In the first 11 months, considering the realization of revenues and expenditures, a budget surplus of 158.5 million EUR or 2.6% of the estimated gross domestic product (GDP) was achieved, according to the latest data from the Ministry of Finance.
The Ministry announced that in November, the budget deficit was 25.2 million EUR.
According to the Ministry’s data, budget revenues from January to November amounted to 2.31 billion EUR or 37.5% of the estimated GDP, exceeding the planned amount by 391.8 million or 20.4%, and compared to the same period last year, they increased by 535.7 million or 30.1%.
“The most significant positive deviations were recorded in revenues from value-added tax, corporate income tax, contributions for compulsory social insurance, other revenues, and donations and transfers,” the Ministry’s report states.
VAT revenues, as of November, amounted to 971.3 million EUR, exceeding the planned amount by 96.1 million or 11%, and compared to the same period last year, they increased by 142.6 million or 17.2%.
The category of excise tax revenues, in the same period, amounted to 294.6 million, exceeding the plan by 49.6 million or 20.2%, and 70.8 million or 31.7% compared to the same period last year.
“In the observed period, corporate income tax revenues amounted to 146.8 million EUR, exceeding the planned amount by 31.6 million or 27.4%, while compared to the same period last year, they increased by 61.4 million or 71.9%,” specified the Ministry.
The significant growth in this category of revenue is predominantly the result of the introduction of progressive tax rates on profits, economic activity growth, achieved results of companies in the previous year, and improved tax discipline.
Other revenues in the observed period amounted to 173.1 million EUR, which is 81.6 million more than planned, while compared to the same period last year, they are higher by 146.7 million.
“The significant growth in this category of revenue is predominantly the result of the termination of hedging arrangements from 2021, in the amount of 60 million EUR, as well as the transfer of funds collected within the implementation of the Economic Citizenship project in the total amount of 67.6 million. In addition, during the same period, a payment of 11.6 million EUR was made, based on dividends paid from the realized profits of companies in majority ownership of the state,” stated in the announcement.
In the same period, a significant increase was recorded in the category of donations and transfers, which amounted to 57.7 million EUR, exceeding the plan by 19.5 million and 29 million compared to the same period last year.
The growth of this category is predominantly the result of the payment of funds from the European Union (EU), based on direct budget support for energy efficiency.
Revenues in November amounted to 188.9 million EUR, exceeding the plan by 19.9 million or 11.8%, and 27.4 million or 17% compared to last year’s November.
Budget expenditures for the period January-November amounted to 2.15 billion EUR or 34.9% of the estimated GDP, being 122.7 million or 5.4% lower than planned, while compared to the same period last year, they increased by 277.8 million or 14.8%.
