Slovakias budget gap narrows 31.2% in Jan-April 2011.

By bne IntelliNews May 3, 2011
Slovakias central state budget deficit narrowed by 31.2% y/y to EUR 1.02bn in the first four months of 2011, the finance ministry said. The improvement reflected the governments cost cutting measures and rising budget revenues. Total revenues stood at EUR 3.64bn as of end-April, covering 27.7% of the annual plan and increasing by 12.8% on the year. Their dynamics was positively affected by the value added tax (VAT) income that increased by 4.9% y/y to EUR 1.5bn. The receipts from the EU budget were the other main positive factor - they rose by 39.6% y/y to EUR 751.6mn. VAT receipts and revenues from the EU budget comprise 63.2% of the total annual budget revenues. Excise tax revenues fell by 5.5% y/y to EUR 616.3mn. On the other hand, non-tax revenues swelled by 7.4% y/y to EUR 208.1mn. Budget expenditures declined by 1.1% y/y to EUR 4.7bn through April mainly as a result of a 2.6% y/y decline in current expenditures to EUR 4.1bn. On the contrary, capital spending surged by 13.1% y/y to EUR 530.4mn. The budget expenditures covered 27.4% of the full-year target. The government targets budget revenues to reach EUR 13.1bn in 2011 and expenditures are forecast at EUR 16.9bn resulting in a EUR 3.8bn state budget deficit. The general government deficit that incorporates the budgets of all public institutions not just the state is projected to equal to 4.9% of the GDP in 2011.
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