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Finance Ministry announces final figures on government deficit for 2010

The state budget ended last year with a deficit of €4.436 billion, which means that it grew by €925 million month-on-month in December and by as much as €1.645 billion when compared to the deficit posted in 2009, the Finance Ministry announced on Monday, January 3, as reported by the TASR newswire. Nevertheless, the final figures were better than what had been expected in the revised state budget that the Finance Ministry had released at the end of November 2010 which had raised the originally-expected deficit of €3.746 billion to €4.54 billion.

The state budget ended last year with a deficit of €4.436 billion, which means that it grew by €925 million month-on-month in December and by as much as €1.645 billion when compared to the deficit posted in 2009, the Finance Ministry announced on Monday, January 3, as reported by the TASR newswire.

Nevertheless, the final figures were better than what had been expected in the revised state budget that the Finance Ministry had released at the end of November 2010 which had raised the originally-expected deficit of €3.746 billion to €4.54 billion.

State revenues reached €10.901 billion at the end of December, or 91.9 percent of the revised expected revenue (€11.867 billion). They grew by 3.4 percent year-on-year, TASR wrote. State expenditures grew by 15 percent y-o-y to €15.337 billion, which represented 93.5 percent of the revised plan (€16.407 billion).

Finance Minister Ivan Mikloš explained the need for the revised budget by pointing to the discrepancies between the budget adopted by the previous government and economic reality. The previously planned deficit of 5.5 percent was no longer realistic, with the actual figure reaching 7.8 percent of GDP.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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