Finance Ministry: State budget deficit climbed to €3.4 billion in October

The year-to-date state budget deficit rose from €3.110 billion in September to €3.373 billion in October, the Finance Ministry announced on Tuesday, November 2, as reported by the TASR newswire. The deficit was more than double the figure for October 2009, when the deficit stood at stood at €1.537 billion. A total deficit of €3.746 billion is projected for the whole of 2010, with the figure to October equivalent to 90 percent of this sum.

The year-to-date state budget deficit rose from €3.110 billion in September to €3.373 billion in October, the Finance Ministry announced on Tuesday, November 2, as reported by the TASR newswire. The deficit was more than double the figure for October 2009, when the deficit stood at stood at €1.537 billion. A total deficit of €3.746 billion is projected for the whole of 2010, with the figure to October equivalent to 90 percent of this sum.

Month-on-month, the deficit increased by €260 million. The previous government projected the gap in the state budget for 2010 at €3.746 billion, the SITA newswire wrote. Overall state revenues in the first ten months amounted to €8.475 billion, representing only 67.6 percent of the previous government's projection for the year, and a year-on-year increase of 3.2 percent. Expenditures however grew by over one-fifth.

Tax revenues, which make up a significant portion of state budget revenues posted a moderate decrease of 0.6 percent by the end of October to €6.472 billion, meaning that 75.1 percent of the forecast amount for 2010 had been received.

The previous government had originally declared its intention to consolidate the general government finances, including the state budget, this year. According to its plan, the deficit was supposed to fall from last year's 6.8 percent of GDP to 5.5 percent of GDP in 2010. According to the Finance Ministry's latest forecasts, however, the deficit will actually grow this year and reach 7.8 percent of GDP.

Sources: TASR; 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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