Stats: State Managed Deficit of 5.21% of GDP Last Year

Bratislava, October 21 (TASR) - The total general government deficit in 2023 reached €6.4 billion, making up 5.21 percent of Slovakia's gross domestic product (GDP), the Statistics Office reported on Monday. Compared to the first estimate from the spring notification, it was a deterioration of almost €400 million. The deficit in the spring was estimated at 4.89 percent of GDP. The public debt in 2023 amounted to €68.9 billion, equalling 56.05 percent of GDP. According to the office, the absolute majority of last year's deficit was generated by the central state administration. Its management ended with a deficit of €6.76 billion, which was significantly more than in 2022, when it managed a deficit of €1.51 billion. Meanwhile, the administration of local government last year managed a surplus of almost €81 million, which was a significantly better result than in 2022. Social security funds also posted a surplus of €276 million last year, their current surplus was three times the value of 2022. The state's economic deficit for 2023 has thus widened by almost €389.6 million compared to the April estimate. The biggest impact was a lower tax collection on the state's revenue side by €319.8 million. There was also an increase of €139.7 million in the state's receivables and payables and an increase of €69.1 million in the value of energy assistance. The public debt reached €68.9 billion in 2023, equalling 56.05 percent of GDP (after the autumn GDP update). Although the value of government debt rose by €5.4 billion year-on-year, the debt-to-GDP ratio declined as the economy grew faster compared to the April 2024 GDP estimate. In 2022, the debt-to-GDP ratio was at 57.68 percent. am