Slovakia's end-May budget gap shrinks 26% y/y

By bne IntelliNews June 3, 2013

Slovakia's budget posted a deficit of EUR 1.6bn at the end of May 2013, by 26% lower than the EUR 2.16bn shortfall recorded at the same time last year, data from the finance ministry showed. The shortfall is equal to 2.2% of the projected full-year GDP according to IntelliNews calculations.

Budget revenue fell 3.7% y/y to EUR 4.17bn at the end of last month, as a 3.3% growth in tax revenue, which is the main source of income to the state, was offset by a 4.4% fall in non-tax revenue and a 36% drop in receipts of EU funds. Budget expenditure fell faster, by 11% y/y to EUR 5.77bn.

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-May-13 31-May-12 end-2013 target y/y change % of target
REVENUE 4,170,492 4,331,503 13,916,196 -3.7% 30.0%
-- tax revenue 3,401,351 3,292,416 8,912,036 3.3% 38.2%
-- non-tax revenue 304,231 318,303 984,666 -4.4% 30.9%
-- grants and transfers 464,910 720,784 4,019,494 -35.5% 11.6%
---- receipts from EU budget 455,894 710,354 3,563,657 -35.8% 12.8%
EXPENDITURE 5,771,864 6,491,051 17,001,505 -11.1% 33.9%
-- current expenditure 5,330,479 5,917,946 14,055,212 -9.9% 37.9%
-- capital expenditure 441,385 573,105 2,946,293 -23.0% 15.0%
BALANCE -1,601,372 -2,159,548 -3,085,309 -25.8% 51.9%
Source: Ministry of Finance of the Slovak Republic      

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