Macedonia's central government budget deficit widened to MKD18.1bn (€294.1mn) in January-October from MKD17.1bn in the same period of 2013, finance ministry data showed. We estimate that the 10-month gap is equivalent to 3.4% of the projected 2014 GDP. The 10-month deficit reached 92.4% of the new full-year target of MKD19.6bn (3.7% of GDP).
Total budget revenues increased by a real 3.2% y/y to MKD118.2bn in January-October, and total budget expenditures rose by a real 3.6% y/y to MKD136.3bn.
In October alone, the deficit narrowed by a real 51% y/y to MKD656mn. Total revenues increased by a real 15.9% y/y to MKD13.7bn, and total expenditures grew by a real 9.1% y/y to MKD14.3bn.
The biggest contribution to revenue growth came from taxes, which expanded by a real 24.8% y/y to MKD8.3bn in October. Positive real annual growth was reported for profit tax (+4.3 times to MKD785mn), VAT (+16.4% to MKD4bn), personal income tax (+30.5% to MKD1.1bn) and excises (+15% to MKD1.9bn). Revenues dropped y/y in real terms for import duties (-1.2% to MKD377mn) and other taxes (-22.3% to MKD92mn).
| Central govt budget, MKDmn | |||||
| Budget 2014 | Oct'14 | % y/y real | Jan-Oct'14 | % y/y real | |
| TOTAL REVENUES, incl.: | 155,554 | 13,673 | 15.9% | 118,237 | 3.2% |
| Taxes | 85,189 | 8,264 | 24.8% | 68,112 | 7.7% |
| Contributions | 44,703 | 3,919 | 9.7% | 36,073 | 5.1% |
| TOTAL EXPENDITURES | 175,157 | 14,329 | 9.1% | 136,347 | 3.6% |
| Current Expenditures | 154,073 | 12,711 | 6.6% | 123,135 | 3.9% |
| Capital Expenditures | 21,084 | 1,618 | 33.9% | 13,212 | 0.4% |
| BUDGET BALANCE | -19,603 | -656 | -51.0% | -18,110 | 6.0% |
| Source: Ministry of finance |
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