Montenegro's budget deficit at EUR 128.6mn in Jan-Nov 2012.

By bne IntelliNews January 15, 2013
Montenegro's state budget posted a deficit of EUR 128.6mn in Jan-Nov 2012, slightly exceeding the plan and accounting for 3.9% of the full year GDP projection, data from the ministry of finance showed. Compared to a year earlier, the eleven-month gap more than doubled on the back of annual increases of costs and declining revenues. Total budget revenues edged down 0.5% y/y to EUR 1bn in Jan-Nov (97.8% of the plan for the period), mainly due to VAT revenues, which went down by 7.5% y/y to EUR 330mn. Budget expenditures increased by 4.5% on the year to EUR 1.13bn (98.1% of the plan), supported by a 6.5% annual rise of current expenses (at EUR 1.08bn). Capital expenditures dropped by 7.3% y/y to EUR 50.9mn and accounted for only 4.5% in total budget expenditures. In November alone, the budget gap increased to close to EUR 16mn from EUR 4.7mn a month earlier, mainly driven by rising wages and social contributions. The government expects a positive budget balance in December (EUR 17.8mn) supported by a rise in VAT revenues ahead of the end-year holidays. The cumulative budget deficit is thus projected to decline to EUR 110mn at the end-2012 (3.3% of full-year projected GDP).
Montenegro's budget, EUR mn Oct'12 Nov'12 Jan-Nov'12 Plan for Jan-Nov'12
Total revenues 98.5 93.1 1,001,0 1,023.5
Tax revenues 58.7 53.4 631.5 656.0
out of which VAT 33.9 30.3 330.1 345.7
Social contributions 34.2 33.5 316.93 302.9
Total expenditures 103.2 109 1,129.6 1,151.4
Current expenditures 97.9 103.3 1,078.8 1,183.1
out of which Wages and social contributions 31.3 40.1 328.4 342.7
Capital expenditures 5.9 5.8 50.9 68.3
Budget balance -5.2 -15.96 -128.6 -127.9
Source: Min Fin
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