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|
|-- 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%|
|-- 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%|
|Source: Ministry of Finance of the Slovak Republic|
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