FinMin: Budget deficit to drop to 2.49 percent of GDP next year

THE DEFICIT of public finances is foreseen to drop to 2.49 percent of GDP next year, according to a public administration budget draft forecast that the Finance Ministry submitted for interdepartmental review.

THE DEFICIT of public finances is foreseen to drop to 2.49 percent of GDP next year, according to a public administration budget draft forecast that the Finance Ministry submitted for interdepartmental review.

In addition, the budget shortfall should drop to 1.43 percent of GDP in 2016 and drop further to 0.39 percent of GDP in 2017 as per the ministry's forecasts.

"With the budget approved for 2014 to be met, next year's structural deficit will improve by approximately 0.5 percent of GDP. The meeting of the nominal goals of the deficit will ensure a drop in the public debt from 2015 onwards," reads the ministry's material as reported by the TASR newswire.

In cash terms the deficit is predicted to fall from the planned figure of €3.28 billion this year to €2.88 billion next year. The budget expenditure should fall by €705 million on the year and reach €16.7 billion. Budget revenues should grow by €233 million to €13.8 billion next year when compared to expectations for this year.

The gross debt of the public administration reached 55.4 percent of GDP as of the end of 2013. Provided that budgeted goals are met, the debt will remain unchanged this year before dropping moderately next year.

Real salaries are foreseen to go up at the highest pace this year since 2008, especially thanks to a drop in inflation. The ministry expects inflation to have dropped to 0.3 percent on the year for 2014.

Source: TASR

Compiled by Michaela Terenzani from press reports.
The Slovak Spectator cannot vouch for the accuracy of the information
presented in its Flash News postings.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

Why should companies and NGOs help schools?

School graduates often do not meet the latest labour market requirements.

One of the trainings organised by Accenture.

Hamšík voted the best Slovak football player of 2018

The Slovak midfielder won the title eight times in the last 10 years.

Slovak midfielder Marek Hamšík was named Slovakia's Football Player of the Year.

Bizarre election day: From lucky winner to drinking first-time voters

The district of Prešov became the centre of this year's election strangeness.

Liptovské Kľačany mayor Ján Hollý raising a glass with one of the first-time voters.