International Information Centre for Balkan Studies

Vujovic: Serbia’s budget deficit approaches RSD 30 billion

The budget deficit approached RSD 30 billion (2,5 billion euro) today, Serbian Minister of Finance Dusan Vujovic said on Thursday (25.06.2015), expressing hope that there will be room before the end of the year for a review of the decision to reduce pensions and public sector salaries as part of austerity measures.

“Today, the deficit is about RSD 75 billion lower compared to the level projected under the agreement with the International Monetary Fund (IMF) for this period of the year. Originally, the deficit had been planned to be at around RSD 105 billion at the end of June,” Vujovic told an extraordinary press conference in the Serbian government building.

Serbia’s annual GDP has been estimated at nearly RSD 4,000 billion, which means that it amounts to RSD 2,000 billion over half a year, and that the budget deficit registered so far is between 0.6 and 0.7 percent of GDP, he said.

That ranks Serbia among the three or four countries in Europe that have a very low deficit level, he said.

The deficit drop is a result of higher tax and non-tax revenues, and that also includes dividends of public enterprises, which were absent in the past due to the poor business performance of those enterprises, Vujovic said.

Source: Serbian media



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