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      
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