Statistics Office revises Slovakia’s 2009 deficit to 7.93% of GDP

The public finance deficit for 2009 was actually 7.93 percent of gross domestic product (GDP), a far more precipitous shortfall than the 2.09 percent recorded in 2008 and more than the 6.77 percent estimated this spring by the Statistics Office, the TASR newswire was told October 22. The report for 2009, as revised by the Statistics Office as of October 1, has been forwarded to the European Union's Eurostat. Finance Minister Ivan Mikloš said last month that the 2009 public finance deficit was nearly 8 percent rather than the 6.8 percent of GDP calculated by the former finance ministry.

The public finance deficit for 2009 was actually 7.93 percent of gross domestic product (GDP), a far more precipitous shortfall than the 2.09 percent recorded in 2008 and more than the 6.77 percent estimated this spring by the Statistics Office, the TASR newswire was told October 22.

The report for 2009, as revised by the Statistics Office as of October 1, has been forwarded to the European Union's Eurostat. Finance Minister Ivan Mikloš said last month that the 2009 public finance deficit was nearly 8 percent rather than the 6.8 percent of GDP calculated by the former finance ministry.

The difference resulted from downwardly revised tax revenues and government loans extended to hospitals and loss-making rail companies which will never be repaid due to secondary insolvency – as many client companies are now insolvent, TASR wrote.

Slovakia’s national debt expressed as a percentage of GDP is expected to rise from last year's 35.42 percent to 42.27 percent in 2010.

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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