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Slovak state budget already assumes slower growth

According to the Slovak Finance Ministry’s revised forecast, the economy will not grow by 4.4 percent but only by 3.4 percent in 2012, the Sme daily wrote in its Wednesday, September 21. The Finance Ministry prognosis was more or less confirmed by the International Monetary Fund (IMF) on Monday, September 20, which confirmed its estimate for the growth of Slovak economy at 3.3 percent.

According to the Slovak Finance Ministry’s revised forecast, the economy will not grow by 4.4 percent but only by 3.4 percent in 2012, the Sme daily wrote in its Wednesday, September 21. The Finance Ministry prognosis was more or less confirmed by the International Monetary Fund (IMF) on Monday, September 20, which confirmed its estimate for the growth of Slovak economy at 3.3 percent.

The change of prognosis suggests a further budgetary deficit of €240 million in the public finances. The ministry was quick to say it could find €95 million in reserves it planned to create; about €40 million will come from the disputed banking tax; another €40 million from a one-time payment connected with the switch from analogue to digital broadcasting; and about €30 million will come from the so-far undivided profit of the Nuclear Decommissioning Company, JAVYS. About €29 million more will be raised by higher tax on tobacco which will be introduced one year earlier than originally planned, in March 2012.

Source: Sme

Compiled by Zuzana Vilikovská from press reports
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