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Slovakia’s central bank cautions about state budget proposal

In light of this year's unfavourable economic developments and the subsequent drop in the output of companies, next year's state revenues may be even lower than estimated – with risks lying on the expenditure side of the budget as well, reads an analysis by Slovakia's central bank, the NBS, published in the bank's magazine Biatec, reported the TASR newswire.

In light of this year's unfavourable economic developments and the subsequent drop in the output of companies, next year's state revenues may be even lower than estimated – with risks lying on the expenditure side of the budget as well, reads an analysis by Slovakia's central bank, the NBS, published in the bank's magazine Biatec, reported the TASR newswire.

“In addition to lower tax revenues, the economic results of public administration both this and next year will also be affected by lower revenues from social contributions,” the article said.

Risks associated with the budget expenditures concern mainly the fact that 2010 is an election year in Slovakia. Uncertainty is also related to the use of EU funds and the subsequent need for co-financing from the state budget.

“Given the expected boost to the domestic economy and the planned dynamic growth in the public debt, it would be advisable to consolidate the public-finance deficit more quickly,” says the analysis. TASR

Compiled by Zuzana Vilikovská from press reports
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