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Budget deficit drops by €494 million

SLOVAKIA’S state budget deficit shrank compared with both the previous month and the previous year. At the end of October the deficit stood at €1.972 billion, which is €494 million, or 20 percent, less than last year. The implementation of the budget stood at 64 percent, which the ministry says is better than expected, the SITA newswire reported on November 4.

SLOVAKIA’S state budget deficit shrank compared with both the previous month and the previous year. At the end of October the deficit stood at €1.972 billion, which is €494 million, or 20 percent, less than last year. The implementation of the budget stood at 64 percent, which the ministry says is better than expected, the SITA newswire reported on November 4.

The total expenses of the state stood at €11.198 billion in October, which was €770 million, or 6.4 percent, less than last year. Spending stood at 65.9 percent, according to SITA. One of the reasons for the drop in spending was the decrease in expenses on common transfers, which fell by €627 million year-on-year, the Finance Ministry explained. Moreover, expenditures connected with drawing money from European Union structural funds also dropped, SITA wrote.

The total incomes reached €9.227 billion, down by €275.5 million, or 2.9 percent, compared with October 2012. The state has received 66.3 percent of the income planned for this year. The collection of taxes improved by 6.2 percent year-on-year, which means that tax income grew by more than €436 million. While the state reported increased incomes from VAT and corporate tax, the collection of income tax from individuals, emissions tax and tax from international trade and transfers dropped, SITA reported.

The state also reported a €288.8 million year-on-year decrease in income from dividends. Yet, the Finance Ministry does not consider this a risk to fulfilling its goals pertaining to this chapter this year, SITA wrote.

Based on the passed budget, expenditures should stand at €17.002 billion this year, while incomes should reach €13.916 billion, with the deficit standing at €3.085 billion.

Source: SITA

Compiled by Radka Minarechová from press reports

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