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%|
|Source: Ministry of finance|
Macedonian President Gjorge Ivanov said on January 17 he veto the law that extends the use of Albanian language in the country as he thinks it is unconstitutional. The draft law was ... more
Macedonia was rated only “partly free” in the latest report from international watchdog Freedom House, the same almost all of the six Western Balkan countries, despite efforts by the ... more
Macedonia issued on January 11 a seven-year €500mn Eurobond with an annual interest rate of 2.75%, the finance ministry said. This is the sixth Eurobond issue placed so far by Macedonia’s ... more