Macedonia’s budget deficit at 2.5% of GDP in Jan-May 2013.

By bne IntelliNews June 26, 2013

The balance of the central government budget was a deficit of MKD 12.4bn (EUR 202mn) in Jan-May 2013, according to data of the ministry of finance. The five-month gap is equal to 2.5% of projected 2013 GDP. The Jan-May deficit already accounts for over 70% of the full-year deficit target of MKD 17.7bn. It is also 2.3 times larger than the MKD 5.4bn gap registered in Jan-May 2012. In the first five months of 2013, total budget revenues decreased by 4.7% y/y in real terms to MKD 55.1bn, while total expenditures rose by a real 6.9% y/y to MKD 67.6bn.

In May alone, the budget balance was a deficit of MKD 1.2bn, up from a deficit of MKD 1bn in May 2012. Total budget revenues dropped by 1.2% y/y in real terms to MKD 10.6bn and total expenditures were flat y/y at MKD 11.7bn. Tax revenues expanded by 12.6% y/y to MKD 6.4bn in May. The increase was driven by VAT revenues, which grew by 38.2% y/y to MKD 3.6bn. The  annual growth was negative for the other taxes, including personal income tax (down 5.8% to MKD 763mn), profit tax (down 10.7% to MKD 240mn), excises (down 11.5% to MKD 1.2bn), import duties (down 0.7% to MKD 342mn) and other taxes (down 21.3% to MKD 216mn).

Central govt budget, MKD mn          
  Budget 2013 May-13 % y/y real Jan-May/13 % y/y real
TOTAL REVENUES, incl.: 147,958 10,555 -1.2% 55,113 -4.7%
Taxes 81,685 6,409 12.6% 30,008 -4.9%
Contributions 42,842 3,205 -10.5% 16,838 -0.4%
TOTAL EXPENDITURES 165,653 11,717 0.0% 67,550 6.9%
Current Expenditures 146,941 10,828 0.3% 60,787 7.9%
Capital Expenditures 18,712 889 -3.7% 6,763 -1.6%
BUDGET BALANCE -17,695 -1,162 12.8% -12,437 126.1%
Source: Ministry of finance          
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