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Thursday, May 23, 2024
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Montenegro’s state budget records €18.4 million deficit for January and February

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The state budget faced a deficit of €18.4 million in January and February. However, if all planned expenses were met, the deficit would have surged to €83.5 million, according to budget reports for the period.

Total revenues reached €334 million, surpassing the plan by €27 million and exceeding the same period last year by €24 million.

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Although the Ministry of Finance projected revenues at €306.9 million, the actual revenue in the corresponding period last year stood at €310 million. Interestingly, a lower revenue target was set, despite increases in excise taxes and other levies.

Total budget expenditures amounted to €352.4 million, falling short of the planned €417.5 million. Significant savings of €65.1 million were achieved across all categories, with the largest savings seen in transfers to institutions, individuals, and the public sector.

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Debts totaling €41.5 million were repaid during this period. Consequently, the total budget deficit amounted to €61.2 million, which was covered by reducing deposits by €55.8 million, along with loans, asset sales, and repayments from the previous year.

January recorded a formal budget surplus of €16.3 million due to unmet obligations of €47.8 million. However, February saw a deficit of €34.3 million, with “savings” of €18.1 million, resulting in a real deficit of €52.4 million if all obligations were met.

Tax revenues amounted to €243.3 million, exceeding the plan by €19 million and surpassing last year’s figures by €48.8 million. The largest revenue contributor was value-added tax (VAT), totaling €173.6 million.

Domestic consumption showed an upward trend, although the number of foreigners with permanent residency decreased, along with a decline in tourist arrivals and overnight stays.

Excise revenues totaled €44.9 million, contributions on wages amounted to €64.8 million, both exceeding their respective plans.

The breakdown of private and public sector revenues was not provided, making it challenging to assess the source of wage contributions.

Overall, despite the deficit, revenue growth indicates positive economic trends, particularly in domestic consumption and tax collection.

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