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Budget performance better than planned

SLOVAKIA's state budget is estimated to show a deficit of Sk33.9 billion (€895 million) for the whole of 2005, Sk27.6 billion (€730 million) less than projected, which is in line with the state budget law for 2005, TASR news agency wrote.

According to Finance Minister spokesman Peter Papanek, the 2005 state budget revenues were projected to be Sk257.2 billion (€6.77 billion), but are now expected to come in at Sk258.7 billion (€6.81 billion). Expenditures totaled Sk292.6 billion (€7.7 billion) for the whole of 2005, which is Sk26.2 billion (€690 million) less than projected.

The positive development of the Slovak economy was seen as the main reason for the better management of the state budget in 2005. "Rapid economic growth, which reached 6.2 percent in the third quarter of 2005, had a positive effect on state budget revenues and expenditures," said Finance Minister Ivan Mikloš.

Slovakia's 2005 tax revenues were Sk20.6 billion (€540 million) year-on-year above the plan.

"Thanks to continuing low intserest rates and the good performance of the state-treasury system, the government saved Sk6.6 billion (€170 million) on national debt expenditures. Thanks to higher employment, the government also achieved savings in the sphere of social expenditures," said the Mikloš.

The Finance Ministry will publish the complete public-finance results according to the EU's ESA 95 methodology at the beginning of April.

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