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Montenegro swings to budget surplus in Q1

May 3, 2023, 3:13:52 PMArticle by Djordje Jajcanin
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May 3 (SeeNews) - Montenegro reported a budget surplus of 65.8 million euro ($72.7 million) for the first three months of 2023, compared to a deficit of 28.2 million euro in the like period of last year, the finance ministry said.

Montenegro swings to budget surplus in Q1
Source: discover-montenegro.com

The first-quarter surplus was equivalent to 1.1% of the gross domestic product (GDP) projected for 2023, the finance ministry said in a statement last week.

Primary budget surplus totalled 74 million euro, versus a 22.2 million euro primary budget deficit in the first three months of 2022, according to data published on the website of the finance ministry.

Total budget revenues rose by a real 31% on the year to 545.7 million euro in the period under review, while expenditure increased 7.9% to 479.9 million euro.

Tax revenues went up to 346.4 million euro from 300.1 million euro, contributions grew 19.1% to 99.8 million euro, and fees increased to 2.7 million euro from 2.4 million euro.

On the expenditure side, current expenditure increased by a real 21% year-on-year in the first three months of 2023 to 208.2 million euro, while capital expenditure fell by 58% to 13 million euro .

($ = 0.9056 euro)

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