MF: Budget gap grows to CZK 166.2bn in 1Q23

(CIANEWS) - The state budget ended with a deficit of CZK 166.2bn in 1Q 2023, which represented 56.3% of the planned deficit. After adjusting for the revenues from the European Union and financial mechanisms, as well as the expenditure on these projects, the deficit amounted to CZK 156.8bn. According to the Ministry of Finance, the year-on-year deterioration of the balance by CZK 107bn was mainly due to the state's management under the budget provisionality rules until March 18. Expenditures increased by CZK 153.3bn (+36.9%), driven by current expenditure (CZK 133.2bn; +33.3%), increased by the implementation of measures aimed at tackling high energy prices (CZK 31.5bn), the payment of social benefits (CZK 34.5bn), especially pensions (CZK 29.7bn) and servicing the national debt (CZK 8.4bn).



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