Spectator on facebook

Spectator on facebook

Slovakia’s budget deficit narrows by over 50% year-on-year to the end of February

After the first two months of this year, the state budget deficit shrank by half compared with the same period a year ago, according to the Finance Ministry which reported the deficit at €344.1 million at the end of February, down 55.9 percent year-on-year, the SITA newswire reported.

After the first two months of this year, the state budget deficit shrank by half compared with the same period a year ago, according to the Finance Ministry which reported the deficit at €344.1 million at the end of February, down 55.9 percent year-on-year, the SITA newswire reported.

Total revenues increased by 20.3 percent to €1.758 billion and expenditures recorded a drop of 6.2 percent to €2.102 billion. The y-o-y increase in revenues of the state was supported primarily by growth of tax revenues and a considerable increase in revenues from the EU. Tax revenues for the state amounted to €1.242 billion for the first two months of this year, up 9.8 percent y-o-y. VAT collection grew 11.5 percent y-o-y to €707.8 million while excise taxes increased by 8.4 percent to almost €339 million. Personal income taxes, which primarily go to municipalities, were down €41.3 million at the end of February in comparison to the previous year.

Expenditures in the first two months shrank 6 percent y-o-y to €1.983 billion. Capital expenditures dropped 10.5 percent to €119.5 million, SITA wrote. According to the state budget law adopted by parliament, the budget deficit is expected to be €3.81 billion for 2011. The deficit of the general government as a whole, considering all public institutions, not only the state, should be 4.9 percent of GDP.

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.

Top stories

12 places where you can see the works of one of the best medieval wood carvers Photo

The works of the renowned Master Paul are not limited just to Levoča.

St Geirge Curch in Spišská Sobota

Heatwaves to continue in Slovakia over the following days

More than 40 people collapsed due to hot weather on Thursday.

Jourová: Fico not fully informed on all EC’s activities on double standards

European Commission President Jean-Claude Juncker will meet with Fico to discuss double quality standards of foods on July 27 in Brussels.

European Commissioner for Justice, Consumers and Gender Equality Věra Jourová

Foreigners: Events in Bratislava Video

Tips for performances and other events in the capital between July 21 and July 30, including concerts, parties, festivals, classical music, inline skating, exhibitions and more.