BUSINESS BRIEFS

New legislation affects budget deficit

SLOVAKIA ended the first half of the year with a deficit of Sk10.2 billion, which is Sk9.1 billion higher than the same period last year, but the Finance Ministry is saying not to worry. The jump was caused exclusively by a legislative change.

"Funds shifted from a previous year used to be included among expenditures of the ending year, but, due to new budgetary rules already in effect last December, they became expenditures of the year 2006," ministry spokesman Peter Papanek told SITA.

"Once calculated according to ESA 95 methodology, the deficit will be significantly lower than planned."

H1 state budget revenues were Sk138.036 billion (€3.65 billion), up 9.1 percent year-on-year and accounting for 50.6 percent of the annual plan.

Total expenditures stood at Sk148.3 billion, which is 16.2 percent higher year-on-year and 44.9 percent of the annual plan.

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