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Government approves public finances deficit cut by 2.2 percent of GDP

The government at its session on August 27 approved the revision of the public finance deficit estimated for 2008 to 2.2 percent of gross domestic product (GDP) from an original estimate of 2.3 percent.

The government at its session on August 27 approved the revision of the public finance deficit estimated for 2008 to 2.2 percent of gross domestic product (GDP) from an original estimate of 2.3 percent.

Nominally, the public administration deficit is to go down by Sk2 billion (€66.39 million) to Sk44.4 billion (€1.47 billion) by the end of this year.

"According to current estimates, the costs related to the second (capitalised) retirement savings pillar will contribute positively to the public finances balance by 0.1 percent of GDP, due to increased one-off transfer of resources by those savers who moved from the second pillar back to the first," reads the Finance Ministry report submitted on August 26.

The state budget will contribute Sk5 billion (€165.97 million) to the deficit cut. The ministry also expects improved results of social security provider Sociálna Poisťovňa amounting to Sk4.8 billion (€159.33 million), which will be able to compensate worse-than-expected results of the other public administration bodies reaching the combined sum of Sk4.9 billion (€162.65 million).

A deficit of Sk2.9 billion (€96.26 million) is expected in extra-budget accounts and the state finance assets accounts. Like in 2007, tax revenue won't influence the public finance balance in the current year. TASR

Compiled by Zuzana Vilikovská from press reports
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