Czech Finance Minister Forecasts 2017 Budget Surplus

The Czech central state budget should end the year with a surplus of several billion crowns, including European Union subsidies, Czech Finance Minister Ivan Pilny said on Sunday.


“If we exclude money from European Union funds, my estimate is we should finish with a mild deficit that may be around 10 billion crowns ($456.83 million),” Pilny told a television news program. “Including EU money, we could see a small surplus of several billion crowns.


Earlier this month, finance ministry data showed the Czech central state budget surplus had jumped to a yearly high in October but had dropped from the same period a year ago because of reduced EU subsidies.


With two months left in the year, the surplus stood at 26.5 billion crowns, making it almost certain the year would end with a deficit below a target of 60 billion crowns.


A year ago, the government recorded a 98.3 billion-crown surplus, helped by EU funds. Those inflows peaked last year and were 79.5 billion crowns higher than this year to date.


Last year’s surplus was the first in two decades, ranking the country among the strongest budget performers in the EU.


(1 USD = 21.91 CZK)


Source: Kitco