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Reporting of Government deficits and debt levels by the Slovak Republic to the European Commission (Eurostat) as of 1st October 2019 for 2015 - 2019

Reporting of Government deficits and debt levels by the Slovak Republic to the European Commission (Eurostat) as of 1st October 2019 for 2015 - 2019

Last update: 21.10.2019
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Macroeconomic statistics
Domain: National accounts
Publish Date: 21.10.2019

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, the Slovak Republic is obliged to report 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.

For this purpose, the Slovak Republic compiles a report, which is delivered regularly two times a year to Eurostat. The report is submitted to Eurostat before 1st April, and updated data before 1st October of the calendar year.

Data on deficits 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.

The data for general government sector were compiled in accordance with the ESA 2010 methodology, with other methodical guidelines and recommendations of Eurostat relevant for the evaluation of deficit and debt for general government sector.


Deficit and debt levels for 2015 - 2019

in mill. EUR

  2015 2016 2017 2018 2019 (1)
Deficit -2 131,2 -2 006,6 -805,0 -951,2 -646,5
Deficit as % of GDP -2,67% -2,48% -0,95% -1,06% -0,68%
Debt 41 384,2 42 159,8
43 369,5 44 321,9 L
Debt as % of GDP 51,89% 52,02% 51,31% 49,40% L
GDP 79 758,2 81 038,4 84 517,0 89 721,0
94 591,6

 

2015, 2016 - final data;     2017, 2018 - half-finalized data
(1)  Plan for 2019 was compiled by the Ministry of Finance of the Slovak Republic
(2) "M" - not applicable, data do not exist; "L" - data not available

 

In comparison to the report submitted by the Slovak Republic to the European Commission in April 2019 SOSR implemented changes of data reported due to various reasons.

Changes related to the year 2018 are mostly linked to the standard update of information on units classified in General government sector. This type of change is related to the update of source data – balance sheets and value on taxes and social contributions received. Another point of revision of 2018 was related to clarification of recording of certain expenditures of the General government sector, which was addressed by European Commission in its spring assessment report. SOSR together with other Slovak institutions clarified recording of these expenditures. Verification of these expenditures led to increase of deficit level of about 0,2% of the revised GDP.

Except the above-mentioned reasons for revision several other changes were implemented as well within the benchmark revision. Benchmark revision represents an opportunity for statistical offices to implement improvements in precision of methodology, new methodological guidance (Manual on Government Deficit and Debt, 2019 edition) and new views on macroeconomic indicators consistently over the time series. It is a standard process, which is necessary to present the most reliable and most up to date information to users.

The level of deficit of the General government sector was negatively impacted mainly by recognising liabilities towards operators of nuclear facilities, which are related to their future decommissioning, and by recording of the system of support of energy generated from renewable sources. On the other hand, the deficit in 2018 was improved by revised recording of revenues from sale of telecommunication licences. The levels of general government debt were mainly affected by the implementation of the amended rules on reporting of long term trade credits, which are now considered as part of the Maastricht debt.

Benchmark revision encompassed also changes in individual transactions, without impact on deficit and debt of the general government sector. The revision changes are mostly related to methodological clarification of revenue and expenditure items.

 

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  • Slovak Republic
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