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2009 Public Administration Debt Rose by 8 p.p. to Nearly 36 percent
Wednesday 23 June 2010 Zoom in | Print page
Bratislava, June 23 (TASR) - Slovakia's public administration debt in 2009 stood at €22.58 billion, or 35.7 percent of GDP, according to the public administration closing account that was approved by the Government on Wednesday.
The debt-to-GDP ratio went up by 8.1 percent year-on-year, according to a document drafted by the Finance Ministry.
According to the ministry, the figures are due to the economic crisis, with the debt rising by 21.5 percent and the economy contracting by 4.7 percent in 2009.
"The significant rise in the Maastricht debt [the debt-to-GDP ratio] is due to the economic crisis that in 2009 resulted in the need to fund the deficit and public administration debt with a significantly larger amount of funds from other sources than was previously foreseen in the budget," said the ministry.
Eurostat announced in April that Slovakia's public-finance deficit for 2009 amounted to 6.77 percent of GDP, up from the ministry's plan of 6.3 percent.
"A more substantial impact of the economic crisis than was expected in budget adjustments was the decisive factor in exceeding the projected budget deficit," said the ministry.
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