Government approves Montenegro's 2014 budget draft amounting to 1.5 billion

Podgorica, Montenegro (28 November 2013) -- The Government of Montenegro approved at today’s Cabinet meeting the Budget Draft for 2014 totalling EUR 1.5 billion.

The budget draft envisages growth in direct revenues as a result of increased economic activity and fiscal policy measures. Therefore, it forecasts budget revenues in the amount of EUR 1.257.6 billion or 35.8% of the estimated GDP. The projected revenues increased by 96 million or 8.2% in comparison to 2013, taking into account the estimate of 3.6% real growth in 2014, more efficient tax collection and reduced grey economy.

In 2014, the budget spending is estimated to amount to EUR 1,328 billion or 37.8% of GDP, about EUR 71 million more than in 2013.

The 2014 capital budget in projected at the level of EUR 90 million or about 2.6% of GDP, representing an increase of about EUR 25 million compared to 2013.

The budget deficit is planned at the level of 2% of GDP, or less than EUR 70 million, thus remaining within the Maastricht criteria.

The budget draft for 2014 also envisages the issuance of guarantees amounting to EUR 25 million to support intensification of economic activity, primarily referring to development projects.