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Tax revenues revision cuts ‘03-‘05 public finance deficit

A revision of Slovakia's tax revenues following a change in their calculation has posted lower public finances deficits for 2003-05 by between 0.3-1.0 percentage points of the gross domestic product (GDP), according to information released on August 6 by the Institute of Financial Policy (IFP) of Slovakia's Finance Ministry.

The EU's statistics office Eurostat has published its own national data for Slovakia for 2003-2006 according to the new methodology.

"For the period in reference, Slovakia was among the countries that experienced the most dramatic changes when it came to the public finances balance between 2003-05 compared to the previous notification released in October 2006," the IFP notes.

The new figures lower the deficit in Slovakia's public finances in 2003 by 1 percentage point to 2.7 percent of GDP. The deficit for 2004 has been cut by 0.6 percentage points to 2.4 percent of GDP, while the 2005 deficit is down by 0.3 percentage points to 2.8 percent of GDP.

Compiled by Zuzana Vilikovská from press reports
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