VUCIC: Surplus since the beginning of the year RSD 22 billion, public debt EUR 24.36 billion

In the first seven months of 2016, Serbia made a surplus of RSD 22 billion, around EUR 170 million, and the state of the public debt is much better, which is why there is no need for additional indebtedness, stated Prime Minister Aleksandar Vucic.

Vucic said that the deficit planned with the International Monetary Fund (IMF) had been around RSD 73 billion, and that the result was better by around EUR 800 million, that is, that the income had increased and that the expenditure had decreased.

He added that the tax revenue was higher by RSD 18.7 billion on average and that it had mostly come from excise taxes and customs revenue, not short-term revenue, which was not expected until later.

– I expect the increase of the surplus in August as well and for the surplus to be RSD 25 billion at the end of that month. Then it remains to be seen what the results for the final third will be, but they will be better than what we planned with the IMF and at the National Assembly – Vucic said.

According to him, a growth of GDP by 2.7% was made in the first six months of 2016. He also added that the growth of GDP could have been bigger than 3% if there hadn't been problems in the energy sector.

While talking about the state of the public debt, Vucic said that it had been planned for its share in GDP to reach 79% before March, but that it hadn't happened due to both the growth of GDP and the surplus.

He said that the public debt of Serbia at the end of July amounted to EUR 24.36 billion, which was 72.4% of GDP, and added that it was slightly larger due to a higher number of project loans for the road infrastructure.

The prime minister counted among the good results an increase in salaries by 3.9% when observed month by month, from June to July 2016. He went on to say that it was the result of a good performance by the processing industry and emphasized the results of the private sector.

These and other sectors are expected to grow even further, Vucic added and emphasized that it was expected for salaries and pensions to start growing starting with the next year.

Vlada Republike Srbije

Međunarodni monetarni fond-MMF Beograd

Aleksandar Vucic

budget surplus

public debt of Serbia

International Monetary Fund

IMF

tax revenue

GDP of Serbia