Bloomberg News

Slovak Preliminary 2011 Budget Gap at 4.6% of GDP, Below Target

January 26, 2012

Jan. 26 (Bloomberg) -- Slovakia’s budget deficit narrowed to 4.6 percent of gross domestic product last year, preliminary data show, below the target as the government cut spending to counter the effects of slowing economic growth.

The result, released by the Finance Ministry in an e-mailed statement from Bratislava today, compares with a revised shortfall of 8.1 percent of GDP in 2010 and a 2011 target of 4.9 percent.

The second-poorest euro-area member seeks to improve its public finances even the export-driven economy is slowing to retain investors’ confidence and differentiate itself from the troubled peripheral members of the bloc.

Spending cuts accounted for more than four-fifth of the year-on-year improvement, with the rest stemming from higher revenue, the ministry said.

--Editor: Alan Crosby

To contact the reporter on this story: Radoslav Tomek in Bratislava at rtomek@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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