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      
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Slovak celebration of decent grain harvest marred by sheep’s milk protest

Slovakia’s grain harvest is this year likely to amount to 2.5mn tonnes, 20% down year on year, but comfortably enough to cover domestic needs and leave a million tonnes for export, SITA newswire ... more

Central European and Baltic economies shrugging off political uncertainty

Medium-term economic growth forecasts for Central Europe and the Baltics have been raised by The Vienna Institute for International Economic Studies (wiiw) in a report issued on June 29. The most ... more

Most Read

  1. Siemens considers quitting Russia
    6 days ago
  2. COMMENT: Gazprom’s exit from Turkey is a sign of the times
    7 days ago
  3. Turkey sends frigates, submarine as row mounts over Greek Cypriot oil, gas drilling
    6 days ago
  4. Bellwether Russia hedge fund Prosperity posts 600% surge in profits
    9 days ago
  5. Nato still has a mixed reception in Emerging Europe
    6 days ago
  1. CHINA RISING: When sleeping giants meet
    9 days ago
  2. Belarus’ retail king Euroopt goes on the road
    15 days ago
  3. Moldova, Bulgaria, Poland, Albania and Latvia to lose more than 40% of their populations by 2100
    28 days ago
  4. STOLYPIN: Russia’s cyber-challenge cuts both ways
    17 days ago
  5. VISEGRAD: The strange death of Social Democratic Czechia
    1 month ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss