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The deficit of the general government of the SR for the year 2021 - updated
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The deficit of the general government of the SR for the year 2021 - updated

Last update: 21.10.2022
Ilustratívny obrázok/Illustrative image
Publisher: Statistical Office of the SR
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 20.10.2022

Last year's deficit of the general government of the SR decreased to 5.46% of GDP, mainly due to higher revenues from taxes of corporations

In 2021, the Slovak Republic recorded a deficit of almost EUR 5.4 billion, which represented a 5.46% share of the gross domestic product (GDP). In 2021, the level of general government debt in 2021 reached EUR 61.3 billion, it was 62.19% of GDP. As part of the current autumn update of the results for the government finances, both indicators improved for the last year.

Last year, the Slovak government recorded a deficit of almost EUR 5.4 billion, which is by EUR 592 million less than the first result released in April 2022. The deficit thus reached 5.46% of GDP, the original spring estimate reported a value of 6.15%. In October, the state officially adjusts preliminary data on the government deficit and debt levels for the previous year, which are first compulsorily released in April (the so-called spring and autumn notification on the deficit and debt of the SR for the year 2021). At the same time, the data from 2018 are also updated. The published data for the current year 2022 are based on estimates from the current version of the state budget.

After updating, the negative result of the government finances thus increased year-on-year by EUR 375 million. In terms of the structure, the deficit of the central government increased by EUR 131 million year-on-year to the resulting value of EUR 5.646 billion. The deficit of the local government worsened by EUR 200 million. Social Security Funds recorded a surplus last year, but slightly lower than in 2020.

Government debt increased year-on-year, but less than it seemed in the spring

In 2021, the level of the general government debt reached over EUR 61.267 billion, which was at the level of 62.19% of GDP. The current value of the debt decreased by EUR 8 million compared to the spring.

In a year-on-year comparison, the general government debt of the Slovak Republic increased by EUR 6.2 billion and the total amount of debt in relation to GDP increased by 3.29 percentage points and its value exceeded the threshold of 62% of GDP.

In 2020, the debt reached 58.90% of GDP, which was mainly related to a significant increase in the volume of issued government bonds.

Effects on the deficit and debt, higher collection of taxes from corporations

The most significant positive impact on the change in the deficit was mainly the higher collection of corporate incomes tax by EUR 650 million and on the contrary, the change in the reporting of PPP projects transactions had a negative impact. Based on the recommendations of Eurostat, the SOSR adjusted the recording of these transactions related to the contracts for the construction of important infrastructure works, which resulted in an increase in the deficit by EUR 136 million in 2021 and at the same time by EUR 55 million in 2020.

Data on the general government deficit and debt are compiled from accounting statements, additional documents and information on subjects of the public administration sector according to the methodology of the European system of national and regional accounts (ESA 2010) and other instructions and recommendations of Eurostat.

Overall, in comparison to the spring report, the SOSR implemented a standard update of source data and several minor impacts related to the change in the classification of entities, changes in expenditures, as well as in revenues of the general government sector into the national accounts. Reporting of data on the deficit and debt levels for the general government is a condition of the EU membership and is included in the Treaty establishing the European Community and specified in the Council Regulation (EC) No. 479/2009 on the application of the Protocol on the excessive deficit procedure, which forms its annex.

Eurostat will publish data on deficit and debt levels for EU member countries on Friday, 21 October 2022 at 11 AM.

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  • 840 05 Bratislava 45
  • Slovak Republic
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