Main Aggregates of the General Government (April EDP reporting), Slovenia, 2012–2015

The general government deficit in 2015 was estimated at EUR 836 million or 2.2% of GDP and a year before after revision at EUR 1,811 million or 4.9% of GDP

In 2015 the total deficit of the general government was estimated at EUR 836 million or 2.2% of GDP. After revision in 2014 the total deficit of the general government was estimated at EUR 1,811 million or 4.9% of GDP, without expenditure due to financial crisis (EUR 352 million) and repayments of deposit holders in Croatia and Bosnia (EUR 257 million) deficit amounted to EUR 1,202 million or 3.2% of GDP. Due to good growth of the economy and strict government control of expenditure and without additional one-off expenditure the general government deficit decreased from EUR 1,202 million or 3.2% of GDP in 2014 to EUR 836 million or 2.2% of GDP in 2015, which is EUR 366 million or 1 percentage point of GDP less.

Revision of the general government deficit 2012-2014

The general government deificit in the 2012-2014 period was slightly revised  in 2012 (EUR 17 million decrease) and in 2013 (EUR 9 million increase). In 2014 the deficit was reduced by EUR 72 million to the amount of EUR 1,811 million or 4.9% of GDP (before revision the deficit amounted to EUR 1,883 million or 5.0% of GDP). The main reasons of the revision were correction of recording advances (EUR 34 million), final estimate of income tax (EUR 16 million) and improved calculation of capital transfers into loss-making companies (EUR 13 million). (see table 3)

The primary surplus of the general government sector in 2015 at the amount of EUR 309 million or 0.8% of GDP was estimated for the first time since 2008; a year earlier primary deficit at EUR 630 million or 1.7% of GDP was recorded

The primary deficit (the total deficit less interest expenditure) in 2014 was EUR 630 million or 1.7% of GDP and in 2013 EUR 4,475 million or 12.5% of GDP due to capital injections into loss-making public banks at the amount of EUR 3,633 million. In 2015 primary surplus at the amount of EUR 309 million was estimated for the first time since 2008.

In 2015 total revenue of the general government in nominal terms up by 4.0%, total expenditure down by 1.7%

For 2014 as well as for 2015 it is characteristics that total revenue in nominal terms grew much faster than total expenditure. This is also evident without expenditure due to the financial crisis and other one-off expenditure. For this reason the total deficit of the general government without the impact of one-off expenditure in the last two year dropped significantly, from EUR 1,538 million or 4.3% of GDP in 2013 to EUR 1,202 million of 3.2% of GDP in 2014 and in 2015 to EUR 836 million or 2.2% of GDP. The total deficit of the general government in the last two years was thus reduced by 2.1 percentage points, from 4.3% in 2013 to 2.2% in 2015.

The total revenue from taxes and social security contributions in 2015 amounted to EUR 14,266 million or 37.0% of GDP, which is in nominal terms 3.8% more than a year before (EUR 13,750 million or 36.9% of GDP)

The total revenue of the general government in 2015 in comparison with a year before increased in nominal terms by 3.4%, of which revenue from taxes on income and wealth by 5.2% and revenue from taxes on production and imports by 2.5%. Revenue from social security contributions in the same comparison increased in nominal terms by 4.4%. Among other components of revenue in 2015 capital transfers from EU increased the most, by 14.8% to EUR 678 million (a year before at EUR 590 million). In 2015 the account of all current transactions with the EU was positive at EUR 814 million or 2.1% of GDP, a year before EUR 743 million or 2.0% of GDP.

The deficit of the central government in 2015 was estimated at EUR 978 million or 2.5% of GDP, while social security funds had a surplus at EUR 45 million and local government at EUR 97 million

At the central level deficit in 2015 amounted to EUR 978 million or 2.5% of GDP. Social security funds in 2014 had a surplus at EUR 45 million or 0.1% of GDP. Also for the local level surplus was estimated, at EUR 97 million or 0.3% of GDP.

The general government consolidated gross debt at the end of 2015 was estimated at EUR 31,999 million or 83.0% of GDP and a year before at EUR 30,133 million or 80.8% of GDP

Consolidated Maastricht gross debt of the general government at the end of 2015 was estimated at EUR 31,999 million or 83.0% of GDP and a year before at EUR 30,133 million or 80.8% of GDP. The central government debt amounted to EUR 31,409 million or 81.5% of GDP (a year before EUR 29,529 million or 79.2% of GDP) and the local government debt to EUR 786 million or 2.0% of GDP, a year before EUR 2 million more, EUR 788 million or 2.1% of GDP. The debt of the social security funds at the end of 2015 amounted to EUR 1 million.

The forecast of the general government deficit and debt in 2016

Data published in this issue are in line with the Excessive Deficit Procedure and must be sent to Eurostat with the regular first annual report on government deficit and debt figures in the 2011-2014 period. The report has been prepared by the Statistical Office with the cooperation of the Ministry of Finance and the Bank of Slovenia. The report includes the forecast for 2016 on general government deficit and consolidated gross debt at the end of 2016. Deficit for 2016 is estimated at EUR 871 million or 2,2 % of GDP. Consolidated gross debt of the general government for the end of 2016 is estimated at 31,658 EUR million or 79.9 % of GDP.