Main Aggregates of the General Government, Slovenia, 1th quarter 2019

General government starts 2019 with a minimal surplus

In the first quarter of 2019, the Slovenian general government generated a minimal surplus in the amount of EUR 4 million or 0.03% of GDP. Consolidated general government gross debt at the end of the first quarter of 2019 amounted to EUR 31,584 million or 67.9% of GDP.

  • 6/28/2019
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General government surplus down (by 0.3 p.p.)
 
Similarly to the last seven quarters, general government generated a surplus also in the first quarter of this year, but this time it was minimal and amounted to EUR 4 million or 0.03% of GDP. The state of government finance got worse compared to the same quarter of 2018, as general government surplus decreased by EUR 35 million (0.3 p.p.). The main reason for this reversal was the high growth of expenditure, which was for the first time since 2016 higher than the growth of revenue.
 
Revenue growth (at 7.0%) high
 
Similarly to the previous quarters, total revenue remained high also in the first quarter of this year; compared to the first quarter of 2018 it was higher by 7.0%, mainly due to higher growth in revenue from taxes and social contributions.
Revenue from actual social contributions was higher by 10.0%, while the growth in total tax revenue slowed down to 5.0%. In the group of taxes, the highest growth was recorded in revenue from current taxes on income, wealth, etc. (10.2%), while the growth of revenue from taxes on production and imports was 2.0%.
 
Expenditure growth (at 7.9%) even higher than revenue growth
 
General government expenditure was increasing since the first quarter of 2017. In the first quarter of 2019, its growth was at 7.9% and for the first time since the fourth quarter of 2016 higher than the growth of revenue.
Its growth was influenced by the growth of all major categories of expenditure, with the exception of interest. The highest increase was recorded within expenditure on gross fixed capital formation (by 36.2%), followed by compensation of employees (by 7.7%), social benefits in cash and in kind (by 6.4%), intermediate consumption (by 5.3%) and subsidies (by 3.8%). On the other hand, the downward trend of interest expenditure continued, compared to the same quarter of 2018 this expenditure was 15.9% lower.

Consolidated general government gross debt at the end of the first quarter of 2019 at 67.9% of GDP
 
Compared to the fourth quarter of 2018, consolidated general government gross debt decreased by EUR 647 million and at the end of the first quarter of 2019 amounted to EUR 31,584 million or 67.9% of GDP. Debt in long term securities decreased the most.
Government debt at the central level was estimated at EUR 31,000 million (66.6% of GDP) and at the local level at EUR 803 million (1.7% of GDP). Social security fund debt still remained minimal (EUR 0.5 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
20182019
I-IIIIV-VIVII-IXX-XIII-III
mio. EUR
S.13 General government
  Total revenue4,5704,9644,9725,2954,892
  Total expenditure4,5324,8524,9275,1524,888
  of which: interest expenditure225229229228189
Net lending (+), net borrowing (-)1)38111451434
Consolidated gross debt1)32,99632,30832,21532,23231,584
  S.1311 Central government32,43731,75031,67231,65131,000
  S.1313 Local government768764748805803
  S.1314 Social security funds11111
  Intra subsector consolidation (-)-210-206-205-225-219
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
20182019
I-IIIIV-VIVII-IXX-XIII-III
% of GDP
S.13 General government
  Total revenue43.142.542.044.843.8
  Total expenditure42.841.541.643.643.7
  of which: interest expenditure2.12.01.91.91.7
Net lending (+), net borrowing (-)1)0.41.00.41.20.0
Consolidated gross debt1)75.572.671.170.167.9
  S.1311 Central government74.271.469.968.966.6
  S.1313 Local government1.81.71.71.81.7
  S.1314 Social security funds0.00.00.00.00.0
  Intra subsector consolidation (-)-0.5-0.5-0.5-0.5-0.5
1) Some totals and calculations do not add up due to rounding.
Source: SURS
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