Macedonia raises 2014 budget deficit target to 3.9% of GDP

By bne IntelliNews September 5, 2014

Macedonia's parliament adopted a revision of the 2014 budget, which envisages a deficit of MKD 19.6bn (EUR 319mn), equal to 3.9% of GDP, up from an original MKD 18.3bn, or 3.7% of GDP, according to Utrinski vesnik daily and documents published on the assembly’s website. Both percentages are caclulated using the latest 2014 GDP estimate published by the finance ministry.

Under the revision, total 2014 budget revenues were reduced by 1.7% to MKD 155.6bn and total budget expenditures were cut by 0.8% to MKD 175.2bn. We remind that in the first seven months of 2014, total revenues, expenditures and deficit were MKD 81.4bn, MKD 96.9bn and MKD 15.4bn, respectively.

Meanwhile, deputy PM and finance minister Zoran Stavreski informed that the biggest single change on the expenditure side is the addition of MKD 1.42bn for the construction of the Demir Kapija-Smokvica motorway section, which is part of transport Corridor X. The section is planned to be completed by August 2016.

Macedonia’s official 2014 economic growth projection was recently raised to 3.5% from an original 3.2%.

The revision was adopted with the support of 71 lawmakers in the country’s 123-seat parliament, with no votes against or abstentions. The voting took place in the absence of the opposition.

Related Articles

Overlooked carbon costs spell financial trouble for Western Balkan coal power plants

Ten coal-fired power plant projects across the Western Balkans are facing serious financial problems as they have not taken properly into account carbon costs, according to ... more

Macedonian president refuses to meet EU Commissioner Hahn

EU Enlargement Commissioner Johannes Hahn’s attempt to resolve the political deadlock in Macedonia received a setback when President Gjorge Ivanov cancelled his planned meeting with the ... more

Macedonia fails to call local election due to political vacuum

The deadline for announcing local elections in Macedonia, due to take place this spring, expired on March 6 as there is no parliament speaker to call the vote. Macedonia is plunging deeper into ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss