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2004 budget deficit on target

The Slovak government managed to stay within the targeted state budget deficit of Sk78.495 billion (€2.03 billion) in 2004, according to the TASR news agency.

Last year's deficit amounted to Sk70.28 billion (€1.8 billion) or 89.5 percent of the targeted amount, a spokesman for the Finance Ministry said January 3.

According to the spokesman, the positive result is because of restraints on spending and higher-than-projected tax revenue.

An increase of Sk9.365 billion (€240 million) over 2003's revenue brought 2004's revenue to Sk242.436 billion (€6.26 billion), reaching 104.5 percent of the target. Spending reached Sk312.716 (€8.07 billion), or 100.7 percent.

Regarding tax versus non-tax revenue, 2004's tax revenue increased over 2003's by Sk9.331 billion (€240 million), yielding Sk209.481 billion (€5.41 billion). This amounted to 107.3 percent of the projected plan. Non-tax revenue, of Sk32.955 billion (€850 million), was achieved at only 89.7 percent.

Compiled by Magdalena Macleod from press reports
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