{"id":31762,"date":"2025-11-28T09:02:22","date_gmt":"2025-11-28T08:02:22","guid":{"rendered":"https:\/\/www.rrz.sk\/?p=31762"},"modified":"2025-11-28T09:02:22","modified_gmt":"2025-11-28T08:02:22","slug":"budgetary-traffic-light-2025-11","status":"publish","type":"post","link":"https:\/\/www.rrz.sk\/en\/budgetary-traffic-light-2025-11\/","title":{"rendered":"The deficit estimate for 2025 remains unchanged at 5.1 % of GDP, the budget target is exceeded by 0.4 % of GDP (EUR 479 mil.) (Budgetary Traffic Light November 2025)"},"content":{"rendered":"<p>Council for Budget Responsibility (CBR) estimates the 2025 general government (GG) deficit at 5.1 % of GDP<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"841\" height=\"303\" class=\"alignnone size-full wp-image-31763\" src=\"https:\/\/www.rrz.sk\/wp-content\/uploads\/2025\/11\/rs_202511_banner_EN.png\" alt=\"\" srcset=\"https:\/\/www.rrz.sk\/wp-content\/uploads\/2025\/11\/rs_202511_banner_EN.png 841w, https:\/\/www.rrz.sk\/wp-content\/uploads\/2025\/11\/rs_202511_banner_EN-300x108.png 300w, https:\/\/www.rrz.sk\/wp-content\/uploads\/2025\/11\/rs_202511_banner_EN-768x277.png 768w, https:\/\/www.rrz.sk\/wp-content\/uploads\/2025\/11\/rs_202511_banner_EN-480x173.png 480w\" sizes=\"auto, (max-width: 841px) 100vw, 841px\" \/><\/p>\n<ul>\n<li>CBR has slightly increased the estimated level of GG deficit for 2025. The impact of changes compared to the October forecast on the GG balance is neutralized: higher expenditures on co-financing of the EU funds and of local governments are offset by savings in the state budget and higher nontax revenue.<\/li>\n<li><strong>According to the CBR, the deficit can reach the level of 5.1 % of GDP (EUR 6.9 bn.). Negative deviation from the approved budget amounts to 0.4 % of GDP (EUR 479 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 the approved budget for years 2026 to 2028, the level of the CBR deficit forecast is higher 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>Two more F-16 fighters are expected to be delivered (and recorded into the deficit level) this year, meaning that a possible delay would reduce the deficit this year and worsen the balance in 2026.<\/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 60.6 bn., so <strong>the expenditure ceiling approved by the parliament would not be exceeded<\/strong>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Council for Budget Responsibility (CBR) estimates the 2025 general government (GG) deficit at 5.1 % of GDP CBR has slightly increased the estimated level of GG deficit for 2025. The impact of changes compared to the October forecast on the GG balance is neutralized: higher expenditures on co-financing of the EU funds and of local [&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-31762","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 deficit estimate for 2025 remains unchanged at 5.1 % of GDP, the budget target is exceeded by 0.4 % of GDP (EUR 479 mil.) (Budgetary Traffic Light November 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-2025-11\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The deficit estimate for 2025 remains unchanged at 5.1 % of GDP, the budget target is exceeded by 0.4 % of GDP (EUR 479 mil.) (Budgetary Traffic Light November 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 5.1 % of GDP CBR has slightly increased the estimated level of GG deficit for 2025. The impact of changes compared to the October forecast on the GG balance is neutralized: higher expenditures on co-financing of the EU funds and of local [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rrz.sk\/en\/budgetary-traffic-light-2025-11\/\" \/>\n<meta property=\"og:site_name\" content=\"Rada pre rozpo\u010dtov\u00fa zodpovednos\u0165\" \/>\n<meta property=\"article:published_time\" content=\"2025-11-28T08:02:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rrz.sk\/wp-content\/uploads\/2025\/11\/rs_202511_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-2025-11\/\",\"url\":\"https:\/\/www.rrz.sk\/en\/budgetary-traffic-light-2025-11\/\",\"name\":\"The deficit estimate for 2025 remains unchanged at 5.1 % of GDP, the budget target is exceeded by 0.4 % of GDP (EUR 479 mil.) 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