Slovakia's state budget swung into a surplus of EUR 74.15mn at the end of January 2014 from a deficit of EUR 62.5mn a year earlier amid rising revenue and lower spending, data from the finance ministry showed on Feb 3. The surplus equalls to 0.1% of the projected full-year GDP according to IntelliNews calculations.
Budget revenue increased 5.5% y/y to EUR 886.2mn in January. The growth was supported by a 2.7% y/y rise in tax revenue, which is the main source of bugdet income, and a 73.9% increase in non-tax revenue. Budget expenditure dropped 10% y/y to EUR 812mn in January.
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-Jan 2014 | end-Jan 2013 | end-2014 target | y/y change | % of target |
| REVENUE | 886,198 | 840,182 | 14,108,312 | 5.5% | 6.3% |
| -- tax revenue | 821,386 | 800,068 | 8,690,538 | 2.7% | 9.5% |
| -- non-tax revenue | 61,450 | 35,327 | 1,397,769 | 73.9% | 4.4% |
| -- grants and transfers | 3,362 | 4,787 | 4,020,005 | -29.8% | 0.1% |
| ---- receipts from EU budget | 80 | 4,074 | 3,173,198 | -98.0% | 0.0% |
| EXPENDITURE | 812,053 | 902,683 | 17,391,917 | -10.0% | 4.7% |
| -- current expenditure | 788,555 | 874,871 | 14,863,248 | -9.9% | 5.3% |
| -- capital expenditure | 23,498 | 27,812 | 2,528,669 | -15.5% | 0.9% |
| BALANCE | 74,145 | -62,501 | -3,283,605 | 218.6% | 2.3% |
| Source: Ministry of Finance of the Slovak Republic | |||||
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