2013 Budget Law adopted - Deficit projected at RSD 121.9 billion

Serbian lawmakers adopted the 2013 Budget Law on Saturday, which envisages the deficit of RSD 121.9 billion or 3.3% of gross domestic product (GDP).

The budget was voted for by 138 MPs from the ruling coalition, while 69 MPs from opposition parties were against it.

The government set the 2013 consolidated deficit target, which includes financial statements of local communities and state funds, at 3.6 percent. It also set revenues at 956.4 billion dinars and spending at 1,078 billion dinars.

According to the budget adopted, the economic and fiscal policy in 2013 will focus on macroeconomic stability, accelerating economic growth and slowing down the fall in employment, reducing the fiscal deficit and decelerating the growth of public debt, as well as structural reforms.

It is projected that the rate of real GDP growth in Serbia in 2013 will amount to 2%, while the inflation rate is projected at 5.5%.

Projected tax revenues amount to RSD 837.1 billion, non-tax revenues and earnings stand at RSD 103.3 billion, whereas the rest of the revenues is expected to come from donations totalling RSD 1.2 billion.

MPs will continue their work on December 3rd with a unified discussion on several bills, including the Bill on Public Companies.