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State budget deficit for Q1 2014 exceeds €1 billion

The state budget deficit after the first three months of this year is €1.086 million. In March alone, the budget deficit soared by more than €200 million. In a year-on-year comparison, the gap widened by €133.1 million, or 14 percent.

The state budget deficit after the first three months of this year is €1.086 million. In March alone, the budget deficit soared by more than €200 million. In a year-on-year comparison, the gap widened by €133.1 million, or 14 percent.

Overall budget revenue increased by 8.8 percent y-o-y to €2.587 billion this year and expenses increased by 10.3 percent to €3.672 billion, the Finance Ministry reported April 1. The ministry further informed the SITA newswire that of the overall budgeted expenditures for 2014, a smaller share was drawn than in the same period of last year. While in late March 2013, drawing of expenditures represented 22.5 percent of the budgeted amount, this year it was 21.1 percent. Planned revenues were collected at 18.3 percent so far; while in the same period of last year it was 18.6 percent.

Within overall revenue, the tax revenue increased year-on-year by 7.6 percent to €2.119 billion. According to the Finance Ministry, the value-added tax revenue developed positively, as revenue from this tax was higher by €62.2 million than the same period last year. Corporate income tax revenue also developed positively, growing by €41 million and personal income tax that went up €40.5 million. Collection of excise tax modestly increased as well; by €7.4 million.

Conversely, withholding income tax dropped by €3.2 million. Receipts from the EU budget were also lower: the annual drop was €201.8 million. On the other hand, state budget revenue from dividends increased over the previous year by €39 million.

(Source: SITA)
Compiled by Zuzana Vilikovská from press reports
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