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State budget spending to rise four pct next year

The Finance Ministry released a preliminary projection to increase state budget spending next year by 3.7 percent y/y to Sk394.39 billion, the SITA newswire wrote.

The Finance Ministry released a preliminary projection to increase state budget spending next year by 3.7 percent y/y to Sk394.39 billion, the SITA newswire wrote.

According to draft outlines of the general government budget for the 2009-2011 period, on revenues of Sk376.802 billion, which would mean a y/y growth of 8.2 percent, the deficit of the next year's state budget would be calculated at Sk17.588 billion. Compared with the approved general government budget for 2008-2010, this would mean a deficit that would be almost Sk813 million lower.

The Finance Ministry envisages the reduction of the state budget deficit though estimates of tax revenues that make up the substantial portion of state revenues should be lower. In the approved general government budget for the 2008-2011 period the Finance Ministry estimates tax revenues of the state budget at SKK 290.9 billion, while updated estimates are at Sk286.9 billion.

However, other factors positively influencing the performance of the state should compensate for this reduction. The draft mentions transfers from the government privatisation agency, the FNM, to enhance state financial assets, savings in the state debt management and higher-than-expected non-tax revenues of the state budget. This year, state budget spending is projected at Sk380.233 billion while revenues should reach Sk348.252 billion. The deficit of the state budget is thus calculated at Sk31.981 billion, which is over Sk14 billion more than the FM proposes in outlines for next year. Compared with 2007, spending is planned to increase 9 percent and revenues are projected to go up 12 percent. SITA

Compiled by Zuzana Vilikovská from press reports

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