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Budget deficit exceeds €2 billion

SLOVAKIA’S budget deficit increased to €2.078 billion at the end of May after standing at €1.480 billion at the end of April, the Finance Ministry reported on May 31. At the same point last year, the deficit had reached €832 million. The deficit for entire year of 2010 is now projected to reach €3.746 billion, the TASR newswire wrote.

SLOVAKIA’S budget deficit increased to €2.078 billion at the end of May after standing at €1.480 billion at the end of April, the Finance Ministry reported on May 31. At the same point last year, the deficit had reached €832 million. The deficit for entire year of 2010 is now projected to reach €3.746 billion, the TASR newswire wrote.

According to the ministry, budget revenues to May reached €3.958 billion or 31.6 percent of the projected €12.531 billion for 2010 as a whole. State expenditures were €6.036 billion, or 37.1 percent of the projected amount for the whole year, €16.277 billion. The global crisis had a significant impact on the Slovak economy last year, which shrank by 4.7 percent, causing the public-finance deficit to rise from the projected 2.1 percent to 6.8 percent of GDP.

The government has pledged to introduce a substantial consolidation of public finances for this year and beyond. According to the public administration budget for 2010-2012 passed by parliament in November 2009, the deficit should be reduced to 5.5 percent of GDP this year, to 4.2 percent in 2011, and below the 3-percent threshold set by the European Union in 2012.

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