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|
|--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%|
|Source: Ministry of Finance of the Slovak Republic|
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