Slovakia's budget posted a deficit of EUR 1.92bn at the end of August 2013, by 28.4% lower than the EUR 2.68bn shortfall recorded at the same time last year, data from the finance ministry showed. The shortfall is equal to 2.6% of the projected full-year GDP, according to IntelliNews calculations. The gap at the end of the eighth month of the year accounts for 62.1% of the full-year target.
Budget revenue fell 1.8% y/y to EUR 6.97bn at the end of last month, as a 2.3% growth in tax revenue, which is the main source of income to the state, and a 3.6% rise in non-tax revenue were offset by a 27.2% drop in receipts of EU funds. Budget expenditure fell faster, by 9.1% y/y to EUR 8.89bn.
The Slovak government targets an end-2013 budget deficit of EUR 3.1bn, based on revenue of EUR 13.9bn and expenditure of EUR 17bn. The budget gap is projected to shrink to below EU's 3% ceiling.
|thousands EUR||31-Aug-13||31-Aug-12||end-2013 target||y/y change||% of target|
|-- tax revenue||5,701,707||5,575,419||8,912,036||2.3%||64.0%|
|-- non-tax revenue||503,967||486,476||984,666||3.6%||51.2%|
|-- grants and transfers||768,212||1,042,895||4,019,494||-26.3%||19.1%|
|---- receipts from EU budget||747,045||1,026,858||3,563,657||-27.2%||21.0%|
|-- current expenditure||8,088,407||8,766,390||14,055,212||-7.7%||57.5%|
|-- capital expenditure||802,088||1,013,862||2,946,293||-20.9%||27.2%|
|Source: Ministry of Finance of the Slovak Republic|
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