The Czech central budget deficit narrowed by 43.9% y/y to CZK 51.31bn (EUR 2.85bn) as of end-October 2012 and reached 48.7% of the full-year target, data from the finance ministry showed. In October alone, the budget showed a surplus of CZK 20.1bn, higher than a surplus of CZK 13.7bn in the same month of 2011. The budget deficit shrank from CZK 71.4bn in September due to renewed payment of EU subsidies. Total budget revenue in January to October 2012 grew 5.8% y/y to CZK 757.1bn, accounting for 81.4% of the annual target. Revenue from taxes rose 2.8% on the year to CZK 451.7bn. VAT collection improved by 3.1% y/y to CZK 174.9bn. The 2012 budget envisages a 7.3% y/y growth in tax revenue and a 15.5% increase in VAT revenue. Budget expenditures edged up 0.9% y/y to CZK 938.9bn as of end-October, equalling to 78.6% of the annual plan. The government expects the deficit of the public sector, which includes the central budget, regional and local budgets as well as a number of public funds and the public health insurance system, to account for 3.2% of GDP this year and targets to cut it to 2.9% in 2013.
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