The deficit in October was the second lowest monthly deficit this year, as it was lower only in August (EUR 14.5m).

In the first ten months of 2013, budget expenditure exceeded revenue by EUR 1.43bn.

The bulk of the annual deficit was accumulated in the first half of the year, while the situation has been improving since due to the VAT raise and certain expenditure-cutting measures, the ministry said.

According to the 2013 supplementary budget, which was passed in July, the deficit can increase only by an additional EUR 115m in the last two months of the year, as total annual deficit was set at slightly below EUR 1.55bn.