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FinMin: Last-year's Public-finance Deficit Reached €4.436 billion
Monday 03 January 2011 Zoom in | Print page
Bratislava, January 3 (TASR) - The state budget ended last year with a deficit of €4.436 billion, which means that it grew by €925 million month-on-month in December and by as much as €1.645 billion when compared to the one posted in 2009, the Finance Ministry announced on Monday.
Despite this, the outcome was better than was expected in the revised state budget. The new Finance Ministry management changed the official plan for 2010 at the end of November 2010, raising the originally-expected deficit of €3.746 billion to €4.54 billion.
State revenues reached €10.901 billion to the end of December, or 91.9 percent of the revised sum (€11.867 billion). They grew by 3.4 percent year-on-year.
State expenditures grew by 15 percent y-o-y to €15.337 billion, which represented 93.5 percent of the revised plan (€16.407 billion).
Finance Minister Ivan Miklos explained the need for the revision by pointing to the discrepancies between the budget adopted by the previous government and economic reality. The previously planned deficit of 5.5 percent has been shown to be unrealistic, with the actual figure reaching 7.8 percent of GDP.
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