Fiscal outlook mixed

March 2005
Emerging Europe Monitor: Central Europe & Baltic States;Mar2005, Vol. 12 Issue 3, p1
Country Report
Country Report
This article reports that unexpectedly high fiscal revenues have produced a budget deficit of CZK94bn in 2004, rather than the CZK115bn originally targeted. The result is still encouraging but the improving deficit figures problems created by the current structure of fiscal revenue sources and expenditures. The government must embrace reform of the welfare system, in order to boost economic performance and secure its euro accession goals. After an autumn during which ratings agencies and international organisations cast doubt on the plausibility of the Czech government's fiscal projections, the release of full-year central government budget figures has provided cause for optimism.


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