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Cabinet formally approves state budget for 2006-08

THE SLOVAK cabinet formally approved the state budget for 2006-08 at its session on October 12.

The state budget proposal envisages revenues of Sk563.9 billion (€14.5 billion) and expenditure of Sk608.3 billion (€15.65 billion). The deficit of Sk44.4 (€1.14) billion represents 2.9 percent of GDP, the TASR news agency wrote.

According to the budget, tax revenues should reach Sk211.2 billion (€5.43 billion), with non-tax revenues totalling Sk14.9 billion. Revenues in the form of grants and transfers should be Sk42 billion (€1.08 billion).

Real salary growth is projected to be 3.9 percent in 2006, and real pensions growth 4.5 percent. The Finance Ministry estimates that employment will rise by 0.9 percent, while household consumption should increase by 4.5 percent. GDP is expected to grow by 5.4 percent. The average inflation rate is expected to be 2.5 percent, and the unemployment rate 11.6 percent.

The government must submit the 2006-08 state budget to parliament by October 15 where MPs will discuss the law.

Compiled by Martina Jurinová from press reports
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