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Responsible management has paid off

Last update: 20.04.2023 12:00

Responsible management of public finances has paid off. The state ran a lower-than-expected deficit in 2022. The total general government deficit in 2022 amounted to EUR 2.23 billion, representing 2.04% of GDP. This is an extraordinary achievement, as the deficit has more than halved compared to 2021 (5.43% of GDP). 

“Today we are talking about data confirmed by the Statistical Office of the Slovak Republic and Eurostat. It is thus not just the opinion of the Ministry of Finance; it is a fact. First of all, Slovakia meets the Maastricht criteria. Despite the fact that the country has gone through and is still going through enormous crises, we achieved a very responsible management,” said Eduard Heger, Acting Prime Minister and Minister of Finance of the Slovak Republic.  

Another good news for Slovakia is that we have reached an all-time low level of structural deficit for 2021 and 2022. In other words, it is the deficit net of one-off expenditure. It reached a record 1.2% of GDP in 2022. 
Slovakia is better off in terms of debt as well. The report by Eurostat and the Statistical Office of the Slovak Republic shows that total debt has fallen below 58% of GDP. The black scenarios did not come true last year. On the contrary. Compared to 2021 (61.04%), the debt has decreased by 3.24%. Slovakia is thus successfully meeting the Maastricht criteria, which require the country to keep debt below 60% and the year-on-year deficit below 3%.

“I consider the Maastricht fiscal criteria to be one of the foundations of the European Union's financial discipline. And, despite the polycrisis that Slovakia was still in in 2022, we have achieved the fulfilment of both criteria in both of these items,” said Marcel Klimek, State Secretary of the Ministry of Finance of the Slovak Republic.  

“We used to say that sound public finances are a matter of national honour and pride. The current figures only confirm that we have not only talked, but also acted on it,” added Ľuboš Jančík, State Secretary of the Ministry of Finance. 

Based on the data published today, Slovakia is among the most economically responsible countries in the EU, which is also evident from the assessment of the International Monetary Fund. 

For more detailed economic data, click here: bit.ly/staturad.

Press Department
Ministry of Finance of the Slovak Republic