Budget deficit shrank by more than €600 million y-o-y in July

The state budget posted a deficit of €1.63 billion at the end of July, which was €613 million lower than the deficit recorded at the same time last year and down €38 million on a month-to-month basis, the Finance Ministry announced on Thursday, August 1. State expenditures were 8.5 percent, or €726 million, lower year-on-year. At the same time, state incomes fell slightly, by €113 million, or 1.8 percent, y-o-y. "Tax collection improved by almost 3 percent, though, as the rise in tax revenues reached €136 million in absolute figures," said the ministry, as quoted by the TASR newswire. While increases in collected tax were observed for VAT and corporate income tax, the opposite trend was seen for excise tax, income tax on individuals, tax on emission quotas, and tax vis-a-vis international trade and transactions. Income from the EU budget posted an annual fall of €275 million.

The state budget posted a deficit of €1.63 billion at the end of July, which was €613 million lower than the deficit recorded at the same time last year and down €38 million on a month-to-month basis, the Finance Ministry announced on Thursday, August 1. State expenditures were 8.5 percent, or €726 million, lower year-on-year. At the same time, state incomes fell slightly, by €113 million, or 1.8 percent, y-o-y.

"Tax collection improved by almost 3 percent, though, as the rise in tax revenues reached €136 million in absolute figures," said the ministry, as quoted by the TASR newswire. While increases in collected tax were observed for VAT and corporate income tax, the opposite trend was seen for excise tax, income tax on individuals, tax on emission quotas, and tax vis-a-vis international trade and transactions.

Income from the EU budget posted an annual fall of €275 million.

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