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N. Macedonia’s govt approves 2021 draft budget targeting 4.9%/GDP deficit

N. Macedonia’s govt approves 2021 draft budget targeting 4.9%/GDP deficit SDSM/All rights reserved.

SKOPJE (North Macedonia), November 12 (SeeNews) – North Macedonia's government approved the 2021 draft budget with a deficit equivalent to 4.9% of gross domestic product (GDP), compared with a budget gap of 8.4% planned for 2020, prime minister Zoran Zaev said.

The draft budget projects GDP growth of 4.1% in 2021, to be mostly driven by the expected recovery of investments, consumption and external demand, Zaev told a news conference on Wednesday streamed on the government's YouTube channel.

"The main priorities in the budget policy in 2021 are: support to the health sector as the first priority, which means protection of the health and lives of citizens, the second goal is economic recovery and economic growth through measures for socially vulnerable categories, supporting the economy and job preservation," Zaev said.

Budget revenue is planned at 212.6 billion denars ($4.1 billion/3.4 billion euro) in 2021, an increase of 8.3% compared to the plan for this year, while expenditure is projected at 247.5 billion denars, down 2.1%.

Gross investments are projected to increase by 20% compared with 2020.

North Macedonia's gross domestic product is expected to shrink 4.4% in 2020 due to the pandemic, finance minister Fatmir Besimi told the news conference.

(1 euro = 61.63 denars)