Slovakia's state budget deficit narrowed 20% y/y to EUR 2.2bn in the first eleven months of the year on falling revenue and spending, data from the finance ministry showed on Dec 2. The budget gap equalled 3.0% of the projected full-year GDP according to IntelliNews calculations. It accounts for 71.5% of the government’s full-year targeted deficit of EUR 3.1bn.
Budget revenue fell 2.2% y/y to EUR 10.13bn at end-November. A 6.4% y/y growth in tax revenue, which is the main source of income, and a 15.9% y/y rise in non-tax revenue were offset by a 36% y/y drop in receipts of EU funds. Budget expenditure dropped 5.8% y/y to EUR 12.34bn over the period.
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 the EU's 3.0% of GDP ceiling.
| thousands EUR | end-Nov 2013 | end-Nov 2012 | end-2013 target | y/y change | % of target |
| REVENUE | 10,130,044 | 10,357,039 | 13,916,196 | -2.2% | 72.8% |
| -- tax revenue | 8,200,274 | 7,707,312 | 8,912,036 | 6.4% | 92.0% |
| -- non-tax revenue | 740,761 | 639,198 | 984,666 | 15.9% | 75.2% |
| -- grants and transfers | 1,189,009 | 2,010,529 | 4,019,494 | -40.9% | 29.6% |
| ---- receipts from EU budget | 1,043,012 | 1,628,878 | 3,563,657 | -36.0% | 29.3% |
| EXPENDITURE | 12,335,652 | 13,099,896 | 17,001,505 | -5.8% | 72.6% |
| -- current expenditure | 10,957,736 | 11,550,561 | 14,055,212 | -5.1% | 78.0% |
| -- capital expenditure | 1,377,916 | 1,549,335 | 2,946,293 | -11.1% | 46.8% |
| BALANCE | -2,205,608 | -2,742,857 | -3,085,309 | -19.6% | 71.5% |
| Source: Ministry of Finance of the Slovak Republic | |||||
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