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Slovakia's budget year begins with projected cut in deficit to €3.81 billion

As of January 1, with the new state budget becoming effective, the Slovakia’s deficit is set to fall from last year's €4.54 billion to €3.81 billion in 2011. Total state revenues are projected in the budget at €13.15 billion while expenditures are set at €16.96 billion, the TASR newswire wrote. The consolidated state administration deficit should fall from €5.1 billion reported in 2010 to €3.4 billion in 2011, with revenues reaching €23.3 billion and expenditures €26.7 billion. The public finance deficit should fall gradually from the 7.8 percent of GDP last year to 4.9 percent this year and 3.8 percent in 2012.

As of January 1, with the new state budget becoming effective, the Slovakia’s deficit is set to fall from last year's €4.54 billion to €3.81 billion in 2011. Total state revenues are projected in the budget at €13.15 billion while expenditures are set at €16.96 billion, the TASR newswire wrote.

The consolidated state administration deficit should fall from €5.1 billion reported in 2010 to €3.4 billion in 2011, with revenues reaching €23.3 billion and expenditures €26.7 billion. The public finance deficit should fall gradually from the 7.8 percent of GDP last year to 4.9 percent this year and 3.8 percent in 2012.

In 2013, the state deficit should be pushed down to 2.9 percent, below the 3-percent threshold required by EU budgetary rules. In an attempt to cut the deficit of nearly 8 percent to 4.9 percent this year, the Slovak government has drawn up a package of austerity measures (spending cuts and revenue increases) worth €1.75 billion. The package calls for a reduction in expenditures equalling €980 million and an increase in revenues of €770 million.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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