FinMin releases draft state budget for 2019 with deficit decreasing to a record low

Slovakia continues with the revitalisation of public finances to achieve long-term sustainability.

(Source: Sme)

The general government deficit will fall to 0.1 percent of GDP for the first time next year, while the budget should be balanced in 2020. The Finance Ministry has published the draft public administration budget for the next three years and submitted it for a tripartite meeting scheduled for October 8.

“Almost balanced management is projected for 2019 with a drop in deficit to 0.1 percent of GDP to achieve a medium-term budgetary target,” said the Finance Ministry. “A balanced budget is projected for 2020 and in 2021 for the first time a surplus of 0.2 percent of GDP.”

The gross debt of the general government should continue to decline in 2019, falling to 47.3 percent of GDP.

“Based on the parameters of the fiscal framework for the 2019-2021 general government budget, the gross general government debt is projected to fall to 44.8 percent of GDP at the end of the budgetary period,” reads the draft budget.

The Slovak economy is expected to grow 4.5 percent in 2019. State budget revenues for 2019 are projected at €15.497 billion and expenditures should amount to €17.635 billion, leaving the deficit at €2.138 billion.

The draft budget is based on better development than originally expected; the deficit in 2018 was expected to be 0.6 percent, 0.23 percentage points lower than the plan.

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