Slovenia's budget deficit, debt fall in 2022-Xinhua

Slovenia's budget deficit, debt fall in 2022

Source: Xinhua| 2023-04-01 04:48:15|Editor: huaxia

LJUBLJANA, March 31 (Xinhua) -- Slovenia's budget deficit fell to 3.9 percent of gross domestic product (GDP) in 2022, from 4.6 percent a year before, the country's Statistical Office said on Friday.

This was due to higher tax income, the Office said in its report.

Public debt also fell to 69.9 percent of GDP, from 74.5 percent in 2021.

"Tax revenue increased by 7.3 percent ... while budget expenditure was 6.3 percent higher (than in 2021)," the Office said.

"In nominal terms budget deficit was 91 million lower than in 2021," it added.

Slovenia's export-oriented economy expanded by 5.4 percent in 2022, pushed up by a growth in investments and household spending. Solid economic growth helped the country to collect more taxes, and to reach the lowest unemployment level since independence in 1991: 3.5 percent in the last quarter of 2022.

The government said in November that the budget deficit would increase to 5.3 percent of GDP in 2023, due to planned spending aimed at reducing the impact of the global energy crisis on the economy.

However, it said last week that budget spending this year should be around 600 million euros (650.48 million U.S. dollars) lower than previously planned, due to the stabilization of energy prices. This should also result in a lower 2023 budget deficit.