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Public finance deficit was €344 million in February

The state budget recorded a deficit of €344 million in February, the Finance Ministry said on Tuesday, March 1. However, the management of state finances improved significantly in a year-on-year comparison as the deficit was €780 million in February last year.

The state budget recorded a deficit of €344 million in February, the Finance Ministry said on Tuesday, March 1. However, the management of state finances improved significantly in a year-on-year comparison as the deficit was €780 million in February last year.

The overall deficit expected for 2011 is €3.8 billion. Income reached €1.758 billion in February, which was 20.3 percent higher y-o-y. Expenditures stood at €2.102 billion, falling by 6.2 percent y-o-y.

"The healthier economic management was supported by growth in incomes and cuts in expenditures," said Finance Ministry spokesman Martin Jaroš in reaction to the 56-percent y-o-y reduction in the deficit. Tax incomes, especially from VAT and excise tax on tobacco, grew by 10 percent y-o-y, while income from the EU almost doubled.

"Expenditures on the state debt fell, but, on the other hand, transfers to [state-insurer] Sociálna Poisťovňa grew, and the private second pillar of the pension system hasn't been financed by privatisations but solely from the state budget," Jaroš said, as quoted by the TASR newswire, adding that there is a need to look at expenditures that don't include these compulsory payments. "Other state expenditures show the real influence of the government's policies. From this point of view, year-on-year savings reaching 11 percent were achieved," he stressed.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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