The state budget gap fell to a record-low of RSD 2.8bn (24.6mn) in July from RSD 4.3bn the month before, on the back of rising budget revenue, the finance ministry said in a statement. Serbia has managed to stabilize its widening budget gap over the past two months due to better tax collection, the ministry underscored.
Budget revenue climbed 14% m/m to RSD 80.4bn reaching its highest level since the start of the year, lifted by higher VAT, corporate and income tax collection. VAT proceeds likewise touched a record high of RSD 40.8bn in July, the statement read.
The January-July deficit stood at RSD 100.7bn or 56% of the revised full-year target (RSD 178bn), according to IntelliNews calculations based on data from the finance ministry.
If the current upward trend in budget revenue sustains, the 2013 budget deficit could be reduced to 4.4% of GDP, down from 5.7% the year before, the ministry added. The reading is also below the revised 2013 target of 4.7% of GDP.
Serbia’s consolidated budget, which includes the republican budget and the budgets of the local governments and social security agencies, posted a deficit of RSD 80.9bn in January-June, down 28% y/y.
The government targets a consolidated budget gap of 5.2% of the projected full-year GDP (around RSD 195bn).
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