Slovakia targets 2% deficit by 2028

By 2028, Slovakia aims to reduce its public finance deficit to 2% of GDP, which would lead to a decline in public debt. To achieve this, consolidation measures totaling 4.4% of GDP, or €7 billion, must be implemented over four years. The government has already taken steps for the first year, accounting for 1.4% of GDP. The Ministry of Finance outlined these goals in the National Medium-Term Fiscal and Structural Plan for 2025-2028. The plan targets reducing the deficit to 4.7% of GDP in 2024, down from 5.8% this year. The EU's new budget rules require countries to set consolidation paths that keep debt and deficits within 60% and 3% of GDP, respectively. Slovakia must balance its budget soon, especially given demographic pressures. Annual limits on spending growth will be enforced to meet these targets.

Source: TASR