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N. Macedonia’s govt approves 2020 draft budget targeting 2.3%/GDP deficit

N. Macedonia’s govt approves 2020 draft budget targeting 2.3%/GDP deficit SDSM/All rights reserved.

SKOPJE (North Macedonia), November 12 (SeeNews) – North Macedonia's government has approved the 2020 draft budget, projecting a deficit equivalent to 2.3% of gross domestic product (GDP), down from 2.5% planned for 2019, prime minister Zoran Zaev said on Tuesday.

The budget projects GDP growth of 3.8%, with domestic consumption expected to be the main growth driver, Zaev said in a statement.

Budget revenue is planned at 222.3 billion denars ($3.95 billion/3.58 billion euro) in 2020, an increase of 5.6% compared to the projection for this year, while expenditure is projected at 239.7 billion denars, up 5% on the year.

Inflation is expected to remain low at 1.7% next year, Zaev noted.

Gross investments are projected to increase by 8.0%.

Net wages are expected to grow by 6.3% in 2020, the prime minister said, adding that unemployment is expected to drop to below 16%.

North Macedonia's real GDP grew by an estimated 2.7% year-on-year in 2018, preliminary official figures showed in September. In 2017, the country recorded 1.1% economic growth.

(1 euro = 61.10 denars)

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