Business News

Budget Shortfall at 4.3% of GDP in 2011, Govt Says

Ljubljana, 05 January (STA) - Slovenia's budget shortfall for 2011 appears to be lower than planned at 4.3% of GDP, according to data reviewed by the outgoing government on Thursday.

Preliminary data on the implementation of the 2011 budget show that the deficit for last year stood at EUR 1.535bn, which is EUR 155m less than anticipated in the supplementary budget passed in September 2011, the government said in a press release.

The deficit represents 4.3% of GDP, which is 0.4 percentage points less than had been anticipated in the budget document.

The better-than-expected deficit figure was achieved despite budget revenues falling short of plans.

The budget envisaged revenues of EUR 7.964bn, whereas actual revenues stood at EUR 7.831bn, the data show.

But spending lagged behind plans even more, with actual expenditure at EUR 9.364bn, which is EUR 288m less than envisaged in the budget, due mostly to lower-than-expected investment transfers.

The latter amounted to EUR 500m, which is EUR 145m below plans.

On the revenue side, tax income amounted to EUR 6.576bn, which is EUR 74m less than anticipated in the budget.

At EUR 710m revenues from the EU budget fell EUR 90m short of plans, but still made for the highest amount Slovenia has drawn from the EU since it joined the bloc in 2004, the government said.

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