Macedonia's budget deficit reaches 3.4% of GDP at end-October

By bne IntelliNews November 26, 2014

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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