The state budget deficit rose to CZK 286.7 billion in October

The state budget deficit rose to CZK 286.7 billion at the end of October from CZK 270.9 billion in September. Last October, the debt was CZK 335 billion, the worst October result since the Czech Republic was founded.

Total budget revenues increased 7.8 percent year on year to CZK 1.297 trillion. Expenditure rose by three percent year-on-year to CZK 1.584 trillion. According to the MoF, revenue growth was mainly driven by insurance premiums and taxes. The deepening of expenditures was influenced primarily by the extraordinary indexation of pensions, the increase in benefits, and the contribution to household energy payments.

The government initially planned to run a deficit of CZK 280 billion this year. Still, in October, the House of Commons approved an amended budget version with a deficit of CZK 375 billion. The new budget version envisages total revenues of CZK 1.678 trillion and expenditures of CZK 2.053 trillion.