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Montenegro's Jan-Oct budget deficit at 61.8 mln euro, 65.8% below plan

Author Radomir Ralev
Montenegro's Jan-Oct budget deficit at 61.8 mln euro, 65.8% below plan License: Creative Commons BY-NC 2.0

PODGORICA (Montenegro), December 1 (SeeNews) - Montenegro reported a budget deficit of 61.8 million euro ($70.2 million) in the first ten months of 2021, compared to a deficit of 384 million euro in the like period of 2020, official figures show.

The deficit accounted for 1.3% of the estimated gross domestic product (GDP) for 2021, 65.8% below the plan, the finance ministry said in a statement published on its website.

"Good collection of revenues largely compensated for the effects of non-adoption of amendments to the law that were a precondition for the implementation of measures aimed at generating new sources of revenue planned by the Budget Law for 2021. Also, lower than planned expenditures significantly contributed to the surplus," the finance ministry said.

Primary budget surplus totalled 18.3 million euro, versus a 292.1 million euro primary budget deficit in the first ten months of 2020, according to data published on the website of the finance ministry.

Total budget revenues rose by a real 15.5% on the year to 1.505 billion euro in the period under review, while expenditure decreased 7.2% to 1.566 billion euro.

Tax revenues went up by a real 20% to 965.9 million euro, contributions grew 3.5% to 420.9 million euro, and fees increased to 33.6 million euro from 22.2 million euro.

On the expenditure side, current expenditure went down to 676.9 million euro from 691.7 million euro, while capital expenditure went down to 128.2 million euro from 177.6 million euro in the first ten months of 2020.

($ = 0.8808 euro)