Montenegro's budget deficit reached 1.6% of GDP in Jan-Jun 2011.

By bne IntelliNews August 25, 2011
The budget deficit of Montenegro reached EUR 52.4mn or 1.6% of the projected GDP for the year in the first half of 2011, according to data published by the central bank. In June alone the gap amounted to EUR 0.5mn or 0.02% of GDP. Total revenues stood at EUR 99.08mn in June, which was by 3.2% below forecast and by 12.4% lower compared to June 2010. Tax revenues did not meet expectations and fell behind the forecast by 5.2%. They amounted to EUR 62.69mn in June. Lower tax proceeds were due to a decline in the collection of property tax (down by 80.4% y/y), personal income tax (down by 8.3% y/y), customs tax (down by 12% y/y). The collection of VAT on the other hand improved marginally by 0.3% y/y to EUR 36.06mn but remained slightly below the planned EUR 36.1mn. Collections of corporate income tax, although below forecast, reported a significant, almost seven-fold increase y/y, to EUR 3.68mn. Total expenditures stood at EUR 99.7mn or 3.1% of GDP in June. They rose by 2.6% y/y due mainly to a 22.3% annual increase in gross wages, 16.6% y/y rise in social expenditures and 22.1% y/y increase in expenses for goods and services.
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