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      

Related Articles

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Slovak celebration of decent grain harvest marred by sheep’s milk protest

Slovakia’s grain harvest is this year likely to amount to 2.5mn tonnes, 20% down year on year, but comfortably enough to cover domestic needs and leave a million tonnes for export, SITA newswire ... more

Central European and Baltic economies shrugging off political uncertainty

Medium-term economic growth forecasts for Central Europe and the Baltics have been raised by The Vienna Institute for International Economic Studies (wiiw) in a report issued on June 29. The most ... more