Slovakia's budget gap shrinks 20% y/y to EUR 2.2bn at end-November 2013

By bne IntelliNews December 2, 2013

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
REVENUE 10,130,044 10,357,039 13,916,196 -2.2% 72.8%
-- 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%
EXPENDITURE 12,335,652 13,099,896 17,001,505 -5.8% 72.6%
-- 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%
BALANCE -2,205,608 -2,742,857 -3,085,309 -19.6% 71.5%
Source: Ministry of Finance of the Slovak Republic      
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