Montenegro's Jan-May budget gap at 2.6% of GDP.

By bne IntelliNews July 10, 2012
Montenegro's budget deficit reached EUR 88mn in the first five months of 2012, or 2.6% of the projected full-year GDP, the finance ministry said in a statement. Total revenues stood at EUR 386.4mn, down 3.2% compared to the same period last year. The government reported an improved collection of corporate tax, which was up by 20.2% on the year. VAT revenues fell by 4.4% y/y, while the personal income tax stepped up marginally by an annual 0.1% in Jan-May. Total expenditures for the five months of the year rose by an annual 6.5% mainly as a result of higher payments for social benefits (up by an annual 5.7%). Expenditure for wages dropped by 4.6% on the year. In May alone, the budget posted a deficit of EUR 3.3mn. Total revenues were up by 4.8% y/y to EUR 95mn, while total expenditures rose by 6.3% y/y to EUR 98.3mn.
Budget execution, EUR mn
Jan - May 2012, y/y, % May 2012 y/y, %
Revenues -3.2 95 4.8
Personal Income Tax 0.1 38.82 13.3
Corporate tax 20.2 3.62 14
Value Added Tax -4.4 34.33 14.3
Excises -8.4 10.28 -9.9
International Trade and Transactions Tax -13.4 3.33 -18.7
Expenditures 6.5 98.25 6.3
Gross earnings and contributions charged to employer -4.6 26.8 -12.1
Material and Service expenditures 64.8 14.07 62.1
Interest rates 174.4 2.02 70.9
Social Care Transfers 5.7 40.87 10.3
Transfers to institutions, individuals and NGO sector -64.6 2.47 -61.7
Capital expenditures 10.9 5.5 104.8
Budget Surplus / Deficit 90.8 -3.25 88.4

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