Government approves 2013 state budget, deficit to reach €3.06 billion

The state budget deficit should fall by €616 million year-on-year to €3.059 billion in 2013, according to the draft budget approved by the government on Wednesday, October 10. Revenue is predicted to be €14.177 billion, €552 million up on 2012. Conversely, expenditure is projected to stand at €17.235 billion, a fall of €65 million year-on-year, the TASR newswire wrote.

The state budget deficit should fall by €616 million year-on-year to €3.059 billion in 2013, according to the draft budget approved by the government on Wednesday, October 10. Revenue is predicted to be €14.177 billion, €552 million up on 2012. Conversely, expenditure is projected to stand at €17.235 billion, a fall of €65 million year-on-year, the TASR newswire wrote.

The public finance deficit is forecast to be 2.9 percent of GDP in 2013, 2.4 percent in 2014, and 1.9 percent in 2015. The Education Ministry is destined to get the highest sum (€2.46 billion) in 2013, followed by the Transport Ministry (€2.29 billion) and the Labour, Social Affairs and the Family Ministry (€2.17 billion).

The Environment Ministry will record the biggest rise in funding compared to 2012, an increase of €220 million. The Labour Ministry will receive €175 million more, while the Finance Ministry will have €144 million more at its disposal. Conversely, the Agriculture Ministry will get €163 million less, and the Defence Ministry will have to cope with a reduction of €50 million compared to its 2012 budget.

The Sme daily reported that the budget draft creates a reserve of €229 million that is connected with the second pension pillar. The draft budget assumes that some spending will not go ahead if the money for it is not gained via the opening of the second pillar. A further reserve of €313 million is being created to cover a possible shortfall in tax revenues, although it now seems that the government will spend part of this on giving teachers a 5-percent pay rise. Sme also reported that although the government has agreed with municipalities that they will save €116 million it seems that regional governments are not now expected to deliver on this promise.

Sources: TASR, Sme

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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