Spectator on facebook

Spectator on facebook

Slovakia’s state budget gap widens in May

Slovakia’s state budget deficit deepened considerably in May according to data released by the Finance Ministry, with the SITA newswire writing that the deficit increased by nearly €1 billion and now stands at €2.16 billion.

Slovakia’s state budget deficit deepened considerably in May according to data released by the Finance Ministry, with the SITA newswire writing that the deficit increased by nearly €1 billion and now stands at €2.16 billion.

In annual terms, the state budget deficit was 37.8 percent higher in May 2012 compared to May 2011 and in the five-month period had reached 59 percent of the budgeted amount, SITA wrote, adding that in April the deficit had increased by only €16 million and stood at €1.171 billion.

The main reason, SITA wrote, was lower revenue that totalled €4.332 billion at the end of May, 1.5 percent less than a year ago and that the state had collected only 31.8 percent of its projected revenue in the first five months of 2012. Overall state expenditures continued to grow and after five months, they were 8.8 percent higher than a year ago and totalled €6.491 billion, 37.5 percent of the yearly plan.

Taxes constitute most of state revenue and had increased year-on-year by 3.3 percent to €3.292 billion as of the end of May. After five months, the state had collected only one-third of its annual projection, with falling VAT and excise taxes being the primary cause.

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

Poll: Slovaks want to be at the core of the EU

Slovaks see the EU advantages of a higher living standard, a developed economy and the possibilities for self-realisation.

Government to attract people back from the UK

It expects that dozens of thousands of people may return, but experts have doubts about the plan.

Flags displayed on a tourist stall, backdropped by the Houses of Parliament and Elizabeth Tower containing the bell know as Big Ben, in London.

Slovak gets high-level job at Tesla

He will report directly to the company’s founder and head, Elon Musk.

Illustrative stock photo

The date of regional elections in Slovakia has been set

Under the new rules, the election will be completed in only one round, not in two rounds as before. This means that the candidate who receives the most votes will automatically be elected.

Election, illustrative stock photo