July 20 (SeeNews) - North Macedonia's parliament approved a revision of the 2022 budget that increased the budget deficit to 42.7 billion denars ($703.4 million/687.5 million euro), equivalent to 5.3% of the planned gross domestic product (GDP), the finance ministry said.
The original 2022 budget projected a deficit equivalent to 4.3% of GDP.
The revised budget includes additional funds for pension and salary increases, support for farmers, as well as new measures to protect the standard of citizens and the economy during the price crisis, the ministry said in a statement on Tuesday.
Total revenue is expected to come in at 245.8 billion denars, whereas total expenses are projected at 288.5 billion denars.
North Macedonia's government adopted the revised budget bill earlier in July.
North Macedonia's GDP is expected to grow 3.2% this year, after expanding by an estimated 4% in real terms in 2021.
(1 euro = 62.11 denars)