Macedonia’s budget gap narrows 10.6 % in Q1

Macedonia’s budget gap narrows 10.6 % in Q1
By Valentina Dimitrievska in Skopje April 25, 2016

Macedonia's central government budget deficit narrowed by 10.6% y/y to MKD5.63bn (€91.5mn) in the first three months of 2016, as expenditures fell faster than revenues, finance ministry preliminary data indicated on April 25.

According to the World Bank, Macedonia is expected to end 2016 with a fiscal deficit of 3.4% of GDP and to narrow it to -3% and -2.7% in 2017 and 2018 respectively. Medium term challenges for Macedonia include the need for fiscal consolidation and prioritisation of public spending. The budget deficit is financed from government borrowing on the domestic market.

In the first quarter the budget gap accounted for 30% of the planned deficit for 2016.

In March alone, the budget deficit plunged by 31.5% y/y to MKD1.18bn.

The government's total revenues decreased by 2.8% y/y to MKD14.7bn in March, and total expenditures went down by 5.7% y/y to MKD15.9bn, data showed.

Tax revenues fell by 3% y/y to nearly MKD9.1bn in March, while revenues from contributions grew by 5.6% y/y to MKD4.1bn. Current and capital expenditures dropped by 3.3% y/y and 25% y/y respectively

In 2015, Macedonia's central government budget deficit narrowed by a real 12% to MKD19.4bn and is estimated to be equal to 3.5% of the projected GDP.

Central govt budget, MKDmn

 

 

 

 

 

 

Budget 2016

Jan'16

Feb’16

March’16

March’16 % y/y

TOTAL REVENUES, incl.:

177,292

12,923

12,925

14,742

-2.8%

Taxes

99,543

7,392

7,237

9,085

-3%

Contributions

49,187

3,363

4,077

4,145

5.6%

TOTAL EXPENDITURES

196,276

14,611

15,696

15,918

-5.7%

Current Expenditures

170,698

13,755

14,802

14,526

-3.3%

Capital Expenditures

25,578

856

894

1,391

-25%

BUDGET BALANCE

-18,984

-1,688

-2,771

-1,176

-31.5%

Source: Ministry of finance

 

 

 

 

 

Data

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