, while exports have a fundamental influence on its economic performance, he said a priority of foreign policy was to continually increase Hungarian economic performance abroad and help Hungarian companies to enter as many markers as possible.

“From this point of view, I think the institutional system of Hungary’s foreign policy and foreign economy have fared well,” he added. “It was a … good decision to pair trade with foreign policy,” he said, adding that foreign policy truly enabled the improvement of Hungary’s economic performance and Hungarians’ lives.

Despite 2022 being a “black year”, Hungary’s economy set a triple record in the areas of employment, investment and exports, he said. Szijjártó said exports last year totalled EUR 142 billion, putting Hungary in 33rd place globally, even though the size of its population ranks it 95th, while its exports have doubled since 2010.

Hungary’s foreign missions continue to offer every available support to companies that are able to enter the market in any given country with competitive products and services, he said.

A total of 46 companies have joined the highlighted exporters programme KEPP since it was launched in 2019, he said, adding that six companies signed contracts earlier today. He said these companies were involved in sectors where answers are being sought to some of the burning problems of humanity, including water management, agriculture and the electric car industry, where Hungarian technologies are in the global frontline.