Slovakia's budget swings into EUR 74mn surplus at end-January 2014

By bne IntelliNews February 3, 2014

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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