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Serbia's govt proposes budget revision cutting deficit to 4.9%/GDP

Author Radomir Ralev
Serbia's govt proposes budget revision cutting deficit to 4.9%/GDP Source: Serbian Government

BELGRADE (Serbia), October 22 (SeeNews) - Serbia's government proposed to cut the projected fiscal deficit in the 2021 budget to 4.9% of gross domestic product (GDP) from 6.9% of GDP, as revenue will exceed forecasts, it said.

Revenues are envisaged at 1.488 trillion dinars ($14.7 billion/12.7 billion euro) and spending is forecast at 1.793 trillion dinars under the proposed second revision of this year's budget, the government said in a statement on Thursday.

It did not elaborate on the size of the planned deficit.

With the previous revision of the budget approved in April, the government set the fiscal deficit at 381.7 billion dinars, based on revenues of 1.356 trillion dinars and expenditures of 1.768 trillion dinars.

The general government's public debt at the end of the year will stand at 58.2% of GDP, instead of 60% as previously estimated, the government said.

The proposed changes need parliament approval to take effect.

Serbia's budget recorded a deficit of 70.8 billion dinars in the eight months through August, compared to a deficit of 344.6 billion dinars in the like period of 2020.

(1 euro = 117.607 dinars)