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Albania's parl adopts 2022 budget targeting 5.4% deficit

Albania's parl adopts 2022 budget targeting 5.4% deficit Albania's parliament/LSA

TIRANA (Albania), November 26 (SeeNews) - Albania's parliament passed the 2022 budget which targets a budget deficit equivalent to 5.4% of the planned gross domestic product (GDP), the legislature said.

The budget, which is based on projections for 4.1% economic growth, was approved in a 77-46 vote, the parliament said in a press release late on Thursday.

Revenues are estimated at 536.8 billion leks ($4.9 billion/4.4 billion euro), up 7.8% from the amount envisaged in the 2021 budget, while expenditures are expected to increase by 4.6% to 637.7 billion leks.

The budget’s main objective is to support the country's economic recovery and advance structural reforms to boost economic growth and employment, assist people in need, increase productivity, strengthen the rule of raw, digitalise the economy and continue important infrastructure investments, according to documents published on the parliament's website.

The public debt-to-GDP ratio is expected to fall to 78.9% in 2022, from 80% expected for the current year.

The budget also plans public investments in the amount of 6.4% of GDP.

The unemployment rate is projected to decrease to 10.3% next year, from 11.4% expected in 2021.

Albania's economy is expected to increase by 7.6% in 2021, according to government estimates.

In 2020, Albania's GDP fell by 4%, after a 2.2% increase in 2019, according to national statistical office data.

(1 euro = 119.784 leks)

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