Main Aggregates of the General Government, Slovenia, 3rd quarter 2017

In the third quarter of 2017 the general government deficit estimated at 0.2% of GDP

In the third quarter of 2017 general government deficit was estimated at EUR 19 million or 0.2% of GDP, in the first three quarters of 2017 at EUR 134 million or 0.4 % of GDP. Consolidated general government gross debt at the end of the third quarter amounted to EUR 33,285 million or 78.4% of GDP.

  • 12/29/2017
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General government deficit in the third quarter of 2017 1.4 percentage points lower than in the same period a year before

Favourable macroeconomic developments in Slovenia reflect also in the government finance statistics and are also confirmed by the data of the third quarter of 2017. In comparison with the third quarter of 2016 the general government deficit decreased by 1.4 percentage points and amounted to EUR 19 million or 0.2% of GDP (in the third quarter of 2016 it amounted to EUR 166 million or 1.6% of GDP). This decrease was mainly influenced by the high increase in the revenues, which was higher than the increase in expenditure for the third consecutive quarter.

Total revenue 5.8% higher

Total government revenue was in the third quarter of 2017 5.8% higher, mainly due to high growth of revenues from taxes and social contributions. Compared to the same period of a year before, revenues from actual social contributions increased by 10.5%, revenues from taxes on income, wealth, etc., by 7.0%, and revenues from taxes on production and imports by 4.2% (of which taxes on products increased the most, by 4.5%). On the revenue side, investment grants from the EU increased for the first time, after they were decreasing for six consecutive quarters.

Total expenditure 2.3% higher

Total government expenditure increased for the third consecutive quarter (in the third quarter by 2.3%), however still less than revenue. Compared to the same period last year, all main categories of expenditure increased, except gross fixed capital formation. The highest increase was recorded within compensation of employees (by 5.2%), followed by intermediate consumption (by 3.4%) and social benefits in cash and in kind (by 2.2%). Interest expenditure also increased (by 2.5%) as well as subsidies (by 2.2%). On the other hand, gross fixed capital formation expenditure decreased, by 13.0%. In the third quarter of 2017 general government spent less for the acquisition and construction of capital formation than in the same quarter last year, which resulted in lower gross fixed capital formation expenditure.

In the first three quarters of 2017 government deficit estimated at 0.4% of GDP, in the same period last year at 1.8% of GDP

In the first three quarters of 2017 general government deficit was estimated at EUR 134 million or 0.4% of GDP, which is significantly less than in the same period a year before when it amounted to EUR 549 million or 1.8% of GDP. The first nine months of the current year were characterised by high revenue growth (mainly from taxes and social contributions but also from revenues of other property income and EU investment grants) and gradual growth of expenditure. The latter indicates further easing of austerity measures and gradual increase in EU funds absorption, which has not yet been fully implemented.

Primary surplus continues to increase

General government generated primary surplus for the sixth consecutive quarter; in the third quarter of 2017 it amounted to EUR 297 million or 2.7% of GDP (in the same period last year to EUR 142 million EUR or 1.4% of GDP).

Consolidated general government gross debt at the end of the third quarter of 2017 amounted to EUR 33,285 million or 78.4% of GDP

Consolidated general government gross debt negligibly increased compared to the second quarter of 2017 (by EUR 17 million) and at the end of the third quarter amounted to EUR 33,285 million or 78.4% of GDP. Due to high economic growth in the third quarter of 2017, its share in GDP decreased by 1.3 percentage points. Debt in long term securities increased, while the debt in loans decreased.
Government debt was at the central level estimated at EUR 32,753 million (77.2% of GDP) and at the local level at EUR 724 million (1.7% of GDP). Social security fund debt remains negligible, at EUR 0.9 million.

Revenue and expenditure qrowth1), Slovenia
Revenue and expenditure qrowth<sup>1)</sup>, Slovenia
1) Changes on the same quarter of the previous year.
Source: SURS
Main aggregates of quarterly non-financial accounts for general government, Slovenia
20162017
I-IIIIV-VIVII-IXX-XIII-IIIIV-VIVII-IX
mio. EUR
S.13 General government
  Total revenue4,0274,5244,3904,5444,3144,7784,643
  Total expenditure4,3374,5974,5564,7494,4614,7474,662
Net lending (+), net borrowing (-)-310-73-166-205-14731-19
  Less: interest expenditure303304308305300310315
Primary deficit (-), surplus (+)1)-7230142100153341297
Consolidated gross debt1)32,49832,30632,63231,73032,90233,26833,285
  S.1311 Central government31,92431,75232,08631,17532,33732,71732,753
  S.1313 Local government773744732758764743724
  S.1314 Social security funds11112111
  Intra subsector consolidation (-)-200-190-187-204-220-194-193
1) Some totals and calculations do not add up due to rounding.
Source: SURS
Main aggregates of quarterly non-financial accounts for general government, Slovenia
20162017
I-IIIIV-VIVII-IXX-XIII-IIIIV-VIVII-IX
% of GDP
S.13 General government
  Total revenue43.243.942.343.743.543.441.8
  Total expenditure46.544.643.845.745.043.142.0
Net lending (+), net borrowing (-)1)-3.3-0.7-1.6-2.0-1.50.3-0.2
  Less: interest expenditure3.22.93.02.93.02.82.8
Primary deficit (-), surplus (+)1)-0.12.21.41.01.53.12.7
Consolidated gross debt1)83.081.681.778.580.279.878.4
  S.1311 Central government81.580.280.377.178.978.477.2
  S.1313 Local government2.01.91.81.91.91.81.7
  S.1314 Social security funds0.00.00.00.00.10.00.0
  Intra subsector consolidation (-)-0.5-0.5-0.5-0.5-0.5-0.5-0.5
1) Some totals and calculations do not add up due to rounding.
Source: SURS
Detailed data and time series are available in the SI-STAT database.
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