July sees first budget surplus in 2014

July sees first budget surplus in 2014

BELGRADE -- Serbia had a budget deficit of RSD 109.8 billion in the first half of 2014, and July saw the first budget surplus this year, of RSD 6.9 billion.

It came "thanks to a strong budget performance when it comes to revenues and expenditures made," the Ministry of Finance said on Monday.

It added that the general government deficit amounted to RSD 118.9 billion, since it included expenditures through project loans that were not part of the budget, but were part of the general government balance.

Revenues amounted to RSD 85 billion, while expenditures amounted to RSD 78.1 billion, the release says, noting that the Finance Ministry’s report did not include revenues and expenditures made by indirect budget users.

Tax revenues were RSD 77.6 billion, while non-tax ones amounted to RSD 7.3 billion.

Budget expenditures in July were at their lowest since the beginning of the year, thanks mostly to the small amount of the interest paid in accordance with the debt repayment plan. The greatest part of the public expenditures fell on transfers to organizations of mandatory social security insurance (OOSO) and on payments of salaries.

The OOSO transfers amounted to EUR 22.5 billion, the greatest part falling on pensions. The payments of salaries to employees amounted to RSD 20.7 billion, said the Ministry of Finance.