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Hungary Economy Ministry publishes astonishing budget figures

Hungary Economy Ministry publishes astonishing budget figures

BUDAPEST: Hungary’s National Economy Ministry has published details of the 2015 budget balance on Thursday, and underlined again that last year’s shortfall was around 2% of GDP.

The detailed tables provided by the ministry show the following key details about budget revenues:

Central budget revenues came in more than HUF 800 billion over the target, which corresponds to a 7% outperformance. Compared to 2014 revenues, though, there was a HUF 128 bn “shortage”, mainly over the fact that some HUF 560 bn worth of EU funds were not received.

Economic operators transferred HUF 200 bn more into state coffers than planned, which marks a 15% outperformance.

Corporate income tax revenues totalled nearly HUF 550 bn, beating the target by HUF 208 bn.

Revenues from the special levy on financial institutions and the utility infrastructure tax were also larger than planned.

Consumption taxes rose HUF 260 bn over 2014 and exceeded the target by HUF 115 bn.

VAT revenues beat the goal by HUF 65 bn and were HUF 250 bn over the 2014 print.

Excise tax revenues beat every expectation, amounting to HUF 998 bn, 4.9% over the target.

Payments by households were HUF 70 bn over the target and HUF 133 bn over the 2014 revenues.

Personal income tax revenues beat the target by 3%, totalling HUF 1,688 bn.

Revenues from contributions reached HUF 136 bn, up HUF 16 bn or 13.7% compared to the targeted sum.

Revenues related to state assets totalled HUF 165 bn, falling short of the target by HUF 80 bn.

We reported on the preliminary 2015 budget data two weeks ago.

The interest balance of the central budget was HUF 38.1 bn more favourable in 2015 than a year earlier and the balance is also some HUF 14 bn better than the target.

Highlights from the expenditure side:

Central budget expenditures beat the target by 9.8% at HUF 13,022 billion. In this regard, the Economy Ministry pointed out that the government disbursed funds to the recipients of pre-financed EU projects, which entailed extra expenditure of some HUF 570 bn.

Individual and normative subsidies cost the budget more than expected.

Social policy-based fare subsidies cost 6% less than planned.

The details also revealed the EU expenditures of chapter-managed allocation funds amounted to HUF 2,794 bn, which was HUF 286 bn over the target. This is where we see the HUF 300 bn overspending the government had warned about earlier. This is the sum paid out of the state budget rather than from EU funds.