The Czech central budget surplus widened to CZK 4.49bn (EUR 162.3mn) in the first seven months of 2014 from CZK 1.45bn (EUR 162.3mn) as of end-June 2014 with revenues rising much faster than spending, data from the finance ministry showed. The reading improved also from end-July 2013 when the budget ended with a deficit of CZK 27.56bn. This year’s budget envisages a deficit of CZK 112bn but except for May the budget has been posting surpluses suggesting the end-year reading may be below the plan.
Total budget revenue in the first seven months of the year grew 6.4% y/y to CZK 670.3, accounting for 60.7% of the annual target. Revenue from taxes jumped by 8.4% y/y to CZK 331.7bn with VAT collection improving by 8.3% y/y to CZK 137.6bn and excise taxes climbing 7.3% y/y to CZK 78.8bn in January to July 2014.
Budget expenditures ticked higher by 1.3% on the year to CZK 665.8bn as of end-July, equalling to 54.7% of the annual plan. Social benefits that make up about two fifths of all expenditures approved for this year increased by 2.7% y/y to CZK 283.5bn.
In July alone, the budget produced a surplus of CZK 3bn, slightly down from CZK 4bn registered in the same month of 2013.
|Central budget (CZK bn)|
|End-July 2014||End-July 2013||Change (%, y/y)||2014 adjusted budget plan||Relation to plan|
|Tax revenues (without contributions)||331,68||306||8,4%||562,54||59,0%|
|Social and health insurance||220,79||214,83||2,8%||382,88||57,0%|
|Own payments to EU budget||26,41||26,05||1,4%||36,40||72,6%|
|Source: Finance ministry|
Senior Czech judges on July 21 denounced Poland's judicial overhaul as an attack on the rule of law. With big street protests in the Czech Republic's neighbour seemingly gathering momentum – 120 ... more
Unipetrol looks to have finally got over the August 2015 fire and explosion that wrecked its steam cracker, an indispensable installation in the production of ethylene feedstock needed to manufacture ... more
Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more