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|
|--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%|
|Source: Ministry of Finance of the Slovak Republic|
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