Slovakia's budget posted a deficit of EUR 1.97bn at the end of October 2013, by 20% lower that the EUR 2.47bn shortfall recorded at the same time last year, data from the finance ministry showed. The gap is equal to 2.7% of the projected full-year GDP according to IntelliNews calculations. It accounts for 63.9% of the government’s full-year target.
Budget revenue fell 2.9% y/y to EUR 9.23bn at the end of last month, as a 6.2% growth in tax revenue, which is the main source of income to the state, and a 12.8% rise in non-tax revenue were offset by a 36.5% drop in receipts of EU funds. Budget expenditure fell faster, by 6.4% y/y to EUR 11.2bn.
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 2.96% of GDP, below EU's 3% ceiling.
| thousands EUR | end-Oct 2013 | end-Oct 2012 | end-2013 target | y/y change | % of target |
| REVENUE | 9,226,861 | 9,502,404 | 13,916,196 | -2.9% | 66.3% |
| -- tax revenue | 7,454,308 | 7,018,116 | 8,912,036 | 6.2% | 83.6% |
| -- non-tax revenue | 668,823 | 592,935 | 984,666 | 12.8% | 67.9% |
| -- grants and transfers | 1,103,730 | 1,891,353 | 4,019,494 | -41.6% | 27.5% |
| ---- receipts from EU budget | 959,157 | 1,511,197 | 3,563,657 | -36.5% | 26.9% |
| EXPENDITURE | 11,198,364 | 11,968,360 | 17,001,505 | -6.4% | 65.9% |
| -- current expenditure | 10,000,070 | 10,618,183 | 14,055,212 | -5.8% | 71.1% |
| -- capital expenditure | 1,198,294 | 1,350,177 | 2,946,293 | -11.2% | 40.7% |
| BALANCE | -1,971,503 | -2,465,956 | -3,085,309 | -20.1% | 63.9% |
| Source: Ministry of Finance of the Slovak Republic | |||||
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