Evaluation of Medium-term Budgetary Objectives for 2015-2017

The government has published its budgetary objectives for the years to come. Apart from being important from the domestic fiscal perspective, these objectives are subject to EU-wide evaluation under the European Semester. The government’s fiscal strategy is also important in the light of the effort to close the excessive deficit procedure to which Slovakia has been subject since 2009. The essential precondition has been to reduce the 2013 deficit below 3 % of GDP and keep it under this level also in 2014 and 2015 based on the Commission’s forecast. In 2013 the deficit reached 2.8 % of GDP and the latest Commission forecast assumes it could remain under 3 % of GDP also in 2014 and 2015. Based on these figures, the excessive deficit procedure in respect of Slovakia is expected to be lifted. The Council for Budget Responsibility evaluates the meeting of the medium-term objectives presented in the 2015-2017 Stability Programme from two perspectives. The first is to monitor and evaluate, pursuant to the Fiscal Responsibility Act, the development of public finances, with particular emphasis on identifying potential risks, and the second is to assess compliance with the Fiscal Compact, which has been transposed into the national legislation and which defines the pace of consolidation towards the medium-term objective.
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strednodobe_ciele_2014_eng_final.pdf [2,23MB], 09.07.2014