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Czech central budget deficit rises to CZK 100.1 billion in April

© Reuters.

PRAGUE (Reuters) – The Czech central state budget posted a 100.1 billion crown ($4.28 billion) deficit at the end of April, Finance Ministry data showed on Monday.

The result compares to a 192.0 billion crown deficit recorded a year ago.

Overall expenditure decreased by 8.6% while income rose 8.5%. Tax revenue rose 18.7% year-on-year.

Value-added tax collection rose 23.2% year-on-year to 108.6 billion crowns.

The government has set a budget deficit target of 280 billion crowns in 2022, almost 100 billion crowns lower than the plan it inherited from its predecessor after it took power in December.

But the deficit is likely to rise due to additional spending required to cope with an influx of refugees from Ukraine fleeing Russia’s invasion and to aid households and companies hit by soaring energy and other costs amid an inflation surge.

The central budget is the main part of the EU country’s overall public sector finance, which also include local and regional administrations, the health insurance system and various off-budget funds.

The ministry estimates the public sector deficit to drop to 4.5% of gross domestic product in 2022, from 5.9% in 2021 when the central budget gap hit a record 420 billion crowns.

CZECH STATE BUDGET 01-04/22 01-03/22 01-04/21

revenue (CZK bln) 479.3 356.2 441.8

expenditure 579.4 415.4 633.8

balance -100.1 -59.1 -192.0

** To monitor in real-time Czech economic data releases in the Eikon app and view historical data click: reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/Economic-Monitor?g=2E

($1 = 23.4150 Czech crowns)

Czech central budget deficit rises to CZK 100.1 billion in April

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