Slovakia’s budget deficit increases to nearly €1 billion

Slovakia’s budget deficit rose from €780 million in February to €983 million in March, the Finance Ministry announced on April 1. In March 2009, the budget recorded a deficit of €205 million. A record-breaking deficit of €3.746 billion is projected for all of 2010, the TASR newswire wrote. State revenues to the end of March 2010 stood at €2.511 billion, or 20 percent of the budgeted sum for the entire year - €12.531 billion. This represents an increase of 4.1 percent in annual terms. Expenditures to the end of March amounted to €3.495 billion, an increase of 33.7 percent compared to March 2009. The sum represents 21.5 percent of the total amount budgeted for 2010 - €16.277 billion.

Slovakia’s budget deficit rose from €780 million in February to €983 million in March, the Finance Ministry announced on April 1. In March 2009, the budget recorded a deficit of €205 million. A record-breaking deficit of €3.746 billion is projected for all of 2010, the TASR newswire wrote.

State revenues to the end of March 2010 stood at €2.511 billion, or 20 percent of the budgeted sum for the entire year - €12.531 billion. This represents an increase of 4.1 percent in annual terms. Expenditures to the end of March amounted to €3.495 billion, an increase of 33.7 percent compared to March 2009. The sum represents 21.5 percent of the total amount budgeted for 2010 - €16.277 billion.

The government has promised an overall consolidation of public finances in 2010. The public-finance deficit should fall to 5.5 percent of GDP in 2010 and to 4.2 percent in 2011, according to a plan approved in November. Slovakia should again meet the criterion of the EU’s Growth and Stability Pact that requires a public finance deficit of no more than 3 percent in 2012.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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