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