State budget gap widens to €2.823 billion after eight months

The public budget deficit increased by almost €415 million throughout the month of August and the Finance Ministry informed the SITA newswire that the overall deficit for 2010 totalled €2.823 billion at the end of the month in comparison with €2.408 billion at the end of July.

The public budget deficit increased by almost €415 million throughout the month of August and the Finance Ministry informed the SITA newswire that the overall deficit for 2010 totalled €2.823 billion at the end of the month in comparison with €2.408 billion at the end of July.

However, the deficit increased more significantly in year-on-year terms, when it was €1.616 billion higher at the end of August. The government had projected the deficit for all of 2010 at €3.746 billion.

Total revenues of the state for eight months represented only over 50 percent of the previous government's projection for the overall year. At end of August total revenues were €6.77 billion, making up a mere 54 percent of the overall budgeted level. Revenues posted a 5.1 percent increase year-on-year.

Total expenditures of the state surged 25.4 percent year-on-year when they reached €9.592 billion. It means that 58.9 percent of the total planned expenditures have already been spent.

Overall tax revenues increased by only one percent year-on-year at the end of August, to €5.099 billion. VAT collection increased 28.3 percent to €2.888 billion but in contrast, the state recorded the deepest decline in collection of income taxes paid by corporate entities, which fell 48.9 percent year-on-year to €760.6 million. Collection of excise taxes went up moderately. Non-tax revenues dropped 10.8 percent within eight months to €484.4 million.

On the spending side, capital expenditures posted significant growth, going up by 45.2 percent year-on-year to €1.262 billion (51.9 percent). The original 2010 budget counted on revenues of €12.531 billion and expenditures of €16.277 billion and a state budget deficit of €3.746 billion.

Source: SITA

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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