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      
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

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

Slovak OFZ aims to move part of production to Uzbekistan

Metallurgical company OFZ plans to transfer part of its production from Slovakia to Uzbekistan, The Slovak Spectator has reported. The ferroalloy production company from Oravsky Podzamok has ... more

EBRD 2023: EBRD, EU and ILX to co-operate to boost private-sector finance in Emerging Europe

The European Bank for Reconstruction and Development (EBRD), the European Union, and ILX Management, an emerging market asset manager, have joined forces to enhance private-sector finance in Emerging ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    5 days ago
  2. Saudi Arabia to scale back plans for Neom city
    8 days ago
  3. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  4. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    5 days ago
  5. PANNIER: Caspian military drills that exclude Russia and Iran have some people in Moscow asking questions
    6 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    19 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    23 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    28 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    21 days ago

Reports

Dismiss