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Public deficit beats expectations

THE SLOVAK Finance Ministry assumes that the public finance deficit calculated according to ESA 95 methodology might decrease to 3.25 percent of the projected gross domestic product (GDP) in 2005 without including pension reform costs. The approved state budget for 2005 foresees a deficit of 3.4 percent of GDP.

Finance Minister Ivan Mikloš said that the mid-year results confirm the steady growth of the Slovak economy. According to him, all signals point towards stable foundations for healthy, high and sustainable economic growth, the SITA news agency wrote.

On the basis of the mid-year macroeconomic development, the Finance Ministry expects that Slovakia will close this year with a budget deficit Sk4.2 billion (€109 million) lower than originally projected.

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