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      

Related Articles

Non-performing loans hit historic low in CESEE, but early warning signs emerge, says EBRD

Non-performing loans (NPLs) in central, eastern and south-eastern Europe (CESEE) fell to their lowest levels since the global financial crisis in 2024, but early indicators suggest rising risks ... more

Fears grow of Russian interference in Central European media space

Two thirds of Central Europeans are concerned about Russian interference in their country’s media or public opinion, according to a new poll conducted by MEDIAN on behalf of the ... more

How Ukrainian grain wrecked the Polish grain market

The Polish grain market has been thrown into disarray by cheap Ukrainian grain that sent prices plummeting in April, causing Warsaw to impose a five-month ban, backed up by the European Commission. ... more

Dismiss