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ECONOMIC BRIEFS

1H99 budget deficit 7.14 billion Sk, under half of full year projected total

The Slovak state budget deficit for the first half of 1999 was 7.141 billion Slovak crowns ($163.8 million) compared with a deficit of 8.659 billion crowns in January to May, the finance ministry said on July 1. Revenues in the January to June period were 85.070 billion crowns and expenditure was 92.211 billion crowns. The ministry did not release separate data for June.

The Slovak government is targetting a full-year 1999 state budget deficit at 15 billion crowns, or about two percent of gross domestic product. Recently, new revenue raising measures have been adopted to meet the target, including an increase in the lower rate of value added tax to ten percent from six and a seven percent import surcharge.

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