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Public finance shortfall projected at 2.55 percent of GDP in 2015

PUBLIC finances are projected to post a deficit of 2.55 percent of GDP this year, according to the Finance Ministry’s Slovakia Stability Programme for 2015-18, which was taken on board by parliament on July 1, the TASR newswire reported. 

(Source: SME)

A similar programme is presented annually to the European Commission for evaluation.

The expected result for 2015 is close to the budgetary goals, noted the ministry.

“Positive budgetary effects are expected mainly from higher tax and deduction incomes. Corrections to EU funds are still the main negative risk in 2015,” reads the document, as quoted by TASR.

The public finance deficit should go down further - to 1.93 percent of GDP in 2016, to 0.88 percent of GDP in 2017, and to 0.53 percent of GDP in 2018, all of which is in line with European financial rules.

Meanwhile, the medium-term goal, squeezing the structural deficit to 0.5 percent of GDP, should be achieved in 2017. This can not be done without any changes in economic policy, however, stated the ministry.

The total state debt should also be reduced in the next few years. It went down last year for the first time since the economic crisis began - by 1 percentage point to 53.6 percent of GDP. If the budgetary results are attained, the public debt should drop to 50 percent of GDP in 2018, claims the Finance Ministry.

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