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Deficit much lower than expected

SLOVAKIA’s state budget deficit was more than €1 billion lower than projected at the beginning of 2013.


SLOVAKIA’s state budget deficit was more than €1 billion lower than projected at the beginning of 2013.


The cash deficit amounted to €2.02 billion in 2013. The approved state budget for 2013 projected the cash deficit at €3.08 billion.


“We saved €1 billion on the deficit. We drew on the cash deficit only at 66 percent,” Finance Minister Peter Kažimír said on January 2, as quoted by the SITA newswire, adding that it was the lowest cash gap over the past five years. The year 2012 saw a deficit of €3.8 billion.


Based on preliminary figures of the Finance Ministry, the state collected €12.8 billion last year with expenses of €14.82 billion.


This data is of paramount importance in regard to the public debt because the amount of cash deficit usually is the main contribution to the debt increase year by year, Kažimír said.


A lower deficit makes the 2014 objective, which is public debt below 57 percent of GDP, more realistic to achieve, he said.


The fight against tax evasion had helped to achieve last year’s figures, according to Kažimír.


“Tax intake between 2012 and 2013 rose by €670 million; it was €430 million more in VAT collection alone,” he said, as quoted by SITA. “If we compare the plan and the real situation, we collected €222 million more than the amount determined in last year’s budget.”


Non-tax revenue improved too, going up by €233 million year-on-year. The gap between revenue and expenses of drawing on EU funds posted a better, positive figure of €140 million. According to the ministry, the state coffers’ revenue in 2013 was €966 million higher in annualised terms.

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