Fiscal Outlook of the Czech Republic (May 2008)
Fiscal Outlook May 2008
Commentary to the Fiscal Outlook
- Introduction
- Development of public finances
- Medium-term fiscal outlook
- Topic: Flat tax in practice
- Annex of tables – general government in the ESA 95 methodology
- 5.1 Revenues
- 5.2 Expenditure
- 5.3 Balance
- 5.4 Debt
- 5.5 International comparison
Information
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Fiscal Outlook is prepared every six months in the Ministry of Finance’s Financial Policies Department. It generally is published in May and October.
More detailed data on the macroeconomic development can be found in the publication Macroeconomic Forecast of the Czech Republic, which is published every quarter, usually in the second half of the first month of each quarter.
Data sources:
- Macroeconomic development: Czech Statistical Office, Czech National Bank, Ministry of Labour and Social Affairs, forecast of the Ministry of Finance
- Data concerning general government in the national accounts methodology up to 2007: Czech Statistical Office, Eurostat
- Other data: Ministry of Finance
Closing date for data sources: 26 May 2008
List of used abbreviations
| curr. p., const. p | current prices, constant prices |
|---|---|
| VAT | value added tax |
| PIT | personal income tax |
| CIT | corporate income tax |
| ESA 95 | European System of National and Regional Accounts 1995 |
| p.p | percentage point |
| prev. year | previous year |
| MTEF | medium-term expenditure framework |
| SB | state budget |
| SF | state funds |
| PB | public budgets |
| LFS | Labour Force Survey |
| public budgets | selected general government institutions whose operations are monitored on the cash flow principle; they represent the predominant part of the general government sector |
|---|---|
| general government sector | general government institutions according to the definition of national accounts; their operations are monitored on the accrual principle under the ESA 95 methodology |
| forecast | autonomous forecast of the economic results of a current year, macroeconomic forecast |
| outlook | a medium-term forecast that is based on the fiscal targets of the government, the state budget proposal, its medium-term outlook and approved medium-term expenditure frameworks |
| projection | a long-term forecast that is based on the projection of expected trends resulting from the assumptions adopted regarding macroeconomic development and the demographic scenario |