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Slovak Growth Slowdown to Cut Tax Revenue by 140 Million Euros

Slovakia will probably collect 140 million euros ($184.8 million) less in taxes than planned this year as economic growth in the eastern euro-area member is set to fall short of projections, Finance Minister Ivan Miklos said.

The Finance Ministry will propose spending cuts to the government to ensure the budget deficit this year remains on track to meet the target of 4.9 percent of gross domestic product, Miklos said today at a press conference in Bratislava, adding that the new government, which will form after March 10 elections, will need to take additional measures to improve public finances.

Slovakia’s export-driven economy is being hurt by the slowdown in the euro area caused by the region’s lingering debt crisis. The shortfall in tax revenue is related to a revision earlier this month of the 2012 economic-growth forecast to 1.1 percent from 1.7 percent, on which the budget was based.

Moody’s Investors Service cut Slovakia’s rating one level to A1 yesterday, citing the worsening economic outlook. The ratings company said chances of fiscal slippage have been amplified by the October collapse of Iveta Radicova’s administration, which led to a failure of the care-taking government to agree on more fiscal measures before the early elections.

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