Spectator on facebook

Spectator on facebook

EC: Slovakia on its way to correcting excessive public finance deficit

SLOVAKIA is on its way to correcting its excessive public finance deficit by 2007. However, structural adjustment should be strengthened to ensure a larger margin of correction in 2007 and speed up the progress towards the medium-term objective, reads the latest report by the European Commission (EC).

"Slovakia's immediate challenge is to ensure correction of its excessive deficit by 2007 by a larger margin and strengthen its structural budgetary adjustment in the following years to be able to face possible challenges in less positive periods of the economic cycle", said Economic and Monetary Affairs
Commissioner Joaquín Almunia.

The European Commission evaluated Slovakia's updated convergence program for 2006-2009. According to the program, the Slovakia's general state deficit (including the cost of the pension reform) should decrease to 2.9 percent of GDP this year from 3.7 percent of GDP in 2006.

In the following years the deficit should gradually go down to 2.4 percent of GDP in 2008 and 1.9 percent of GDP in 2009. This should help Slovakia adhere to the scheduled date for joining the euro zone on January 1, 2009.

Slovakia submitted a new update of its convergence program on 1 December 2006, covering the period 2006-2009. The program aims to correct the excessive deficit by 2007, relying on expenditure restraint.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

Biker gang complex in Dolná Krupá raises questions

What does the Russian bikers’ gang Night Wolves do in the Slovak village of Dolná Krupá?

The complex in Dolná Krupá

Here is how I measure the speed of integration

Babiš proposes to end war, poverty and religious extremism with a snap of our fingers. Why hasn’t anybody else thought of this?

Andrej Babiš, Czech prime minister

How rock music helped bring down the totalitarian regime Video

A new film shows that Rock & Roll, forbidden in the Soviet Union, helped to end the Cold War.

Illustrative Stock Photo

Movies under an open sky feel differently than in an air-conditioned cinema Photo

The popularity of outdoor cinemas is increasing in Bratislava

Bažant Kinematograf on the Magio Pláž beach