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Tax revenues revision cuts public finance deficit

A revision of Slovakia's tax revenues following a change in their calculation has led to lower public finance deficits for 2003 to 2005.

According to information released on August 6 by the Finance Ministry's Institute of Financial Policy (IFP), the difference added up to between 0.3 and one percentage point for each year, according to a report from the TASR newswire.

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

"For the period in question, Slovakia was among the countries that experienced the most dramatic changes when it came to the public finances balance between 2003 to 2005, compared to the previous results released in October 2006," the IFP noted.

The new figures lowered the deficit in Slovakia's public finances in 2003 by one percentage point to 2.7 percent of GDP. In 2004, it was cut by 0.6 percentage points to 2.4 percent of GDP, and in 2005 it went down by 0.3 percentage points to 2.8 percent of GDP.

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