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HomeBalkansSlovenia Foresees Higher 2024 Budget Deficit Due to Record Floods

Slovenia Foresees Higher 2024 Budget Deficit Due to Record Floods

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Due to record floods that hit Slovenia in August this year, the country’s 2024 budget deficit will be significantly higher than previously forecast, the government said after its regular session on Thursday.

The general government deficit is now expected to be 3.8 percent of gross domestic product (GDP) in 2024, up from 2.8 percent predicted earlier.

The government will spend about 1.1 billion euros (1.16 billion U.S. dollars) in 2024 on reconstruction after the floods last month, which killed six people and caused total damage of around 6.7 billion euros. Part of the reconstruction will be covered by European funds.

“The main priority of the budgets in the next two years … is financing the reconstruction after the floods this year,” Finance Minister Klemen Bostjancic told reporters.

He said that budget spending will amount to 16.2 billion euros in 2024, before falling to 15.8 billion euros in 2025.

The general government deficit in 2023 will stand at 4.1 percent of GDP.

The government also said that it will borrow up to 4.7 billion euros in 2024, and up to 4.4 billion euros in 2025, to cover budget needs which include repayment of maturing debt. (1 euro = 1.06 U.S. dollars)

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