North Macedonia’s government adopts 2021 state budget, sets deficit at 4.9% of GDP

By bne IntelliNews November 11, 2020

North Macedonia’s government has endorsed the state budget for 2021 setting the budget deficit at MKD34.8bn (€565.8mn) or 4.9% of the country’s GDP, PM Zoran Zaev said on November 11.

The government plans a budget deficit of 8.49% of GDP for this year. The budget for 2021 is aimed to support economic stability, the acceleration of GDP growth and long-term fiscal consolidation.

“In 2021 we expect economic recovery and growth of 4.1% in conditions of expected recovery of investments, consumption and external demand, especially given the GDP decline in 2020,” said presenting the budget, which was adopted on November 10.

The deficit will be financed by borrowing on the local and foreign market of which €275mn will be raised on the domestic market.

Budget revenues are projected at MKD212.6bn, 8.3% up from the plan for this year. Expenditures are planned at MKD247.5bn, down by 2%.

The government forecasts GDP growth of 4.1% in 2021.

Capital investments are planned at MKD23bn, which is 20% more than the plan for this year.

Finances for the health system, economy, capital investments, support for the judicial reform and EU accession will be a priority in the budget.

The budget will be sent to the parliament for approval.

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