State Budget Deficit Falls by Almost Quarter Y-o-Y in First Half of Year

Bratislava, July 1 (TASR) - The state budget reached a cash deficit of €3.117 billion at the end of June this year, meaning that the state's economic activities improved by €895 million or 22.3 percent year-on-year (y-o-y) in the first half of the year, the Finance Ministry reported on Tuesday. Compared to the same period last year, the state budget revenues in June were higher by €2.045 billion or 21.5 percent and reached €11.546 billion. Expenditure also increased year-on-year by €1.150 billion or 8.5 percent to €14.663 billion. The year-on-year growth in tax revenue amounted to €1.72 billion. "Positive developments were recorded in value added tax of €810.2 million, corporate income tax of €511.3 million, excise duties of €20.8 million and withholding tax of €12.4 million,” added the Finance Ministry. The financial transaction tax was paid in the amount of €41.5 million. "Positive developments were posted in revenues from the EU budget, which went up by €377.1 million y-o-y," stated the ministry. Payments to the EU budget rose by €98.4 million (26.5 percent) in June. The cost of state-debt servicing grew by €293.8 million (38.9 percent) in the first half. am/mcs