Albania’s general budget swings to EUR 16.5mn surplus in Jan 2014.

By bne IntelliNews February 25, 2014

Albania’s general budget posted a surplus of ALL 2.3bn (EUR 16.5mn) in January 2014, swinging from a deficit of ALL 0.2bn a year earlier, data from the finance ministry showed.

The improvement was due to a 10.5% y/y drop in budget spending, which was exclusively on account of lower public investments. On the other hand, current expenditure advanced by 1.3% y/y in the month.

Total budget revenues declined by 1.4% y/y to ALL 27.3bn. Tax revenues remained flat on the year at ALL 17bn. Within this group, revenues from VAT increased by 13.8% y/y to ALL 9bn, which was sufficient to offset falling revenues from excise, corporate and income taxes. Total social contributions picked up 1.3% y/y in January 2014.

Last year Albania’s general budget deficit widened by 42.7% y/y to ALL 65.4bn, as revenue fell, while expenditures increased. In our calculations, the deficit accounted for 4.9% of the projected full-year GDP, up from 3.5% a year earlier.

We note that the government projects the budget deficit to widen to 6.5% of the GDP in 2014.

General Budget, January, ALL bn    
   2013 2014 % y/y
Total revenues  27.7 27.3 -1.4
   VAT  7.9 9.0 13.8
   Corporate profit  1.3 1.0 -25.3
   Excise  2.5 1.6 -36.4
   Personal income  2.7 2.6 -5.0
   National  2.2 2.5 12.0
   Customs duties  0.3 0.4 12.5
Total social contributions  5.9 6.0 1.3
   Social insurance  5.5 5.3 -4.9
   Health insurance  0.2 0.7 241.9
 Non-tax Revenues  3.1 2.8 -9.8
Total expenditures of which: 27.9 25.0 -10.5
   Current 24.0 24.3 1.3
   Capital  3.9 0.7 -82.6
Balance -0.2 2.3 -1,179.3
Balance (% of GDP forecast) 0.0 0.2  
Source: Ministry of finance       
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

EIF signs guarantee agreements with 11 banks in Western Balkans, unlocking €750mn for small businesses

The European Investment Fund (EIF), part of the EIB Group, said on April 15 that it has signed guarantee agreements with 11 banks and financial intermediaries in the Western Balkans. These ... more

EIB surpasses investment milestone in the Western Balkans by investing €1.2bn in 2023

EIB Global, the financial arm of the European Investment Bank (EIB) for activities beyond the EU, set a new record by investing €1.2bn in the Western Balkans in 2023, the EIB said on February 9. ... ... more

Albanian banks’ profits reach ALL28bn in 2023

Albanian banks reported profits of ALL28.5bn (€271.7bn) in 2023, according to data from the Albanian Association of Banks. All banks in the country reported a profit for the year.  The most ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    8 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Don't mention the "D" word - Ukraine
    6 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    3 days ago
  5. Europe unlikely to tackle Russian LNG imports anytime soon
    3 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    26 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    1 month ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    29 days ago
  5. Saudi Arabia to scale back plans for Neom city
    16 days ago

Reports

Dismiss