More budget revenues

The Ministry of Finances reported that by the end of May, the total revenues from taxes and other resources reached 144,1 billion ALL, or 11.1% more than one year ago.

The data show that this growth has arrived from all tax revenues, especially from the strong growth of VAT.

Only from this tax, from January to April, the budget has collected 110 million USD more than one year ago, with a growth of 28.2%.

There is a growth on the tax on profit, while revenues from the excise keep dropping, now being at 3.1% lower than one year ago. Despite the growing revenues, the government is being tight with the spending.

According to the Ministry of Finances, the total budget expense for the first five months of this year were 140 million USD less than the last year. The public investments have the highest drop in spending, with 2,8 times.

The government has programmed for this year that the public investments should be 5% of the Gross Domestic Product, but most of them are planned to be financed with loans from abroad, which have slow disbursement procedures, which might be the main cause of the weak investments progress.

The reduced spending, combined with the growth of the revenue, has increased public finances for the first five months and turned them into a strong consolidation trend, which is confirmed by the factual deficit figures, which is four times lower than the plan of this period.

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