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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