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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