{"id":31152,"date":"2025-10-01T09:19:19","date_gmt":"2025-10-01T07:19:19","guid":{"rendered":"https:\/\/www.rrz.sk\/?p=31152"},"modified":"2025-10-01T09:19:19","modified_gmt":"2025-10-01T07:19:19","slug":"budgetary-traffic-light-2025-09","status":"publish","type":"post","link":"https:\/\/www.rrz.sk\/en\/budgetary-traffic-light-2025-09\/","title":{"rendered":"The slowdown in investment reduced the 2025 deficit estimate to 5.0 % of GDP, the budget target remains exceeded by 0.3 % of GDP (EUR 422 mil.) (Budgetary Traffic Light September 2025)"},"content":{"rendered":"<p>Council for Budget Responsibility (CBR) estimates the 2025 general government (GG) deficit at 5.0 % of GDP<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"976\" height=\"347\" class=\"alignnone size-full wp-image-31168\" src=\"https:\/\/www.rrz.sk\/wp-content\/uploads\/2025\/09\/rs_202509_banner_EN.png\" alt=\"\" srcset=\"https:\/\/www.rrz.sk\/wp-content\/uploads\/2025\/09\/rs_202509_banner_EN.png 976w, https:\/\/www.rrz.sk\/wp-content\/uploads\/2025\/09\/rs_202509_banner_EN-300x107.png 300w, https:\/\/www.rrz.sk\/wp-content\/uploads\/2025\/09\/rs_202509_banner_EN-768x273.png 768w, https:\/\/www.rrz.sk\/wp-content\/uploads\/2025\/09\/rs_202509_banner_EN-480x171.png 480w\" sizes=\"auto, (max-width: 976px) 100vw, 976px\" \/><\/p>\n<ul>\n<li>CBR has decreased the estimated level of GG deficit for 2025. Month-to-month decrease of EUR 192 million in the GG deficit level is mainly due to slower investment spending by the state budget.<\/li>\n<li><strong>According to the CBR, the deficit can reach the level of 5.0 % of GDP (EUR 6.9 bn.)<\/strong>, under the assumption that the government does not take additional measures. <strong>Negative deviation from the approved budget amounts to 0.3 % of GDP (EUR 422 million)<\/strong>, which means the medium-level risk of the public deficit level exceeding the government objective.<\/li>\n<li>Compared to the government&#8217;s estimate published in a mid-August report on expected budget outcome, the level of the CBR deficit forecast is lower by 0.1 % of GDP.<\/li>\n<li>The most significant negative deviation in the CBR forecast compared to the budget comes from lower tax revenue and social contributions, mainly due to a lower income from VAT and CIT.<\/li>\n<li>As a part of the budgetary traffic light, CBR also estimates the fulfillment of the nominal public expenditure ceiling approved in the budget. According to the CBR, the estimated public expenditure can reach EUR 60.8 bn., so <strong>the expenditure ceiling approved by the parliament would not be exceeded<\/strong>. The risk of not meeting budget targets arises mainly from the shortfall on the revenue side of the budget.<\/li>\n<li>Estimated month-to-month fulfillment of the public expenditure ceiling decreased by EUR 307 million mainly due to savings in state budget capital expenditures.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Council for Budget Responsibility (CBR) estimates the 2025 general government (GG) deficit at 5.0 % of GDP CBR has decreased the estimated level of GG deficit for 2025. Month-to-month decrease of EUR 192 million in the GG deficit level is mainly due to slower investment spending by the state budget. According to the CBR, the [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"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-31152","post","type-post","status-publish","format-standard","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 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The slowdown in investment reduced the 2025 deficit estimate to 5.0 % of GDP, the budget target remains exceeded by 0.3 % of GDP (EUR 422 mil.) (Budgetary Traffic Light September 2025) - Rada pre rozpo\u010dtov\u00fa zodpovednos\u0165<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rrz.sk\/en\/budgetary-traffic-light-2025-09\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The slowdown in investment reduced the 2025 deficit estimate to 5.0 % of GDP, the budget target remains exceeded by 0.3 % of GDP (EUR 422 mil.) (Budgetary Traffic Light September 2025) - Rada pre rozpo\u010dtov\u00fa zodpovednos\u0165\" \/>\n<meta property=\"og:description\" content=\"Council for Budget Responsibility (CBR) estimates the 2025 general government (GG) deficit at 5.0 % of GDP CBR has decreased the estimated level of GG deficit for 2025. Month-to-month decrease of EUR 192 million in the GG deficit level is mainly due to slower investment spending by the state budget. According to the CBR, the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rrz.sk\/en\/budgetary-traffic-light-2025-09\/\" \/>\n<meta property=\"og:site_name\" content=\"Rada pre rozpo\u010dtov\u00fa zodpovednos\u0165\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-01T07:19:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rrz.sk\/wp-content\/uploads\/2025\/09\/rs_202509_banner_EN.png\" \/>\n<meta name=\"author\" content=\"Kubik\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kubik\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rrz.sk\/en\/budgetary-traffic-light-2025-09\/\",\"url\":\"https:\/\/www.rrz.sk\/en\/budgetary-traffic-light-2025-09\/\",\"name\":\"The slowdown in investment reduced the 2025 deficit estimate to 5.0 % of GDP, the budget target remains exceeded by 0.3 % of GDP (EUR 422 mil.) 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