Slovakia’s Finance Ministry says public debt reaches nearly 36 percent of GDP for 2009

Slovakia's public debt reached €22.58 billion last year, which represents 35.7 percent of GDP, up 8.1 percentage points on the year, according to a report published by the Finance Ministry, the TASR newswire reported. The ministry said it is the global economic recession that is responsible for the figures. The public debt is 21.5 percent higher while the economy as measured by GDP dropped by 4.7 percent.

Slovakia's public debt reached €22.58 billion last year, which represents 35.7 percent of GDP, up 8.1 percentage points on the year, according to a report published by the Finance Ministry, the TASR newswire reported.

The ministry said it is the global economic recession that is responsible for the figures. The public debt is 21.5 percent higher while the economy as measured by GDP dropped by 4.7 percent.

“The remarkable year-on-year increase of debt, in terms of the Maastricht criteria, is a result of the economic crisis, which resulted in the fact that more resources from loans had to be used to cover financing the public deficit and public debt in 2009 than expected,” reads the report, as quoted by the TASR newswire.

The budgets of municipalities and regional administrations also contributed to increasing the public debt. The volume of regions’ debts reached €380.76 million, representing an increase of 22.8 percent on the year. Debts of municipalities increased even more dramatically, totalling €1.7 billion in the red, with their debt being 30.5 percent higher than in 2008.

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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