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At their meeting today, the ministers approved the Stability Programme 2023, one of the key documents from the point of view of the Ministry of Finance of the Slovak Republic. The document takes into account Slovakia's economic and budgetary plans for the coming period.
The Stability Programme 2023 is extremely important for the Ministry of Finance as it establishes a framework of numbers that Slovakia should follow and which should guarantee that the state will manage public finances efficiently, predictably and responsibly.
The Stability Programme envisages a gradual recovery in economic growth over the next three years. What is important is that the Slovak economy will avoid recession at a time of energy and inflation crisis. GDP will grow by 1.3% this year, which will also put it well above pre-pandemic levels.
Despite high inflation, the economy will be driven by domestic demand, which is being positively affected in particular by capped energy prices. EU funds and money from the Recovery and Resilience Plan will also help kick-start the economy.
Economic growth over the next three years, averaging above 2%, will be slightly dampened by the planned consolidation of public finances. The Stability Programme envisages a decline in the headline deficit by almost two-thirds, from the currently estimated 6% of GDP to close to 2% of GDP by 2026.
“The Stability Programme says that measures of up to EUR 4 billion over the next 3 years are needed to stabilise debt below 60% of GDP, EUR 1 billion of which already next year. Therefore, one of the key economic issues in the coming period will be the form of that consolidation. Since the recovery of public finances will be mainly in the hands of the new government, a broader expert and political discussion should start as soon as possible on what specific measures will be taken on the revenue or expenditure side of the public administration,” said Juraj Valachy, Director of the Institute of Financial Policy (IFP) of the Ministry of Finance of the Slovak Republic.
The Stability Programme is available here
Press Department
Ministry of Finance of the Slovak Republic
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