Slovakia's end-Aug budget gap shrinks 28.4% y/y

By bne IntelliNews September 3, 2013

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
REVENUE 6,973,886 7,104,790 13,916,196 -1.8% 50.1%
-- 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%
EXPENDITURE 8,890,495 9,780,252 17,001,505 -9.1% 52.3%
-- 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%
BALANCE -1,916,609 -2,675,462 -3,085,309 -28.4% 62.1%
Source: Ministry of Finance of the Slovak Republic      
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