{"id":12751,"date":"2022-01-28T15:51:04","date_gmt":"2022-01-28T14:51:04","guid":{"rendered":"https:\/\/www.rrz.sk\/?p=12751"},"modified":"2023-06-21T15:10:18","modified_gmt":"2023-06-21T13:10:18","slug":"budgetary-traffic-light-2022-01","status":"publish","type":"post","link":"https:\/\/www.rrz.sk\/en\/budgetary-traffic-light-2022-01\/","title":{"rendered":"2022 begins with a low decifit risk (Budgetary Traffic Light January 2022)"},"content":{"rendered":"<p>Secretariat of the Council for Budget Responsibility (SoCBR) estimates General Government Budget (GGB) deficit amounting to EUR 5,0 billion<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1500\" height=\"410\" class=\"alignnone size-full wp-image-12752\" src=\"https:\/\/www.rrz.sk\/wp-content\/uploads\/2022\/01\/rs_202201_banner_EN.png\" alt=\"\" srcset=\"https:\/\/www.rrz.sk\/wp-content\/uploads\/2022\/01\/rs_202201_banner_EN.png 1500w, https:\/\/www.rrz.sk\/wp-content\/uploads\/2022\/01\/rs_202201_banner_EN-300x82.png 300w, https:\/\/www.rrz.sk\/wp-content\/uploads\/2022\/01\/rs_202201_banner_EN-1024x280.png 1024w, https:\/\/www.rrz.sk\/wp-content\/uploads\/2022\/01\/rs_202201_banner_EN-768x210.png 768w, https:\/\/www.rrz.sk\/wp-content\/uploads\/2022\/01\/rs_202201_banner_EN-480x131.png 480w, https:\/\/www.rrz.sk\/wp-content\/uploads\/2022\/01\/rs_202201_banner_EN-992x271.png 992w, https:\/\/www.rrz.sk\/wp-content\/uploads\/2022\/01\/rs_202201_banner_EN-1200x328.png 1200w\" sizes=\"auto, (max-width: 1500px) 100vw, 1500px\" \/><\/p>\n<ul>\n<li><strong>A positive deviation between the SoCBR&#8217;s forecast for GGB deficit in 2022 and approved government budget amounts to EUR 181 million (0.2 % of GDP), <\/strong>which means that the risk of a deficit rising above the government objective is low. However, development of public finances is still affected by high uncertainty due to the ongoing pandemic and its implications for macroeconomic development.<\/li>\n<li><strong>Consistently with the CBR\u2019s Evaluation of the GGB proposal, SoCBR does not expect spending of the whole budgeted sum of EUR 505 million that is conditional on approval of reforms.<\/strong> Corresponding expected savings amount to EUR 168 million (0.2 % of GDP).<\/li>\n<li><strong>Under the assumption that the government does not take additional measures, the deficit can reach the amount of EUR 5.033 billion (4.8% of GDP).<\/strong> The main positive risk for the GGB balance is due to a higher tax revenue forecast based on faster than expected fulfillment of these revenues at the end of the previous year. Additional receipts may amount to EUR 348 million (0.4 % of GDP).<\/li>\n<li><strong>Development of public finances is still affected by the pandemic similarly to the previous year<\/strong> and SoCBR expects a drawdown of pandemic expenditures during the first half of 2022. <strong>Budgetary impact of pandemic government measures in the current forecast amounts to a total of EUR 743 million (0.7 % of GDP)<\/strong> and compared to the budgetary reserve contributes to a decrease in the deficit level amounting to EUR 24 million (0.02 % of GDP).<\/li>\n<li><strong>We estimate the most negative impact on the general government balance relative to the GGB in expenditures of other subjects<\/strong>, where additional expenses above the budgeted level should amount to EUR 321 million (0.3 % of GDP). This expected worsening of economic results is due to undervalued levels of compensations and intermediate consumption in the budget.<\/li>\n<li><strong>Estimated GGB balance in 2022 is based on the updated forecast for year 2021<\/strong>, since information about preliminary development of public finances in 2022 is not available yet. Based on actual published data, <strong>GGB deficit in 2021 can reach the level of EUR 6.239 billion (6.4 % of GDP).<\/strong><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Secretariat of the Council for Budget Responsibility (SoCBR) estimates General Government Budget (GGB) deficit amounting to EUR 5,0 billion A positive deviation between the SoCBR&#8217;s forecast for GGB deficit in 2022 and approved government budget amounts to EUR 181 million (0.2 % of GDP), which means that the risk of a deficit rising above the [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":12752,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"h5ap_radio_sources":[],"footnotes":""},"categories":[136,135,144,158],"tags":[117,116,219],"class_list":["post-12751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget","category-fiscal","category-issued-2022","category-publications","tag-budgetary-traffic-lights","tag-fiscal-forecasts","tag-general-government-budget"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - 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