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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