The deficit of government reached 4,89% of GDP

In 2023, the deficit of the general government of the Slovak Republic increased significantly year-on-year, exceeding EUR 6 billion. As a share of GDP, it rose from 1.67% in 2022 to 4.89% in 2023. The total debt of the general government sector decreased to 56% of GDP.

The total deficit of the Slovak general government sector in 2023 reached EUR 6.01 billion, which represented 4.89% of the gross domestic product (GDP) of the Slovak Republic. The general government debt in 2023 reached EUR 68.83 billion, which represents 56% of GDP.

In the spring, the Statistical Office of the Slovak Republic officially presents preliminary data on economic results of the general government sector for the year 2023 for the first time (the so-called spring notification of the deficit and debt levels for the Slovak Republic or also the EDP notification). At the same time, there is also a revision of data on general government sector from 2020. The published values for 2024 represent the current estimate of the deficit and debt level of the Ministry of Finance of the Slovak Republic according to the approved budget of the general government.

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The deficit of the general government sector for 2023 tripled when comparing to the deficit of the year before. Its value reached EUR 6,01 billion, which represents 4,89 % of GDP (after spring update of GDP)¹⁾. The largest part of the deficit was generated by the central government subsector. It ended with deficit of EUR 6,38 billion EUR, which is substantially more than in 2022, when deficit of general government reached EUR 1,51 billion. On contrary surplus of local government reached almost EUR 98 million, which is substantially better result than in 2022. Total surplus of EUR 274 million was recorded in social security funds subsector. Their current surplus almost tripled when comparing to 2022 value.

General government gross debt level reached 56,04 % of GDP

General government debt in 2023 reached EUR 68.83 billion, which corresponded to 56.04% of GDP (after the spring revision of GDP)¹⁾. The value of the government debt increased year-on-year by EUR 5.45 billion, but the debt-to-GDP ratio decreased because the economy grew faster. In the previous year, 2022, the share of debt to GDP was at the level of 57.74%.

The Statistical Office of the Slovak Republic submitted to the European Commission the Report of Government Deficits and Debt Levels of the Slovak Republic for the years 2020 - 2024 at the regular deadline of April 1, 2024. Compared to the report from October 2023, several changes were incorporated into the system of national accounts, which also affected data on government deficit and debt. The revision was caused by updating of data on accrual taxes and by reclassification of units. These changes did not have a significant impact on the deficit or the debt of the public administration sector.

A more significant impact on the year 2022 was the refinement of the value of accrual tax revenue (mainly corporate income tax). Another significant change was the specification of the time of recording of reimbursement of expenses from EU funds. Significant amounts of expenses reimbursed from EU funds were identified, which were subsequently recorded in accordance with the accrual principle i.e. to the period when the expenses in question were made.

The actualization of the refund of the "FAST care" program (aid for refugees from Ukraine) improved the 2022 deficit by approximately EUR 260.24 million and at the same time worsened the deficit of 2023 by the same amount. In a similar way, reimbursement of the SAFE program (support for lower energy prices) was recorded, which positively affected the deficit of 2023 by EUR 437 million.

When compiling the indicators for the general government sector for the year 2023, the Statistical Office of the Slovak Republic utilised standard sources of data and adjustments, which were implemented in previous periods as well.

For the evaluation of the general government sector, other data are also important in addition to those that were the subject of the notification. Therefore the data on selected financial assets of the general government sector for the years 2020 - 2023 is presented in the annex.

Implemented revision of GDP

The presented values of the share of general government deficit and debt are calculated from the latest updated value of GDP, in accordance with the planned regular spring revision (in line with the Revision Calendar for 2024). Updated GDP values in all structures are published simultaneously with the deficit and debt on Friday, April 19, 2024. The revision of the data affected quarterly and annual GDP values for the years 2020-2023. More information is available in the report The revision showed a higher performance of the Slovak economy in 2023.

Data on deficit and debt for EU member states will be published by EUROSTAT on Monday, April 22, 2024 at 11:00 a.m.