In 2022, after precising, the general government recorded a deficit of 2.02% of GDP

The general government deficit of the SR in 2022 reached EUR 2.22 billion, which represented 2.02% of the Gross Domestic Product. The total general government debt reached EUR 63.38 billion, which is 57.8% of GDP. Both indicators slightly improved in comparison with April 2023 first publication.

The general government deficit of the SR in 2022 reached EUR 2.22 billion, which was about EUR 18.22 million lower than first result published in April 2023. The deficit represents 2.02% of the Gross Domestic Product (GDP), it is a minor decrease in comparison with spring estimate of 2.04%.

The Statistical Office of the SR make data on the general government deficit and debt more precise for previous year, which is obligatory published in April (the so-called spring and autumn notification of deficit and debt or also called the EDP notification). At the same time, deficit and debt has been updated for data since 2019. The values for the year 2023 are the current estimate of the Ministry of Finance according to the approved state budget.

The general government deficit was after update has almost halved year-on-year in 2022, its value reached EUR 2.98 billion. This represents decrease by 3.16 percentage points of the GDP (in year 2021 the deficit represented 5.18% of the GDP). Regarding the breakdown: the central government recording a deficit of EUR 1.89 billion, year-on-year decrease of almost two-thirds, in year 2021 the deficit was EUR 5.46 billion. The local government recorded a deficit of EUR 412.17 million, which was significant increase in comparison with 2021. Social Security Funds recorded a surplus of EUR 88 million, which was lower by more than two-thirds in comparison with previous year.

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The government debt decreased year-on-year

In 2022, the general government debt reached EUR 63.38 billion corresponding to 57.8% of GDP. The current value of debt decreased by EUR 0.81 million in comparison with spring notification. Year-on-year, the government debt increased by EUR 2.14 billion. The total amount of the debt in relation to GDP decreased by 3.28 percentage points (in 2021, the debt reached 61.08% of GDP).

Effects on the deficit and debt

Compared to the report from April 2023, several changes were incorporated into the system of national accounts, which included an update of data on accrual taxes, data resulting from provided final balance sheets, receivable related to purchase of military equipment as well as a change in recording of fine related to import of textile (this particular change impacted deficit of 2021). These changes (except mentioned fine) did not significantly affect the general government deficit or debt reported for the years 2019-2022.

In the final value of the deficit of the general government sector for 2022, the termination of payment of aid in connection with the COVID pandemic was significantly reflected (as the SOSR presented also in the spring report). After consultation with Eurostat, the contribution to the capital of SPP in the amount of EUR 0.5 billion was recorded without affecting the deficit. All notified data are in current prices.

For the evaluation of the general government sector, other data are also important besides those that were the subject of the notification, therefore the annex contains the stock of selected financial assets.

GDP revision

Data in the current Report on Government deficit and debt levels correspond to the most recent data on GDP. Updates related to the data for the general government sector for 2019-2022 did not significantly affect the change in GDP.

Revised GDP structure is published by the Statistical office of the SR at the same time as Report on Government deficit and debt levels, meaning today on Friday, 20 October, 2023.

Eurostat will publish data on deficit and levels of debt for EU member states on 23^rd October 2023 at 11:00 a.m.