30th March 2021, Skopje – Budget revenues collections is as projected, with revenues showing higher performance compared to the pre-crisis period last year. So-far good condition of the Budget is a result of the measures undertaken, as well as the trust of the business community. Government stimulus has cushioned the economic decline by twice last year which, according to the estimations of the Ministry of Finance, was mitigated by 3.9 p.p. and, should investment multiplier be taken into account, this effect is even greater, i.e. more than 4.2 p.p. according to the preliminary analyses made by the Ministry, Finance Minister, Fatmir Besimi, pointed out at Utrinski Brifing TV show.
– Budget revenues are collected as projected. As regards total revenues as of 26th March inclusive, their collection accounted for 21.6% of the projections, with expenditures and capital expenditures execution accounting for 22.1% and 15.5% respectively of the projections. Since the beginning of the year by 26th March, compared to the same period last year, tax revenues increased by 4.8% and revenues on the basis of contributions picked up by 3.5%, Besimi said.
Minister of Finance pointed out that such results are due to incentivizing the economic activity through the sets of anti-crisis measures on one hand, and the confidence of the business community on the other, which despite the crisis did not give up investing and refrained from mass layoffs.
– The business community has demonstrated confidence in the policies and the projections, did not give up investing and made no mass layoffs. As we can see, some of the companies have even generated profit in the course of 2020. Part of the economy was restructured, meaning that it was complemented with sectors that were expansionary during this period, such as the IT industry, pharmaceutical industry, production of machinery and equipment, showing growth. Private consumption also experienced restructuring. Increased consumption of food products, as well as durable consumer goods, was also registered, Besimi said.
He pointed out that the fifth set of measures envisages measures which not only support the business, but also stimulate the economic activity through investment support and increased number of employees. The measures are geared towards acceleration of the economic recovery, followed by acceleration of the economic growth later on.