Skopje, 13 January 2025 (MIA) – Over 96% of revenues and expenditures in the 2024 budget was realized in keeping with the plans. Increase in revenues and expenditures compared to last year is about 10% with budget deficit dropping by 2.5 billion denars, standing at 4.4% of GDP, according to what was planned, said the Finance Ministry on Monday.

Overall revenues in the 2024 budget were realized in the amount of 306.3 billion denars, 96.3% of what was planned. Revenues from taxes and contributions were fully realized – 99.7% with 99.2% being from taxes alone. Revenues from personal income tax stand at 101%, added value tax at 103.8%, profit tax at 95.6% and import duty tax at 95.3%.

Revenues in the budget were realized according to the revised budget, said the Ministry. “Data indicate efficient revenue collection by the Public Revenue Office and the Customs Administration. Thus, tax revenues and contributions were realized in the amount of 283.6 billion denars and participate with 92.6% in the structure of total budget revenues. Tax revenues in 2024 were realized in the amount of 177.9 billion denars and are 12.8% higher compared to last year. Social security contributions were realized in the amount of 105.7 billion denars and are 14.1% higher than those realized in 2023,” said the press release. 

Total expenditures in 2024 were realized in the amount of 348.5 billion denars or 96.1% of the annual plan and are 9.4% higher than the budget expenditures realized in 2023. Capital expenditures in 2024 were realized in the amount of 28.7 billion denars or 76.8% of the planned amount. For the implementation of the project for the construction of the highway sections of corridors 8 and 10-e, 4.1 billion denars were realized, i.e. the 2024 budget allocated for that project was fully realized. An additional 21.2 million denars were realized for municipal projects, as well as 165 million denars for projects to improve municipal services through MSIP with a loan from the International Bank for Reconstruction and Development (World Bank). Expenditures for goods and services were realized in the amount of 22.9 billion denars or 88% of the planned amount. Transfers to municipalities through block grants and VAT-based grants were realized in the amount of 30.9 billion denars and are higher by about 3.4 billion denars compared to the previous year, agricultural subsidies were realized in the amount of 9.2 billion denars and have been fully paid.

The Finance Ministry noted that budget deficit dropped according to the fiscal consolidation plan. 

Budget deficit under the budget revision was projected at 4.9% and 2024 recorded a 4.4% budget deficit of the GDP, down 2.5 billion denars. Public debt will also drop, most likely to be recorded at 62.2%. “The year starts with liquid and stable public finances,” the Finance Ministry concluded. 

MIA file photo