Friday, April 3, 2020

Albania’s Jan-Feb budget surplus trebles

Albania’s Jan-Feb budget surplus trebles
Author Klaudjo Jonuzaj

PublishedApr 03, 2020 16:44 EEST

TIRANA (Albania), April 3 (SeeNews) – Albania recorded a budget surplus of 3.9 billion leks ($33.0 million/30.3 million euro) in the first two months of 2020, compared to 1.3 billion leks surplus in the same period a year earlier, the finance ministry said.

Consolidated budget revenue rose 2.8% year-on-year to 70.8 billion leks, while expenditures decreased 1.1% to 66.9 billion leks in January-February, according to data published on the website of the finance ministry.

Tax revenue increased 3.7% to 67 billion leks, while value-added tax (VAT) proceeds rose 6.4% to 23 billion leks.

Last month, Albania’s government decided to cut its 2020 gross domestic product (GDP) growth forecast to 2.0% from 4.1% originally projected in the budget law due to the adverse impact of the coronavirus disease on the economy, the finance ministry said.

Budget deficit in 2020 is now projected at 68.7 billion leks equivalent to 3.9% of GDP, up from 29.3 billion leks, or 1.6% of GDP forecast in the budget adopted by the parliament in December.

(1 euro = 126.683 leks)

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