Press realese: Montenegro Budget execution in the period January-August 2018 (GDDS table 08)

Positive macroeconomic trends are also visible through collection of budget revenues, which are amounted to 1.085,7 mill.€ in January-August, according to the preliminary data, and compared to the same period last year they are higher by 108,4 mill.€ or 11,1% and compared to the plan by 1,3 mill.€ or 0,1%.

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 30,0%, Taxes on Sales of Property by 23,2%, Value Tax Added by 15,4%, Personal Income Tax by 8,0%, and Excises by 1,0%. Also, contributions are increased by 6,4% compared to the same period last year.

In the same period non-tax revenues increased, so fees are higher by 44,2%, duties by 24,2%, and Receipts from Repayment of Loans by 39,5%. Also, donations are almost doubled.

Budget expenditures in the period January-August amounted to 1.132,0 mill.€ or 25,5% of GDP. Compared to the plan budget expenditures are lower by 69,0 mill.€ or 5,7% where total current expenditures are 0,7% above the plan, while capital budget is 76,6 mil.€ lower the planned.

In the structure of current expenditures, compared to the plan categories Social Security Transfers and Transfers to Institutions, Individuals, NGO and Public Sector are lower by 11,4 mill.€ and 6,2 mill.€, respectively. On the other side, positive deviations are recorded at Interest in the amount of 10 mill.€ and Gross wage in the amount of 9,3 mill.€.

In the gross wage section, the consumption was increased according to the amendments to the law on the budget for 2018 from July this year, while the liabilities on the received interest are settled in accordance with the dynamics established in the credit arrangement agreements, and no deviation is expected by the end of the year expenditure relative to the plan.

In the period January-August of the following year budget deficit was 46,3 mill. € or 1,0 % of GDP  which is 55,4% lower than the same period of previous year, and in August budget surplus was 34,1 mill.€ or 0,8% of estimated GDP.

Attachment: Copy of GDDS 08_montly data-f.xlsx