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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