Albania's 2023 budget gap narrows 60% in 2023

At the end of 2022, the budget gap narrowed to 78.2 billion leks, from 85.4 billion leks in the previous year, the ministry said a year ago.

The 2023 deficit stood at 1.4% of the gross domestic product (GDP) compared to 3.7% it was in 2022, the finance ministry said in a press release, quoting preliminary figures.

The finance ministry projected a budget deficit equivalent to 2.6% of the planned GDP in its 2023 draft budget.

Consolidated budget revenue rose 12.3% in 2023 to 643.4 billion leks, while expenditures increased by 3.6% to 674.7 billion leks.

Tax revenue increased by 20.5% to 344.9 billion leks, with value-added tax proceeds up 33.1% to 45.9 billion leks.

In December, the Albanian parliament endorsed the 2024 budget bill, projecting deficit at 2.5% of GDP and economic growth of 3.8%.

(1 euro = 103.8 Albanian leks)