Slovakias budget gap shrinks 30% in Jan-Sept 2011 on rising revenue.

By bne IntelliNews October 4, 2011
Slovakias budget gap narrowed 30% y/y to EUR 2.16mn in the first nine months of 2011 mainly due to higher revenue, the finance ministry said. The deficit accounted for 56.7% of the full-year plan. Budget revenue grew 9.8% on the year to EUR 8.3bn, as collection of almost all types of taxes improved. The further development of tax collection, however, would depend on the changes in the global and European economic environment, the ministry said. Budget expenditure also helped the deficit to shrink as it fell by 2% y/y to EUR 10.4mn. Expenses to repay government debt and cover the social insurance deficit grew, but they were offset by a 7.5% decline in the costs for running state institutions. The Slovak government targets an end-2011 budget deficit of EUR 3.81bn, based on revenue of EUR 13.15bn and expenditure of EUR 16.96bn. It plans to squeeze budget gap to 4.9% of the GDP in 2011, from 7.9% in 2010 and to further reduce it to 3% in 2012. Slovakia became the 16th member of Europe's common currency zone in 2009. Slovakia State Budget
thousands EUR 30-Sep-11 30-Sep-10 end-2010 end-2011 target
REVENUE 8,279,351 7,540,306 10,900,863 13,147,834
-- tax revenue 6,205,939 5,730,017 7,962,242 8,786,829
-- EU income 1,426,547 1,039,166 1,663,319 3,343,890
-- dividends 82,926 289,405 613,898 390,416
-- other revenues 563,939 481,718 661,404 626,699
EXPENDITURE 10,438,259 10,650,677 15,337,011 16,957,773
-- public debt servicing 862,773 850,704 864,075 1,163,188
-- EU expenditure 1,829,479 1,671,513 2,822,877 4,695,238
-- social security transfers 1,206,550 1,062,363 1,441,709 1,608,733
-- basic state running expenses 6,539,457 7,066,097 10,208,350 9,490,614
BALANCE -2,158,908 -3,110,371 -4,436,148 -3,809,939
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