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General government deficit in 2021 reached 6,15% of GDP
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General government deficit in 2021 reached 6,15% of GDP

Last update: 21.04.2022
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 21.04.2022

SOSR published the deficit and debt of the Slovak Republic for the years 2018-2022 submitted to the EC within the regular spring notification of the deficit and the debt levels of the general government sector.

The deficit of the general government for the year 2021 reached EUR 6 billion, which equates to 6,15% of Gross Domestic Product (GDP) of the Slovak Republic. The level of debt for 2021 reached EUR 61,3 billion, which corresponds to 63,07% of GDP.

Results from the Report of Government deficits and debt levels by the Slovak Republic are published today by the Statistical Office of the Slovak Republic. The report contains semi-definitive economic results for general government sector of the SR for 2021 and also reports updated data for 2018-2022. The data for 2022 are the planned budgeted data on deficit, level of debt as well as GDP valid at the date of submission.

The deficit of general government in the year 2021 inter-annually increased by EUR 0,94 billion. Central government had deficit of EUR 6,2 billion, local government had small deficit in the amount of EUR 23 million and Social Security Funds small surplus of EUR 270 million.

State debt exceeded 63% of GDP

The level of the General Government debt in 2021 reached EUR 61,259 billion which represents 63,07% of GDP. Thus, State debt increased by EUR 6,247 billion. Overall debt level as percentage of GDP increased by 3,33 percentage point (in 2020 debt reached 59,74% GDP).

Part of debt increase was caused by 2021 deficit (EUR 5,973 billion). Another part was caused by significant increase of cash reserves in 2021.

The report was submitted by the SOSR to the European Commission (Eurostat) at regular transmission date before 1st April. In line with the requirements of the international obligations the Slovak Republic reports data on deficits and debt levels for the general government for the purpose of assessment of so called Maastricht criteria in the field of the budget and regularly, twice a year, reports it to the EC (Eurostat) always before 1st April, and updated data before 1st October of the calendar year.

In comparison to the autumn 2020 report, submitted by the Slovak Republic to the European commission, the SOSR implemented several updates into the system of national accounts affecting the figures on deficit and debt of the general government sector. Those changes are the methodological changes related to the sector classification of units and update of source data and information on transactions of general government units. These changes did not significantly affect deficit and debt of the general government reported for years 2018 – 2020.

Impacts on deficit and debt

When compiling the data for 2020 the SOSR used standard data sources and information comparable to those used in previous years. Despite pandemic of COVID-19 source data available to the SOSR reached coverage comparable to the previous accounting periods. Therefore, almost no imputations or grossing ups were necessary to implement.

The presented value of deficit of general government sector contains large number of impacts related to increased expenditures (including COVID related measures of general government, of which the largest were so called the “First aid measures”), as well as decreased turnover of general government sector.

The data on deficit and debt levels for the general government are compiled on the basis of accounting statements, additional documents and information on subjects classified in the general government sector in accordance with the European  system  of  national  and  regional  accounts  in  the  European  Union methodology (ESA 2010), and with other methodical guidelines and recommendations of Eurostat relevant for the evaluation of deficit and debt for general government sector.

Reporting of data on deficits and debt levels for the general government is carried out in compliance with the Article 3 of the Council Regulation (EC) No. 479/2009 of 25th May 2009 on the application of the Protocol on the excessive deficit procedure annexed to the Treaty establishing the European Community and subsequent amendments.

Eurostat will publish data on deficit and levels of debt for the EU member states on 22nd April 2022 at 11:00 a.m.

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  • 840 05 Bratislava 45
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