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Finance Ministry's latest macro-economic report approved

The public finance deficit for 2007 will probably reach only 2.5 percent of the GDP. But if Eurostat asks for the National Highway Company (NDS) has to be included in the figures, the Finance Ministry's estimate will go up by 0.2 percentage points.

That’s according to the Report on the Macro-economic Environment and Development of Public Finances for the first three-quarters of 2007, and predictions of developments to the end of the year, approved by the government at its session on November 7. The overall public deficit will be cut by Sk7.1 billion (€214 million) to Sk45.7 billion.

The report said the state budget made the greatest contribution (Sk8 billion) to the reduction of the deficit, through cuts in spending on servicing the state debt, higher-than-expected tax receipts, and revenues from the National Property Fund (FNM). The financial situation at state insurer Sociálna Poisťovňa, state health-insurance companies and regional governments are expected to have the opposite effect.

The ministry says the most recent prognoses confirm expectations of positive trends in the Slovak economy. It expects that GDP growth for all of 2007 will reach 8.8 percent, 1.4 percentage points higher than the figure stated in the budget estimate.

According to the ministry, the important fact is that the Maastricht inflation criterion was met by August. Twelve-month average harmonised inflation reached 2.4 percent year-on-year in August, which is below the reference value of 2.6 percent.

-TASR

Compiled by Zuzana Vilikovská from press reports
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