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|
|Total social contributions||5.9||6.0||1.3|
|Total expenditures of which:||27.9||25.0||-10.5|
|Balance (% of GDP forecast)||0.0||0.2|
|Source: Ministry of finance|
Macedonia was rated only “partly free” in the latest report from international watchdog Freedom House, the same almost all of the six Western Balkan countries, despite efforts by the ... more
The Albania’s central bank has announced it will issue a new ALL10,000 (€74.9) banknote. The new ALL10,000 banknote will have the highest value issued so far, as the current biggest value ... more
Albanian Prime Minister Edi Rama presented a new online platform for co-governance with citizens entitled “Albania We Want” on October 28. Ensuring functional and responsible ... more