Macedonia’s budget deficit at 3.5% of GDP in Jan-Oct 2013.

By bne IntelliNews November 26, 2013

The balance of the central government budget showed a deficit of MKD 17.1bn (EUR 278mn) in Jan-Oct 2013, equal to 3.5% of the projected 2013 GDP and 88.9% of the new full-year deficit target of MKD 19.3bn, according to data of the ministry of finance. In Jan-Oct 2012 the gap stood at MKD 13.2bn.

Total budget revenues dropped 1.8% y/y in real terms to MKD 114.9bn in the first 10 months of this year, while total expenditures rose 1.2% y/y to MKD 132bn.

In October alone, the budget balance was a deficit of MKD 1.3bn, up from a deficit of MKD 1.2bn in October 2012. Total budget revenues increased by a real 6.6% y/y to MKD 11.8bn in October, and total expenditures grew by 7.1% to MKD 13.2bn. Taxes rose by 10.8% y/y to MKD 6.6bn. Positive annual real growth was reported for VAT (up 18.6% to MKD 3.5bn), excises (up 18.8% to MKD 1.7bn) and personal income tax (up 17.8% to MKD 828mn). In real terms, negative y/y growth was reported for other taxes (down 61% to MKD 119mn), profit tax (down 36.7% to MKD 181mn) and import duties (down 0.5% to MKD 383mn).

Central government budget, MKD mn          
  Budget 2013 Oct-13 % y/y real Jan-Oct/13 % y/y real
TOTAL REVENUES, incl.: 149,291 11,837 6.6% 114,872 -1.8%
Taxes 81,700 6,645 10.8% 63,361 -2.1%
Contributions 42,624 3,587 2.3% 34,414 0.5%
TOTAL EXPENDITURES 168,541 13,183 7.1% 131,985 1.2%
Current Expenditures 148,387 11,974 6.2% 118,791 1.8%
Capital Expenditures 20,154 1,209 16.8% 13,194 -4.4%
BUDGET BALANCE -19,250 -1,346 11.2% -17,113 26.7%
Source: Ministry of finance          

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