July 20 (SeeNews) - Albania's budget showed a deficit of 38.5 billion leks ($354 million/309 million euro) in the six months through June, compared to a deficit of 3.5 billion leks in the comparable period last year, official figures showed.
Consolidated budget revenue fell 13.8% year-on-year to 194.9 billion leks in the first six months of the year, while expenditures increased by 1.7% to 233.4 billion leks, according to data published by the finance ministry.
Tax revenue decreased by 14% to 182.4 billion leks, as value-added tax proceeds fell by 11.6% year-on-year to 58.2 billion leks.
In March, Albania’s government decided to cut its 2020 gross domestic product (GDP) growth forecast to 2.0% from 4.1% originally projected in the budget law due to the adverse impact of the coronavirus disease on the economy.
Budget deficit in 2020 is now projected at 68.7 billion leks equivalent to 3.9% of GDP, up from 29.3 billion leks, or 1.6% of GDP forecast in the budget adopted by the parliament in December.
(1 euro = 124.642 leks)