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Republic of Slovenia: Staff Report for the 2014 Article IV Consultation—Supplementary Information

Author(s):
International Monetary Fund. European Dept.
Published Date:
February 2015
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This supplement provides information that has become available since the Staff Report was circulated to the Executive Board on January 30, 2015. The information does not alter the thrust of the staff appraisal.

Economic Developments and Prospects

Preliminary data through end-2014 suggest that the general government deficit reached 5.8 percent of GDP (cash basis, excluding extra-budgetary entities and including bank-related costs). Net of bank-related costs, the deficit is estimated at 3.5 percent of GDP,1 0.2 percent of GDP lower than the Staff Report projection (which was based on end-October data). The difference is due to lower spending (0.5 percent of GDP) on public investment, capital transfers, and public wages, which was partly offset by lower revenues (0.3 percent of GDP) from indirect taxes and EU receipts. Assuming adherence to the expenditure targets included in the 2015 supplementary budget—which was recently approved by the cabinet—the better-than-expected 2014 fiscal outturn does not materially affect staff’s projections for 2015 and the medium term nor the related policy advice.

Republic of Slovenia: General Government Operations, 2013–15(in percent of GDP)
20142015
Est.Proj.
SRRevisedSRRevised
Revenue41.941.641.040.9
Taxes21.421.421.421.3
of which: Taxes on goods and services14.314.214.214.1
Social contributions14.214.214.214.2
Other revenue6.26.05.45.4
Expenditure47.947.445.145.0
Compensation of employees9.89.79.69.5
Purchases of goods and services6.06.06.46.4
Interest3.13.13.03.0
Transfers to individuals and households17.117.116.816.8
Subsidies1.31.30.90.9
Other transfers6.76.54.44.3
of which: capital transfers2.01.91.01.0
Net acquisition of non-financial assets3.93.73.94.0
Net lending / Net borrowing−6.0−5.8−4.0−4.0
(excluding bank restructuring)−3.7−3.5−4.0−4.0
Sources: Ministry of Finance; and IMF staff calculations.

Staff’s definition of the interest bill includes interest on BAMC bonds of about 0.1 percent of GDP.

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