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