Slovakia's budget gap narrows 8% y/y to EUR 656mn at end-Feb 2014

By bne IntelliNews March 3, 2014

Slovakia's state budget deficit narrowed 8% y/y to EUR 656.4mn at the end of February 2014 with revenues rising much faster than spending, data from the finance ministry showed on March 3. The budget gap equalled to 20% of the projected full-year GDP according to IntelliNews calculations.

Budget revenue increased 5.6% y/y to EUR 1.6bn in February. The growth was supported by a 5.7% y/y rise in tax revenue, which is the main source of budget income, and a more than two-fold in non-tax revenue. Budget expenditure rose 1.2% y/y to EUR 2.26bn in February.

The Slovak government targets an end-2014 budget deficit of EUR 3.28bn, based on revenue of EUR 14.1bn and expenditure of EUR 17.39bn. The budget gap is projected to shrink to 2.64% of GDP, below the EU's 3.0% of GDP ceiling.

thousands EUR end-Jan 2014 end-Jan 2013 end-2014 target y/y change % of target
REVENUE 1,603,492 1,518,700 14,108,312 5.6% 11.4%
--tax revenue 1,357,016 1,284,268 8,690,538 5.7% 15.6%
--non-tax revenue 222,145 84,192 1,397,769 163.9% 15.9%
--grants and transfers 24,331 150,240 4,020,005 -83.8% 0.6%
----receipts from EU budget 22,225 148,067 3,173,198 -85.0% 0.7%
EXPENDITURE 2,259,860 2,232,084 17,391,917 1.2% 13.0%
--current expenditure 2,161,731 2,130,603 14,863,248 1.5% 14.5%
--capital expenditure 98,129 101,481 2,528,669 -3.3% 3.9%
BALANCE -656,368 -713,384 -3,283,605 -8.0% 20.0%
Source: Ministry of Finance of the Slovak Republic      
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