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FinMin: Public Debt Up to Nearly 36 Percent of GDP Last Year
Monday 14 June 2010 Zoom in | Print page
Bratislava, June 14 (TASR) - Slovakia's public debt reached €22.58 billion last year, which represents 35.7 percent of GDP, up 8.1 percentage points on the year, according to a report published by the Finance Ministry.
It's the global economic recession that stands behind the higher figures, says the ministry. The public debt is by 21.5 percent higher, while the economy dropped by 4.7 percent. "The remarkable year-on-year increase of debt, in terms of the Maastricht criteria, is a result of the economic crisis, which resulted in the fact that more resources from loans had to be used to cover financing the public deficit and public debt in 2009 than expected," reads the report.
Also, the economies of municipalities and regional administrations contributed to the public debt increasing. The volume of regions' debts reached €380.76 million, representing an increase of 22.8 percent on the year. Debts of municipalities ended up even more dramatic, totalling €1.7 billion in the red, with the debt being 30.5 percent higher than in 2008.
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