NGM: public finance deficit as a percentage of GDP decreased in 2024

By: Trademagazin Date: 2025. 01. 22. 12:41

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At the end of December last year, the central subsystem of the public finance closed with a deficit of 4,095.8 billion forints. Within this, the central budget showed a deficit of 4,003.9 billion forints, the allocated state funds showed a surplus of 138.2 billion forints, and the social security financial funds showed a deficit of 230.1 billion forints.

The tax and contribution revenues of the central subsystem were 8.7 percent higher than the previous year.

Among expenditures, a total of 6,853.9 billion forints was spent on pensions and pension-like benefits last year, which is 474.2 billion higher than in 2023. Thanks to this, the real value of pensions was not only preserved, but also further increased. Of the total expenditures, the expenditure amount for the 13th month pension and benefits amounted to 520.2 billion forints – the Ministry of National Economy highlighted.

The government spent a total of 208.3 billion forints on Baby-Waiting Grants in 2024, which is 31.3 billion forints more than the funds disbursed in 2023.

The amount spent on curative and preventive care in the healthcare sector continues to exceed the payments made a year earlier.

For this purpose, the government spent 274 billion forints more in 2024, 2,684.1 billion forints, which also includes the additional expenditure on the wage increase for nurses implemented from March 2024. The wages of teachers working in education and vocational training increased by an average of 32.2 percent, which meant an additional expenditure of 406.1 billion forints.

In 2024, the general government deficit as a percentage of GDP decreased significantly compared to 6.7 percent in 2023. In 2024, the accrual-based deficit as a percentage of GDP is expected to be around 4.8 percent.