Montenegro's budget gap at 2.5% of GDP in Jan-Nov 2011.

By bne IntelliNews January 12, 2012
The budget deficit of Montenegro reached EUR 81.55mn in Jan-Nov 2011, or 2.5% of the projected GDP for the year, the finance ministry reported. Provided that the government has not made extraordinary expenses in the last month of the year, the targets deficit of 2.6% of GDP in 2011 should be achieved. Total revenues stood at EUR 1,005.9mn, which is just 0.9% y/y lower compared to the same period last year. Budget revenues lag behind the plan by 3.07%. The government posted improved collection of corporate tax, VAT and excise tax - by 74.7% y/y, 6% y/y and 8.8% y/y, respectively. All of the revenue accounts, however, recorded lower than planned proceeds. Total expenditures for the eleven months of the year rose by 3.4% y/y, mainly as a result of higher payments for wages (up by 30.1% y/y). Expenditure for social benefits also picked up by 7.8% y/y, exceeding the plan by 2.7%. In November alone, the budget balance was a deficit of EUR 18.4mn as compared to revised EUR 0.2mn surplus in October.

Montenegro's budget gap at 2.5% of GDP in Jan-Nov 2011.

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