State budget deficit below €2 billion through Q3

Slovakia’s state budget posted a deficit of €1.9 billion over three-quarters of this year. In an annual comparison the deficit was 23.5 percent, €608 million, lower than last year.

Slovakia’s state budget posted a deficit of €1.9 billion over three-quarters of this year. In an annual comparison the deficit was 23.5 percent, €608 million, lower than last year.

“The budgetary plan was fulfilled at 64 percent, meaning that it develops better than planned," a Finance Ministry spokesman commented on the published information, as quoted by the SITA newswire. Total expenditures of the state budget through three-quarters of 2013 stood at €9.9 billion, down 8 percent year-on-year. This figure shows that 58.4 percent has been drawn from the budget for the whole year thus far.

However, also revenues were lower in annual terms - €7.9 billion in late September. In September, the deficit grew by €60 million.

“Behind a drop in budget expenses is mainly a decrease in expenditures on current transfer that was lower by €726 million y-o-y,” the ministry said. “Within this, expenditures on servicing the state debt were €204.7 million lower.”

As for revenues, the y-o-y shortfall is attributable to weaker revenues from European Union’s structural funds and also to lower income from dividends. The ministry does not perceive this fact as a threat to the budget.

According to the approved budget for 2013, the budgeted expenditures are €17 billion and revenues €13.9 billion. The state budget deficit can reach €3.1 billion this year.

(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.

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