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Government deficit was €3.23 billion last year

The deficit of Slovak government in 2012 was €3.23 billion which is 4.5 percent of gross domestic product (GDP). Compared to 2011, the deficit decreased by 0.6 percent of GDP. This stems from the summary of annual financial statements of the government for 2012 which the Ministry of Finance published for the second consecutive year. The cabinet discussed the numbers November 6.

The deficit of Slovak government in 2012 was €3.23 billion which is 4.5 percent of gross domestic product (GDP). Compared to 2011, the deficit decreased by 0.6 percent of GDP. This stems from the summary of annual financial statements of the government for 2012 which the Ministry of Finance published for the second consecutive year. The cabinet discussed the numbers November 6.

Total revenue last year reached €23.62 billion and expenditures amounted to €26.85 billion, the SITA newswire wrote. Gross governmental debt at the end of last year reached €37.24 billion which is 52.4 percent of GDP. Debt of the government last year increased by €7.33 billion year-on-year which, according to the Finance Ministry, is an increase by 9 percent of GDP.

The main reason for the increase of the debt is the cash deficit of the state budget of 5.4 percent of GDP. The increase of the debt of 2.9 percent of GDP is the result of an increase of a cash reserve in the treasury system and Slovakia obligations arising from participation in the eurozone financial bailout mechanisms that contributed to an increase of the debt by 2.3 percent of GDP. Nominal GDP growth has contributed to an annual reduction of the debt-to-GDP ratio by 1.3 percentage points, SITA wrote.

(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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