CZSO: Public finance deficit rose to 3.3 percent of GDP last year from 3.2 percent in 2022

CZSO: Public finance deficit rose to 3.3 percent of GDP last year from 3.2 percent in 2022
CZSO: Public finance deficit rose to 3.3 percent of GDP last year from 3.2 percent in 2022
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Commercial presentation Update: 2/04/2024 11:23
Issued by: 2/04/2024, 09:23

Prague – The deficit of public finances rose to 3.3 percent of gross domestic product (GDP) last year from 3.2 percent in 2022. The deficit for 2023 thus amounted to CZK 239.7 billion, with spending on social benefits growing the most year-on-year. The Czech Statistical Office (CZSO) informed about this today. According to him, the level of indebtedness of government institutions fell slightly to 44 percent of GDP last year from 44.2 percent the year before.

The published data of the CZSO are part of the government deficit and debt notification submitted to Eurostat by each EU member state.

According to the statisticians, the largest share of the said deficit once again belonged to the central government institutions, whose finances ended up with a deficit of CZK 305 billion. Conversely, local government institutions, i.e. municipalities and regions, reported a surplus of CZK 70.3 billion, while social security funds had a deficit of CZK five billion.

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

The total government debt at the end of 2023 reached 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.

Notification table of deficit and debt of government institutions of the Czech Republic in the years 2020 to 2023:

Year 2020 2021 2022 2023
Financial balance of the government institutions sector in millions of CZK -329,216 -310,628 -215.355 -239,687
Consolidated gross debt of the government institutions sector in millions of CZK 2,149,822 2,566,731 2,997,615 3,228,369
Financial balance of the government institutions sector in pct of GDP -5.8 -5.1 -3.2 -3.3
Consolidated gross debt of the general government sector in pct of GDP 37.7 42.0 44.2 44.0

Source: CZSO

CR finance economy 2023 debt CZSO FLEŠ

The article is in Czech

Tags: CZSO Public finance deficit rose percent GDP year percent

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