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      

Related Articles

Evolution Equity Partners closes $125mn cybersecurity-focused fund

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

Slovak celebration of decent grain harvest marred by sheep’s milk protest

Slovakia’s grain harvest is this year likely to amount to 2.5mn tonnes, 20% down year on year, but comfortably enough to cover domestic needs and leave a million tonnes for export, SITA newswire ... more

Central European and Baltic economies shrugging off political uncertainty

Medium-term economic growth forecasts for Central Europe and the Baltics have been raised by The Vienna Institute for International Economic Studies (wiiw) in a report issued on June 29. The most ... more