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Albania’s 2020 draft budget targets 4.1% GDP growth, deficit of 1.6%/GDP - fin min

Albania’s 2020 draft budget targets 4.1% GDP growth, deficit of 1.6%/GDP - fin min GDP, Creative Commons. Author:LendingMemo.com

TIRANA (Albania), November 11 (SeeNews) – Albania's 2020 draft budget projects economic growth of 4.1% next year and budget deficit equivalent to 1.6% of gross domestic product (GDP), finance minister Anila Denaj has said.

The economy is expected to grow by 4.5% in 2021 and 2022 each, Denaj said in a press release late on Friday.

The finance ministry forecasts budget revenue at 502.6 billion leks ($4.5 billion/4.1 billion euro), up 6.2% from the 2019 estimate, while expenditure are expected to increase by 5.1% to 532 billion leks.

The government will continue to lower public debt, Denaj said, adding that the public debt-to-GDP ratio is expected at 62.2% in 2020, down from 64% of GDP estimated for the current year.

The 2020 budget draft will be sent to parliament for approval before the end of November, Denaj noted.

Last week, Denaj said that the government has decided to lower its projection for 2019 economic growth to 3.4% from 4.3% forecast at the beginning of the year.

In 2018, Albania's GDP grew by 4.06%, after a 3.84% increase in 2017, the office of statistics has said.

(1 euro = 122.605 leks)

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