June 22 (SeeNews) - Albania's budget showed a deficit of 27.05 billion leks ($243 million/217 million euro) in the five months through May, compared to a surplus of 400 million leks in the comparable period last year, official figures showed on Monday.
Consolidated budget revenue fell 14.7% year-on-year to 160.75 billion leks in the first five months of the year, while expenditures increased by 0.14% to 187.8 billion leks, according to data published by the finance ministry.
Tax revenue decreased by 15.4% to 149.7 billion leks, as value-added tax proceeds fell 12.8% year-on-year to 47.9 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 = 124.578 leks)