Albania's 9-mo budget gap widens to 58.4 bln leks (471 mln euro)

Consolidated budget revenue fell by 10.4% year-on-year to 307.8 billion leks in January-September, while expenditures increased by 6% to 366.3 billion leks, according to data published by the finance ministry.

Tax revenue decreased by an annual 10.6% to 289.2 billion leks, as value-added tax proceeds fell by 7.7% year-on-year to 92.9 billion leks.

In July, the government decided to revise its forecast for Albania's 2020 gross domestic product (GDP) to 4.3% contraction from 4.1% growth originally projected in the budget law, due to the adverse impact of the coronavirus pandemic on the economy.

Budget deficit in 2020 is now projected at 133 billion leks equivalent to 8.4% of GDP, up from 29.3 billion leks, or 1.6% of GDP forecast in the budget bill adopted by the parliament in December 2019.

(1 euro = 123.954 leks)