In 2022, the general government recorded a lower deficit than expected, the deficit reached 2% of GDP

The general government deficit of the SR decreased year-on-year by more than half of the value from 2021 to slightly more than EUR 2 billion, the total general government debt decreased below 58% of GDP in 2022.

The total general government deficit of the SR reached EUR 2.23 billion in 2022 representing 2.04% of the gross domestic product (GDP) of the Slovak Republic. The general government debt reached EUR 63.38 billion corresponding to 57.8% of GDP in 2022.

It follows from the Report on the Government deficit and debt levels of the SR for years 2019-2023, which has been currently published by the Statistical Office of the SR. The report contains the semi-definitive result of the general government sector of the SR for the year 2022 and provides revised data for the years 2019-2021. The values for the year 2023 are the current estimate of the Ministry of Finance according to the approved state budget.

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The general government deficit was almost halved year-on-year in 2022, its value reached up to EUR 5.45 billion in 2021 representing a deficit of 5.43% of GDP. The absolute majority of last year's deficit was created by the central government recording a deficit of EUR 1.95 billion. In 2021, the central government still recorded a deficit of more than EUR 5.71 billion. The local government recorded a deficit of almost EUR 420 million, which was significantly higher deficit than in 2021. Social Security Funds recorded a slight surplus of almost EUR 137 million, which was slightly worse result than in 2021.

The government debt reached 57.80% of GDP

In 2022, the general government debt reached EUR 63.38 billion corresponding to 57.80% of GDP. Last year, the government debt rose by EUR 2.14 billion. The total amount of the debt in relation to GDP decreased by 3.24 percentage points (in 2021, the debt reached 61.04% of GDP).

The Statistical Office of the SR submitted the Report on the Government deficit and debt levels to the European Commission (EC) at the regular deadline of 1 April 2023 (the so-called spring EDP notification). Compared to the report from October 2022, several changes were incorporated into the system of national accounts, which also affected data on the general government deficit and debt. It was a update of data on accrual taxes, income from UMTS licenses, as well as a methodological change relating to recording of VAT paid in PPP projects. These changes did not significantly affect the general government deficit or debt reported for the years 2019-2021.

Effects on the deficit and debt for the year 2022

When compiling the indicators for the general government sector for the year 2022, the Statistical Office standard supporting documents and adjustments that were also implemented in previous periods were used.

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. 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 as a financial operation.

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 of the general government sector for the years 2019-2022.

Implemented revision of GDP

Data in the current Report on Government deficit and debt levels of the SR for 2019 - 2023 correspond to the most recent data on GDP, including the revision, which will be published in full, including details, according to the Calendar of revisions for the year 2023 on Friday, 28 April, 2023. Updates related to the data for the general government sector for 2019-2022 did not significantly affect the change in GDP.

Eurostat will publish data on deficit and debt levels for EU member countries on Friday, 21 April, 2023 at 11 AM.