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Deficit is to reach 2.29 percent of GDP

THE PUBLIC finance deficit is projected to reach 2.29 percent of GDP next year, instead of the initially predicted figure of 1.98 percent of GDP, according to amending proposals to the state budget draft for 2015 as okayed by parliament’s finance and budget committee on November 24, the TASR newswire reported.

THE PUBLIC finance deficit is projected to reach 2.29 percent of GDP next year, instead of the initially predicted figure of 1.98 percent of GDP, according to amending proposals to the state budget draft for 2015 as okayed by parliament’s finance and budget committee on November 24, the TASR newswire reported.

“If all the amending proposals are indeed approved by the chamber, the deficit will increase, said Finance Minister Peter Kažimír, as quoted by TASR. “We’ve also agreed to earmark a reserve of 0.2 percent of GDP to cover risks in macroeconomic developments, because we’re sensing these in developments in economies that are our key partners in the eurozone and the European Union, as well as in the continued geopolitical conflict to the east of our borders.”

Parliament is to discuss the budget draft in the next few days. The amending proposals concern the introduction of a tax-deductible item on healthcare levies, a salary rise for public sector employees and teachers and a rise in expenditures.

The proposals envisage an increase in cash expenditures of €300 million, with the levy reform accounting for €165 million of the total. Close to €100 million is represented by a reserve towards the outcomes of collective bargaining, which includes an expected rise of 5 percent in the salaries of education sector employees.

Slovakia is also set to discuss the draft with European Commission representatives in the weeks ahead.

Source: TASR

Compiled by Roman Cuprik from press reports
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