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Slovak Central-Budget Deficit Widen With Revenue Short of Target

Aug. 1 (Bloomberg) -- Slovakia’s seven-month central-budget deficit widened to 2.24 billion euros ($2.76 billion) from 1.68 billion euros in the same period last year as revenues fell short of target, the Finance Ministry said.

The east euro-region member collected 6.29 billion euros in revenue by July, or 46 percent of full-year target, the ministry said. Expenditures amounted to 8.53 billion euros, or 49 percent of the 2012 projection.

The deficit represents 61 percent of the full-year target for a 3.68 billion-euro shortfall, underscoring the need for additional measures to meet fiscal goals. The government needs to find 500 million euros in spending cuts and revenue increases to ensure the 2012 budget gap won’t exceed the goal of 4.6 percent of economic output, Premier Robert Fico said July 27.

To contact the reporter on this story: Radoslav Tomek in Bratislava at rtomek@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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