Macedonias parliament adopts 2012 budget.

By bne IntelliNews January 3, 2012
Macedonias parliament adopted the 2012 budget, state news agency MIA reported. The budget was supported by 63 votes, while 36 MPs voted against. Total expenditures are budgeted to rise by nominal 5.6% to MKD 169bn (EUR 2.75bn), while total revenues are planned to increase by nominal 5.6% to MKD 157bn. The budget deficit is planned to correspond to 2.5% of GDP. 2012 GDP growth and inflation are projected at 4.5% and 2.5% respectively. Deputy PM and finance minister Zoran Stavreski comments that the 2012 budget is prepared against the background of aggravated situation in European and Macedonian economies and that in these circumstances the budget's main goals will be retaining positive rates of economic growth, improvement of economic infrastructure and maintaining high level of social stability. The 2012 budget envisages a 29% increase in capital expenditures. There will be no changes in taxes this year. The projected nominal growth of revenues is more conservative than the official forecast of 7% nominal economic growth, thus providing some flexibility in case the 2012 growth outcome is lower than the official forecast. We note that we consider the official projection for real 4.5% GDP growth in 2012 too high. In comparison, in December IMF said it expects that Macedonia will post real GDP growth of 3% in 2011 and 2% in 2012.

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