MPs Approve Budget with Deficit Falling to 4.7 Percent of GDP

Bratislava, December 3 (TASR) - The general government deficit is expected to fall to 4.7 percent of gross domestic product (GDP) next year from this year's expected 5.8 percent of GDP, as MPs approved the law on the state budget for next year on Tuesday. The state budget deficit should thus amount to €6.4 billion. MPs also acknowledged the general government budget for 2025-2027 with slight adjustments when compared to the government's original draft. The state budget law was backed by all 79 MPs supporting the governing coalition, while the remaining 58 of the 137 lawmakers present for the vote were against. Total state budget revenues for next year are projected at €27.6 million, with expenditures at €34 billion. Public administration revenues should reach €59.9 billion or 42.8 percent of GDP. The total spending of the public sector is budgeted at €66.5 billion or 47.5 percent of GDP. The deficit should continue to decline in the upcoming years, in particular to 3.7 percent of GDP in 2026 and to 3 percent of GDP in 2027. Additional consolidation measures equalling 1.9 percent of GDP or €2.8 billion need to be taken by 2027 to achieve these targets. "The consolidation measures presented by the government have ensured that the target for 2025 will be achieved. For the year 2026, the currently set budget deficit is higher by 0.4 percent of GDP, and in 2027 [it is higher] by 1.9 percent of GDP," said the Finance Ministry. ko/df