In comparison to the report submitted by the Slovak Republic to the European Commission in April 2019 SOSR implemented changes of data reported due to various reasons.
Changes related to the year 2018 are mostly linked to the standard update of information on units classified in General government sector. This type of change is related to the update of source data – balance sheets and value on taxes and social contributions received. Another point of revision of 2018 was related to clarification of recording of certain expenditures of the General government sector, which was addressed by European Commission in its spring assessment report. SOSR together with other Slovak institutions clarified recording of these expenditures. Verification of these expenditures led to increase of deficit level of about 0,2% of the revised GDP.
Except the above-mentioned reasons for revision several other changes were implemented as well within the benchmark revision. Benchmark revision represents an opportunity for statistical offices to implement improvements in precision of methodology, new methodological guidance (Manual on Government Deficit and Debt, 2019 edition) and new views on macroeconomic indicators consistently over the time series. It is a standard process, which is necessary to present the most reliable and most up to date information to users.
The level of deficit of the General government sector was negatively impacted mainly by recognising liabilities towards operators of nuclear facilities, which are related to their future decommissioning, and by recording of the system of support of energy generated from renewable sources. On the other hand, the deficit in 2018 was improved by revised recording of revenues from sale of telecommunication licences. The levels of general government debt were mainly affected by the implementation of the amended rules on reporting of long term trade credits, which are now considered as part of the Maastricht debt.
Benchmark revision encompassed also changes in individual transactions, without impact on deficit and debt of the general government sector. The revision changes are mostly related to methodological clarification of revenue and expenditure items.