The finances of government institutions ended in a deficit last year

The finances of government institutions ended in a deficit last year
The finances of government institutions ended in a deficit last year
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“The finances of government institutions for the year 2023 ended with a deficit of 239.7 billion crowns, in a year-on-year comparison, spending on social benefits grew the most,” said Helena Houžvičková, director of the Department of Government and Financial Accounts of the CZSO.

Central government institutions, i.e. ministries or public hospitals, contributed the most to the overall deficit, whose finances last year ended in the minus of 305 billion crowns.

Social security funds (health insurance companies) also ended up with a deficit of five billion CZK. Local government institutions (municipalities and regions), on the other hand, ended up with a surplus of over CZK 70 billion.

Incomes of government institutions increased by ten percent year-on-year, in absolute terms by CZK 281.8 billion. Revenues from income taxes and social contributions grew the most. Expenditure by government institutions rose by 10.1 percent, i.e. by CZK 306.2 billion. The biggest increase was in paid social benefits, subsidies and compensation to employees.

At the same time, statisticians published data on the management of the sector of government institutions for the fourth quarter of last year. This resulted in a deficit of CZK 107.4 billion, which in a year-on-year comparison means a deterioration of CZK 8.6 billion.

The total government debt at the end of last year was CZK 3.228 trillion. The majority consisted of issued government bonds, the volume of which increased by 346.2 billion year-on-year, while the volume of received loans decreased by 124.4 billion.

Czech debt increased by 5.1 percent last year

Economy

The article is in Czech

Czechia

Tags: finances government institutions ended deficit year

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