Press realese: Montenegro Budget execution in the period January-July 2018 (GDDS table 07)

Positive macroeconomic trends from the beginning of 2018 are also visible through collection of budget revenues, which are amounted to 924,3 mill.€ in January-July, according to the preliminary data, and compared to the same period last year they are higher by 96,4 mill.€ or 11,6% and compared to the plan by 3,5 mill.€ or 0,4%.

All of the main categories of tax revenues are higher compared to the same period last year. Collection of Corporate Income Tax was higher by 29,4%, Taxes on Sales of Property by 19,1%, Value Tax Added by 15,9%, Personal Income Tax by 8,2%, and Excises by 1,5%. Also, contributions are increased by 6,8% compared to the same period last year.

In the same period non-tax revenues increased, so fees are higher by 47,8%, duties by 24,5%, and Receipts from Repayment of Loans and Funds carried over from Previous Year by 41,2%. Also, donations are almost doubled.

Budget expenditures in the period January-July 2018 amounted to 992,6 mill.€ or 22,4% of GDP which is higher by 59,7 mill.€ or 6,4% compared to the same period of 2017. The increase in expenditures is a result of higher realization of capital budget compared to the same period of the previous year.

Compared to the plan budget expenditures are lower by 50,3 mill. € or 4,8%, where current expenditures in observed period are 2,1% above the plan, while the capital budget is lower by 68,9 mill. € compared to the plan, which will be replaced in the next months due to expected intensification of works.

In the structure of current expenditures, categories Social Security Transfers and Transfers to Institutions, Individuals, NGO and Public Sector are lower by 12,5 mill.€ and 8,1 mill.€, respectively.

In the gross wage section, the increased allocation is the result of the identified lack of funds on this basis for certain consumer units.

In the period January-July of the following year budget deficit was 68,2 mill. € or 1,5% of estimated GDP, and in July budget surplus was 17,0 mill.€ or 0,4% of estimated GDP.

Attachment: GDDS 07_montly data-f.xlsx