Macedonia’s budget deficit at 2.3% of GDP in Jan-Apr 2013.

By bne IntelliNews May 27, 2013

The balance of the central government budget was a deficit of MKD 11.2bn (EUR 182mn) in Jan-Apr 2013, according to data of the ministry of finance. The four-month gap is equal to 2.3% of projected 2013 GDP. The Jan-Apr deficit already accounts for over 63% of the full-year deficit target of MKD 17.7bn. It is also 2.5 times larger than the MKD 4.4bn gap registered in Jan-Apr 2012. In the first four months of 2013, total budget revenues decreased by 5.4% y/y in real terms to MKD 44.6bn, while total expenditures rose by a real 8.4% y/y to MKD 55.8bn.

In April alone, the budget balance was a small surplus of MKD 172mn, up from a surplus of MKD 111mn in April 2012. Total budget revenues grew by a real 3.6% y/y to MKD 14.7bn and total expenditures rose by 3.2% y/y to MKD 14.5bn. Tax revenues expanded by 2.3% y/y to MKD 7.1bn in April. Within taxes, positive real annual growth was reported for personal income tax (up 15.4% to MKD 959mn), VAT (up 1.5% to MKD 3.4bn), import duties (up 16.5% to MKD 424mn) and other taxes (up 22.2% to MKD 340mn). Negative annual growth in real terms was reported by revenues from profit tax (down 8.1% to MKD 755mn) and excise tax (down 5.9% to MKD 1.2bn).

Central government budget, MKD mn          
  Budget 2013 Apr-13 % y/y real Jan-Apr/13 % y/y real
TOTAL REVENUES, incl.: 147,958 14,657 3.6% 44,601 -5.4%
Taxes 81,685 7,092 2.3% 23,599 -8.7%
Contributions 42,842 3,914 9.8% 13,634 2.2%
TOTAL EXPENDITURES 165,653 14,485 3.2% 55,833 8.4%
Current Expenditures 146,941 12,656 1.6% 49,959 9.7%
Capital Expenditures 18,712 1,829 15.9% 5,874 -1.2%
BUDGET BALANCE -17,695 172 51.7% -11,232 151.0%
Source: Ministry of finance          
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