The budget deficit of Serbia in the first four months of the current year is RSD 114 billion, as the revenues were RSD 379.8 billion and expenditures RSD 493.8 billion, the Ministry of Finance announced today. "Accessed Oct. 8, 2020. The deficit of the state budget of Serbia in 2020 is RSD 459.1 billion, amounting to 8.3% of the gross domestic product (GDP), according to the Report on Macroeconomic and Fiscal Data of the Ministry of Finance. Serbia’s current account deficit in 2010 was one of the largest in the sample (only Albania and Montenegro had a greater deficit) and in 2008 amounted to more ... economic cycles, budget deficits and current accounts move in different directions. GENERAL PROVISIONS Content and Scope of the Law Article 1 This Law shall regulate the planning, preparation and enacting of the budget the Republic of Serbia (hereinafter: the Republic), and the budgets of the territorial autonomies and local self- In April, the deficit was RSD 67.1 billion, with the income of … According to International Monetary Fund (IMF) estimates, the budget deficit in 2020 will reach 8.6 per cent of GDP. The economy of Serbia is a service-based upper middle income economy with the tertiary sector accounting for two-thirds of total gross domestic product (GDP) and functions on the principles of the free market.Nominal GDP in 2021 is projected to reach $58.333 billion, which is $8,506 per capita, while GDP based on purchasing power parity (PPP) stood at $140.878 billion, which is $20,392 per capita. Committee for a Responsible Budget. The fiscal deficit is the result of high public spending and the disharmonious relationship between real wage growth and gross domestic product. Public debt had more than doubled between 2008 and 2015. 9, 26 February 2002/ I. The IMF expects public debt to rise above 60 per cent of GDP this year. The list is mainly based on CIA World Factbook for the year 2016 and 2019. This development was supported by sharper expenditures enlargement (+8.0% yoy) while fairly small revenue increase (+5.1% yoy), delivering public debt/GDP… Serbia reduced its budget deficit to 1.7% of GDP and its public debt to 71% of GDP in 2017. This is by far the highest fiscal deficit Serbia has ever recorded, exceeding the previous record-breaking deficits of 2012 and 2014 by about 40%. The figure, however, included revenues from the sale of a mobile license and the IMF estimates that without the one-off windfall Serbia had a budget deficit of 1.6 percent of GDP. The effects of the budget deficit Belgrade _ Serbia recorded a budget deficit of 17.5 billion dinars (€206 million) between January and October, the Finance Ministry said. BUDGET SYSTEM LAW /”Official Gazette of the Republic of Serbia” No. macroeconomic imbalance in the Republic of Serbia is largely conditioned by an increasing share of fiscal deficit in GDP. Supplementary budget envisages a record-breaking national budget deficit of 483 bn dinars (8.8% of GDP), while the general government deficit is planned at 492 bn dinars (8.9% of GDP). The Chinese, Brazilian, Indian, and United States government budgets are the figures reported by the International Monetary Fund.. And Minister Sinisa Mali said on several occasions that the debt will not exceed that threshold. "Updated Budget Projections Show Fiscal Toll of COVID-19 Pandemic. Serbia budget deficit was at level of -19.46 national currency, billions in 2020, up from -19.16 national currency, billions previous year, this is a change of 1.56%. The result is better than planned by RSD 24 billion, that is, by 0.5% of the GDP, as announced on the ministry’s web page. Illustration about Serbian national debt or budget deficit, financial crisis concept, 3D. Serbia is currently running a budget deficit equal to more than 7 per cent of GDP. The state budget deficit at the end of February this year amounted to RSD600m, as revenue totaled 204.7bn and expenditures 205.3bn, the Ministry of Finance said on April 6. Congressional Budget Office. The White House. Serbia reduced its budget deficit to 1.7% of GDP and its public debt to 71% of GDP in 2017. Revenues were realized in the amount of 579.1 billion dinars, and expenditures in the amount of 883.9 billion dinars, as it is published on the website of the Ministry of Finance. SERBIA-BUDGET/:Serbia's parliament adopts 2021 budget, sees growth at 6% Balance of Trade in Serbia averaged -551.36 USD Million from 2001 until 2020, reaching an all time high of -161 USD Million in August of 2001 and a record low of -1364 USD Million in July of 2008. Bloomberg | Quint is a multiplatform, Indian business and financial news company. To finance it, Serbia raised €2 billion through a seven-year Eurobond issuance in May 2020 and stepped up domestic borrowing. Value & Rank The Budget surplus (+) or deficit (-) of Serbia is -7.60 (% of GDP) with a global rank of 176. Budget deficit - local government of Serbia increased from -21.05 domestic currency in 2010 to -5.98 domestic currency in 2019 growing at an average annual rate of 45.10%. Dinkic said that the situation regarding the budget was a lot worse than he had expected it to be. Serbia is slowly implementing structural economic reforms needed to ensure the country's long-term prosperity. Bloomberg the Company & Its Products The Quint. In February, the budget deficit added up to RSD12.8bn. 2. Earlier, Serbia had agreed to a 3 per cent ceiling. In the first half of this year, the budget deficit of Serbia amounted to 304.8 billion dinars. Definition: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. The budget deficit is shortage of the revenues in relation to the expenditures of state or local authorities. Serbia’s fiscal deficit was 6.99 billion dinars ($84 million) in January as spending remained in line with the budget plan and revenue bolstered by higher proceeds from sales tax and excise duty. According to the annual plan of general state budget execution, a RSD20.6bn fiscal deficit was planned for the first two months. Serbia’s Budget Gap May Come in at Half of Government’s Plan. Public debt had more than doubled between 2008 and 2015. Revenues were generated in the amount of 1,139.5 billion dinars, and expenditures amounted to 1,514.2 billion dinars, it is stated on the website of the Ministry of Finance. “A Budget For A Better America: Fiscal Year 2020,” Page 138. The IMF wants Serbia to slash next year’s budget deficit to 10 billion dinars ($164.25 million), or about 1 percent of gross […] The state budget deficit at the end of February this year amounted to RSD600m, as revenue totaled 204.7bn and expenditures 205.3bn, the Ministry of Finance said on April 6. Serbia will start cutting its budget deficit this month, after the Cabinet adopts measures to save an equivalent to one percentage point of gross domestic product. Serbia recorded a trade deficit of 683.20 USD Million in December of 2020. At the end of January, the public debt equaled 48.9% of GDP. The Analysis of the Budget Deficit in the Selected World’s Countries . "Accessed Oct. 8, 2020. Serbia's concerns about inflation and exchange-rate stability preclude the use of expansionary monetary policy. The fiscal deficit of 7.6 percent of GDP this year is expected to narrow to 2.1 percent in 2021 and to 0.5 percent in 2022. Serbia’s public debt at the end of February totaled RSD24.36bn or 49.1% of this year’s planned GDP. In June 2020 the debt stood at 58.1 per cent of In the period January-November 2020, the state budget deficit in the amount of 374.8 billion dinars was realized in Serbia, the Ministry of Finance stated today. (ANSAmed) - BELGRADE, AUGUST 2 - Serbia's current budget deficit amounts approximately to EUR 2.2 billion and it is one of the greatest deficits so far, Minister of Finance and Economy Mladjan Dinkic said.