May 7 (SeeNews) - Montenegro's budget turned to a 4.9 million euro ($5.2 million) deficit in the first three months of the current year, compared with a 63.2 million euro surplus in the prior-year period, the finance ministry said.
The deficit, equivalent to 0.1% of the projected full-year gross domestic product (GDP), however, was considerably below the planned gap of 123 million euro for January-March, the ministry said in a statement last week.
In March alone, the budget reported a 13.4 million euro surplus, lower than the 38.7 million euro surplus reported for March 2023.
Three-month budget revenue was 6.6% higher on the year and 8.6% above planned, totalling 579 million euro, or 8.2% of GDP, the statement read.
Tax revenue rose by an annual 24% to 428 million euro in the first three months of 2024, and was 8.7% higher than planned.
The ministry noted that in January-March 2023 the state budget received a one-off payment of 69.9 million euro, while in the first three months of 2024 one-off revenue was 6.1 million euro.
Budget expenditures for the three months stood at 583.4 million euro, or 8.3% of the estimated GDP. They were 22% higher on the year but came 11% below planned. Current expenditures rose by an annual 12% to 233 million euro in January-March, and were 14% less than planned. Social security transfers increased by 21% on the year to 234 million euro, but were 4.0% less than planned.
Last year, Montenegro turned to a budget surplus of 10 million euro, equivalent to 0.2% of GDP, compared with a 250 million euro deficit in 2022.
In January, the Montenegrin parliament approved the 2024 state budget with a fiscal deficit equivalent to 3.1% of GDP. The budget targets revenues of 2.717 billion euro and expenditures of 2.952 billion euro.
Montenegro’s economy is expected to expand by 3.8% in 2024, slowing down from the estimated 6.0% growth in 2023.
($ = 0.935 euro)