Macedonian parliament adopts 2015 budget, sets deficit target at 3.5% of GDP

By bne IntelliNews October 21, 2014

The Macedonian parliament adopted the 2015 budget with a deficit target of 3.5% of GDP, down from 3.9% envisaged in the revision of this year’s budget, state news agency MIA reported.

The next year’s budget was supported by 65 lawmakers in the 123-seat assembly. There were two abstentions and no votes against, Alfa TV broadcaster reported. We remind that the biggest opposition party SDSM is boycotting the parliament.

The 2015 budget sees next year’s real GDP growth and inflation at 4% and 2%, respectively. Total budget revenues are planned at MKD 163.3bn (EUR 2.6bn), or 5% higher in nominal terms than the total revenues in the revised 2014 budget. Total expenditures are projected to rise by 3.8% to MKD 181.8bn. The budget deficit target for 2015 is thus MKD 18.5bn, down from MKD 19.6bn for this year.

Next year’s revenues from taxes and contributions are planned to increase by 4.8% to MKD 137.7bn. On the expenditure side, current expenditures are expected to rise by 4.2% to MKD 160.6bn and capital expenditures to edge up 0.6% to MKD 21.2bn.

Central govt budget, MKD mn      
  Revised Budget 2014 Budget 2015 Change, %
TOTAL REVENUES, incl.: 155,554 163,280 5.0%
Taxes and Contributions 131,376 137,672 4.8%
TOTAL EXPENDITURES 175,157 181,777 3.8%
Current Expenditures 154,073 160,569 4.2%
Capital Expenditures 21,084 21,208 0.6%
BUDGET BALANCE -19,603 -18,497 -5.6%
Source: Macedonian govt      
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