Slovakia's end-October budget gap shrinks 20% y/y

By bne IntelliNews November 5, 2013

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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