FinMin: Budget deficit to drop to 2.49 percent of GDP next year

THE DEFICIT of public finances is foreseen to drop to 2.49 percent of GDP next year, according to a public administration budget draft forecast that the Finance Ministry submitted for interdepartmental review.

THE DEFICIT of public finances is foreseen to drop to 2.49 percent of GDP next year, according to a public administration budget draft forecast that the Finance Ministry submitted for interdepartmental review.

In addition, the budget shortfall should drop to 1.43 percent of GDP in 2016 and drop further to 0.39 percent of GDP in 2017 as per the ministry's forecasts.

"With the budget approved for 2014 to be met, next year's structural deficit will improve by approximately 0.5 percent of GDP. The meeting of the nominal goals of the deficit will ensure a drop in the public debt from 2015 onwards," reads the ministry's material as reported by the TASR newswire.

In cash terms the deficit is predicted to fall from the planned figure of €3.28 billion this year to €2.88 billion next year. The budget expenditure should fall by €705 million on the year and reach €16.7 billion. Budget revenues should grow by €233 million to €13.8 billion next year when compared to expectations for this year.

The gross debt of the public administration reached 55.4 percent of GDP as of the end of 2013. Provided that budgeted goals are met, the debt will remain unchanged this year before dropping moderately next year.

Real salaries are foreseen to go up at the highest pace this year since 2008, especially thanks to a drop in inflation. The ministry expects inflation to have dropped to 0.3 percent on the year for 2014.

Source: TASR

Compiled by Michaela Terenzani from press reports.
The Slovak Spectator cannot vouch for the accuracy of the information
presented in its Flash News postings.

Top stories

Prime Minister Robert Fico

PM Fico: I will go to Moscow on May 9

PRIME Minister Robert Fico will participate in the wreath-laying and festive reception marking the end of World War II in Moscow.

A group of Russian bikers who wanted to reach Berlin to mark 70th anniversary of Soviet contribution to the victory over Nazi Germany return to Belarus after being denied entry into Poland on administrative grounds, in Terespol, Poland on April 27.

Farce of Night Wolves

Europe is not threatened by a few dozen motorcycles, but by the national mood that produced the Night Wolves’ visit.

Nepal earthquake

Foreign Ministry in contact with most Slovaks staying in earthquake-stricken Nepal

THE FOREIGN and European Affairs Ministry has managed to contact 45 out of 67 Slovaks in Nepal as of April 26.

Coach of Slovak ice-hockey team, Vladimír Vůjtek

Slovak team being finalised for the upcoming ice hockey world championships

IN APRIL, participating teams geared up for the Ice-Hockey World Championships that take place between May 1 and 17, and the Slovak team won two times, while losing six times in these matches.