State budget deficit exceeds €120 million in January

SLOVAKIA’S state budget started 2014 with a deficit of €122.9 million, based on data from the Finance Ministry, as reported by the SITA newswire.

SLOVAKIA’S state budget started 2014 with a deficit of €122.9 million, based on data from the Finance Ministry, as reported by the SITA newswire.

Compared to January 2013 the deficit almost doubled. From the annual planned deficit of €3.284 billion, the deficit in January represented just 3.7 percent.

The budget revenue in January increased by 14.2 percent year-on-year to €959.4 million. From the full-year revenue plan this was 6.8 percent. The actual tax revenue grew by 9.5 percent to €876.1 million, representing more than one-tenth of the whole year's planned tax revenue.

Expenditures of the state budget in January increased year-on-year by 19.9 percent to €1.082 billion. This represented 6.2 percent of the expenditures approved for the year.

According to the Finance Ministry, in nominal terms the year-on-year increase in tax revenue was €76.1 million.

All major types of taxes contributed to positive developments. VAT collection increased by €48.1 million, corporate income tax by €9.5 million, excise taxes by €8.6 million, withholding tax by €5.9 million and personal income tax by €3.7 million. In other taxes, revenue increase by €0.3 million.

A positive trend was also observed within transfers from the budget of the EU, where there was an annual increase of €6.8 million. In other revenue items of the state budget there was a year-on-year increase of €36.4 million. State budget expenditures were higher by €179.6 million than in January of last year.

Source: SITA

Compiled by Michaela Terenzani from press reports
The Slovak Spectator cannot vouch for the accuracy of the information
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