Slovakias budget gap narrows by 30.4% y/y as of end-July 2011.

By bne IntelliNews August 2, 2011
Slovakias budget gap narrowed by 30.4% y/y to EUR 1.675bn at end-July 2011, as a result of improved revenue collection and contracted spending, the finance ministry reported. Budget revenue rose by 8.9% y/y to EUR 6.57bn, accounting for half of the annual projection. The growth was supported by strong tax revenue collection that grew by 8.9% y/y to EUR 4.92bn. The value added tax (VAT) income increased by 2.7% y/y to EUR 2.68bn. Excise tax revenue surged by 1.9% y/y to EUR 1.13bn. The European grants and transfers also contributed strongly to the good revenue performance. The receipts from the EU budget rose by 41.2% y/y to EUR 1.17bn. VAT receipts and revenue from the EU budget comprise 60.8% of the projected total annual budget revenue. Over the first seven months of the year, budget expenditures declined by 2.4% y/y to EUR 8.24bn, mainly as a result of a 1.2% y/y drop in current expenditures to EUR 7.25bn. Capital spending also contributed, declining by 9.9% y/y to EUR 993.2mn. The budget expenditures covered 48.6% of the full-year target. The government sees the 2011 budget deficit at EUR 3.8bn with budget revenue reaching EUR 13.1bn and expenditures - EUR 16.9bn. The general government deficit, that incorporates the budgets of all public institutions, is forecast at 4.9% of the GDP in 2011, compared to 7.9% in 2010.
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