November 2 (SeeNews) - North Macedonia's government projects a budget deficit equivalent to 4.3% of the estimated gross domestic product (GDP) under the 2022 draft budget, finance minister Fatmir Besimi said on Tuesday.
The draft budget projects GDP growth to accelerate to 4.6% in 2022, mostly due to increased investments, solid growth of consumption and the stabilisation of external demand, Besimi told a news conference streamed on the government's YouTube channel.
North Macedonia's gross domestic product is expected to expand 4.1% in 2021.
Budget revenue is planned at 238.9 billion denars ($4.5 billion/3.9 billion euro) in 2022, an increase of 7.4% compared to the plan for this year, while total expenditure is projected at 272.4 billion denars, up 1.4%.
Tax revenue is expected to reach 136.5 billion denars in 2022, up 10.2% from the plan for 2021.
The inflationary pressures, driven by the uncertainty related to the prices of energy and some of the primary products on the global stock exchanges are projected to ease in the second quarter of the year, Besimi said. However, the projected average inflation rate is expected to reach 2.4% in 2022.
North Macedonia's government said on Monday it has approved the 2022 draft budget over the weekend.
(1 euro = 61.63 denars)