Kosovo's general government budget posted a EUR 8.8mn surplus in May alone, contributing to the strong increase in the five-month surplus to EUR 27mn from only EUR 7.3mn in Jan-May 2012, preliminary finance ministry data showed.
In annual terms, the five-month surplus thus accounted for 0.49% of the full-year GDP forecast compared to 0.14%/GDP a year earlier.
Revenue climbed 12.7% y/y to EUR 570.7 at end-May but this figure includes proceeds from the issuance of government debt, which accounted for 6.9% of total revenue. Excluding this debt the budget would have posted a EUR 12.8mn deficit.
Total tax receipts went up 5.2% y/y to EUR 420.8mn. Proceedings from custom duties, the biggest revenue contributor, rose 3.6% y/y to EUR 291.4mn. In the meantime, proceedings from internal taxes increased 9% y/y to EUR 129.4mn.
In Jan-May, expenditures grew 9% y/y to EUR 543.7mn, mainly driven by a surge in government wages (up 28.4% y/y) and subsidies (up 35.5% y/y). Capital expenses, however, declined 14.8% y/y.
The 2013 budget plan envisages an overall budget deficit of EUR 172mn (including interest payments), or 3.2% of GDP. In 2012, Kosovo's budget posted a EUR 72mn surplus equal to 1.41% of GDP. However, this figure includes debt proceedings, which, if excluded, turn the budget balance into a EUR 95mn deficit instead, equivalent to 1.8%/GDP.
|Kosovo's consolidated govt budget, EUR mn||Jan-May'13||Jan-May'12||Change, y/y|
|- Customs taxes||291.4||281.2||3.6%|
|- Internal taxes||129.4||118.7||9.0%|
|- Dividend revenue||30||15||100.0%|
|- Receipts from the issuance of securities||39.8|
|- Wages and salaries||173.7||135.3||28.4%|
|- Goods and services||67.3||67.5||-0.3%|
|- Subsidies and transfers||131.8||97.3||35.5%|
|- Capital expenditure||149||174.9||-14.8%|
|- Debt payments||11.5||10.4||10.5%|
|Source: Finance ministry|
Boyko Borissov, prime minister of the current EU Council chair Bulgaria, called on April 10 on the leaders of the Western Balkan countries to preserve peace and ... more
Kosovan prosecutors have indicted 11 people from the ruling Democratic Party of Kosovo (PDK) formerly led by President Hashim Thaci for allegedly handing out state jobs to people based on their ... more
Albanian opposition parties blocked four main motorway junctions in the country on April 5 in a protest against the introduction of the first toll road, which sparked harsh criticism at home and in ... more