Slovakia's state budget deficit narrowed 20% y/y to EUR 2.2bn in the first eleven months of the year on falling revenue and spending, data from the finance ministry showed on Dec 2. The budget gap equalled 3.0% of the projected full-year GDP according to IntelliNews calculations. It accounts for 71.5% of the government’s full-year targeted deficit of EUR 3.1bn.
Budget revenue fell 2.2% y/y to EUR 10.13bn at end-November. A 6.4% y/y growth in tax revenue, which is the main source of income, and a 15.9% y/y rise in non-tax revenue were offset by a 36% y/y drop in receipts of EU funds. Budget expenditure dropped 5.8% y/y to EUR 12.34bn over the period.
The Slovak government targets an end-2013 budget deficit of EUR 3.1bn, based on revenue of EUR 13.9bn and expenditure of EUR 17bn. The budget gap is projected to shrink to 2.96% of GDP, below the EU's 3.0% of GDP ceiling.
|thousands EUR||end-Nov 2013||end-Nov 2012||end-2013 target||y/y change||% of target|
|-- tax revenue||8,200,274||7,707,312||8,912,036||6.4%||92.0%|
|-- non-tax revenue||740,761||639,198||984,666||15.9%||75.2%|
|-- grants and transfers||1,189,009||2,010,529||4,019,494||-40.9%||29.6%|
|---- receipts from EU budget||1,043,012||1,628,878||3,563,657||-36.0%||29.3%|
|-- current expenditure||10,957,736||11,550,561||14,055,212||-5.1%||78.0%|
|-- capital expenditure||1,377,916||1,549,335||2,946,293||-11.1%||46.8%|
|Source: Ministry of Finance of the Slovak Republic|
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