Slovakia's budget gap widens 14% y/y to EUR 1.1bn at end-March 2014

By bne IntelliNews April 2, 2014

Slovakia's state budget deficit widened by 14% y/y to EUR 1.085bn at the end of March 2014 as expenditure rose faster than the revenue, data from the finance ministry showed on April 1. The reading accounted for 33.1% of the full-year target and equalled to 1.2% of the projected full-year GDP, according to IntelliNews calculations.

Budget revenue increased 8.8% y/y to EUR 2.59bn as of end-March compared to a 5.6% annual rise by the end of February. The growth was driven by a 7.6% y/y increase in tax revenue, which is the main source of budget income, and by a nearly three-fold annual rise in the non-tax revenue. Budget expenditure rose 10.3% y/y to EUR 3.67bn in March.

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-March 2014 end-Feb 2013 end-2014 target y/y change % of target
REVENUE 2,586,660 2,376,497 14,108,312 8.8% 18.3%
--tax revenue 2,119,458 1,970,458 8,690,538 7.6% 24.4%
--non-tax revenue 401,676 138,059 1,397,769 190.9% 28.7%
--grants and transfers 65,526 267,980 4,020,005 -75.5% 1.6%
----receipt sfrom EU budget 60,614 263,501 3,173,198 -77.0% 1.9%
EXPENDITURE 3,672,468 3,329,181 17,391,917 10.3% 21.1%
--current expenditure 3,431,420 3,124,792 14,863,248 9.8% 23.1%
--capital expenditure 241,048 204,389 2,528,669 17.9% 9.5%
BALANCE -1,085,808 -952,684 -3,283,605 14.0% 33.1%
Source: Ministry of Finance of the Slovak Republic      

Related Articles

CEFC and Penta reported to be bidding together for CME

CEFC, the acquisitive Chinese energy group, and Penta Investments, the closely-held Slovak financial group, are bidding together for Time Warner’s stake in Central European Media Enterprises (CME), ... more

Slovak and Czech oligarchs reportedly interested in buying CME from Time Warner

A group of Slovak and Czech oligarchs are reportedly interested in buying regional media and entertainment company Central European Media Enterprises, the Slovak Spectator reported on November 8. ... more

EU calls for tax haven blacklist in Paradise Papers fallout

The finance ministers of the European Union member states have called for the creation of a blacklist of tax havens to crack down on tax dodging, the ministers said at a meeting in Brussels on ... more

Dismiss