LJUBLJANA, March 31 (Xinhua) -- Slovenia's budget deficit and public debt in 2024 fell to their lowest levels in the past five years, the country's statistical office said on Monday.

According to the office, the general government deficit dropped to 0.9 percent of gross domestic product (GDP), down from 2.6 percent in 2023. The result was significantly better than earlier forecasts, partly due to increased government revenue driven by high employment and favorable economic growth, which reached 1.6 percent last year.

While public debt rose in nominal terms to 44.9 billion euros (48.5 billion U.S. dollars), up from 43.7 billion euros in 2023, it declined as a share of GDP - from 68.4 percent in 2023 to 67 percent in 2024.

"In nominal terms, the total deficit was 1 billion euros lower than in 2023," the office said in a report, adding that the 2024 deficit amounted to 597 million euros.

The report also noted that Slovenia's annual inflation rose to 2 percent in March, up from 1.6 percent in February, but still well below the 3.6 percent recorded in March 2023. The increase was largely driven by higher costs of food, beverages, and health services, with food and non-alcoholic beverage prices rising 3.5 percent and health service prices up 5.4 percent.

The government has said the deficit is expected to rise in 2025, as public investment continues for reconstruction following the record floods of 2023. However, public debt is projected to gradually decline to 61.2 percent of GDP by 2028. (1 euro= 1.08 U.S. dollars) Enditem

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