TIRANA (Albania), February 12 (SeeNews) – Albania's budget was in deficit of 110.67 billion leks ($1.1 billion/884.1 million euro) at the end of the last year - higher than the deficit of 31.55 billion leks in 2019 but lower that the latest government forecast for 2020, official figures showed.
Consolidated budget revenue fell by 7.5% year-on-year in 2020, to 425.6 billion leks, while expenditures increased by 9.0% to 536.3 billion leks, according to data published by the finance ministry on Thursday.
Total tax revenue decreased by an annual 6.5% to 398.7 billion leks, as value-added tax proceeds fell by 1.6% to 130.5 billion leks.
The coronavirus crisis will result in an estimated 6.1% contraction of Albania's economy in 2020, compared to a 4.1% growth originally projected in the budget law, the government said earlier. In July, the government revised the 2020 budget, projecting deficit of 133 billion leks, equivalent to 8.4% of GDP.
(1 euro = 122.979 leks)