TIRANA (Albania), April 17 (SeeNews) – Albania's budget was in deficit of 2.2 billion leks ($18.9 million/17.4 million euro) in the first quarter of 2020, compared to a surplus of 3.6 billion leks in the comparable year-ago period, official figures show.
Consolidated budget revenue fell 3.9% year-on-year to 104.0 billion leks in the first quarter, while expenditures increased 1.5% to 106.2 billion leks, according to data published by the finance ministry.
Tax revenue decreased 4.5% to 97.0 billion leks, with value-added tax proceeds falling 1.6% year-on-year to 31.9 billion leks.
Last month, Albania’s government decided to cut its 2020 gross domestic product (GDP) growth forecast to 2.0% from 4.1% originally projected in the budget law due to the adverse impact of the coronavirus disease on the economy.
Budget deficit in 2020 is now projected at 68.7 billion leks equivalent to 3.9% of GDP, up from 29.3 billion leks, or 1.6% of GDP forecast in the budget adopted by the parliament in December.
(1 euro = 124.300 leks)