SKOPJE (Macedonia), October 26 (SeeNews) – Macedonia turned to a preliminary budget deficit of 6.743 billion denars ($165.6 million/110.2 million euro) through September, compared to a surplus of 10.913 billion denars in the same period last year, Finance Ministry data showed on Monday.
Budget revenue amounted to 94.8 billion denars at the end of September, while spending totalld 101.6 billion denars, the ministry said in a statement on its website.
Details follows (in millions of denars):
|- Tax revenue
|- Non-tax revenue
|- Social transfers
|- Debt repayment
Macedonian government recently cut both revenue and spending targets in its 2009 budget by 3.2%, leaving the deficit forecast unchanged at 2.8% of the projected gross domestic product (GDP). The rebalance was aimed at adjusting spending to the country’s real economic condition and the lowered budget revenue.
Macedonia is pursuing a tight fiscal policy, attaching priority importance to macroeconomic stability and coping with the consequences of the global economic turmoil this year. The country has a status as an official EU candidate since December 2005. The European Commission earlier this month recommended the launch of accession negotiations with the Macedonia in the light of the progress achieved by the Balkan country.
(1 euro = 61.1871 Macedonian denars)