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FinMin: 2011 deficit at 4.9 percent, debt topped 43 percent of GDP

Public finances posted a deficit of €3.414 billion last year, or 4.9 percent of GDP, according to a 2011 summary report that Finance Minister Peter Kažimír unveiled at a government session on Wednesday, October 31.

Public finances posted a deficit of €3.414 billion last year, or 4.9 percent of GDP, according to a 2011 summary report that Finance Minister Peter Kažimír unveiled at a government session on Wednesday, October 31.

Meanwhile, the public administration debt stood at €29.911 billion as of the end of 2011 – that is 43.3 percent of GDP. The deficit was thus 0.1 percent of GDP higher than an estimate released back in April, with the debt level remaining unchanged. Public administration revenues amounted to €23.924 billion in 2011, while expenditures reached €27.036 billion. The deficit thus stood at €3.112 billion before being adjusted in line with EU methodology to the aforementioned sum of €3.414 billion.

The so-called Maastricht debt of Slovakia's public administration rose by €2.913 billion to €29.911 billion last year, with the ratio to the Slovak economy going up by 2.3 percentage points on the year. "The rise in the debt-to-GDP ratio was due to an increase in the debt by 10.5 percent of GDP, with GDP growth in current prices amounting to 4.9 percent,” reads the ministry's report.

(Source: TASR)
Compiled by Zuzana Vilikovská from press reports
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