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2013 mid-year state budget deficit lower than in 2012

Slovakia's state budget posted a deficit of €1.66 billion in the first half of 2013, which was almost 28.4 percent lower than the deficit recorded in the same period in 2012, the Finance Ministry announced on Monday, July 1. The deficit was down €660 million year-on-year, reaching 54 percent of the projected amount for the whole of 2013. State expenditures were around 10-percent lower in annual terms, at €7.5 billion, and State incomes also fell slightly, by €165 million annually to €5.2 billion in the first half of 2013.

Slovakia's state budget posted a deficit of €1.66 billion in the first half of 2013, which was almost 28.4 percent lower than the deficit recorded in the same period in 2012, the Finance Ministry announced on Monday, July 1. The deficit was down €660 million year-on-year, reaching 54 percent of the projected amount for the whole of 2013. State expenditures were around 10-percent lower in annual terms, at €7.5 billion, and State incomes also fell slightly, by €165 million annually to €5.2 billion in the first half of 2013.

"The reduction in expenditures was mainly due to a drop in costs for current transfers - where the year-on-year reduction in costs related to the state debt reached €262 million," said the Finance Ministry according to the TASR newswire. Tax collection was better than last year, mainly in VAT, income tax for legal entities and taxes collected by subtraction. Conversely, negative developments were recorded in excise taxes, income taxes of private individuals and emissions quota taxes.

"Dividend incomes were down year-on-year, but this doesn't mean that these incomes won't be collected later in the year, as last year dividends from companies under the remit of the Finance Ministry were deducted relatively early," said the ministry.

"Revenues of the state budget were €165 million lower, but tax collection improved by nearly three percent in absolute terms, and the increase in tax revenue amounted to €115.7 million," the SITA newswire quoted a statement from the Finance Ministry. "The decline in budget expenditures is mainly due to a decrease of expenditures on current transfers that decreased by €674 million from a year ago. The cost of government debt service dropped by €262 million," stated the Finance Ministry.

According to the approved budget for 2013, the budgeted expenditures are €17.002 billion and revenues €13.916 billion. The state budget deficit can reach €3.085 billion this year, SITA wrote.

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