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Deficit lower than expected

THE STATE budget in Slovakia ended 11 months into this year with a deficit of €1.963 billion, which is €780.5 million (28 percent) lower than this time last year, the Finance Ministry informed, as reported by the SITA newswire.

THE STATE budget in Slovakia ended 11 months into this year with a deficit of €1.963 billion, which is €780.5 million (28 percent) lower than this time last year, the Finance Ministry informed, as reported by the SITA newswire.

A month before the end of the year, the state budget deficit has reached 64 percent of the level planned for the full year 2013.

Overall expenditures of the state budget over the first 11 months of this year reached €12.465 billion, while revenues amounted to €10.502 billion.

Government expenditures decreased by 5.3 percent, while revenue increased by 0.8 percent.

"The drop in expenditures results mainly from lower spending on current transfers that decreased by €612.3 million from last year," said the Finance Ministry, as quoted by SITA. In this area, the costs of the government debt service fell by more than €100 million, which is partly related to the payment of the discount of the treasury bond of €261.1 million in May 2012.

Capital expenditures are €135.3 million lower. On the revenue side, tax collection compared to last year improved by 6.1 percent. In absolute terms the increase in tax revenue was more than €472 million. A positive trend was observed in VAT with an increase of €311.4 million.

Revenue from the European Union budget decreased in annual terms by €556.2 million. This shortfall was partially offset by €138.8 million in higher revenue in other areas of the state budget.

Source: SITA

Compiled by Michaela Terenzani from press reports
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