Albania’s 9-Month Budget Gap Widens to 58.4 bln Leks

Albania’s budget was in deficit of 58.4 billion leks ($552 million/471 million euro) in the nine months through September, compared to a deficit of 2.3 billion leks in the same period of last year, official figures show.
Consolidated budget revenue fell by 10.4% year-on-year to 307.8 billion leks in January-September, while expenditures increased by 6% to 366.3 billion leks, according to data published by the finance ministry as quoted by SeeNews.
Tax revenue decreased by an annual 10.6% to 289.2 billion leks, as value-added tax proceeds fell by 7.7% year-on-year to 92.9 billion leks.
In July, the government decided to revise its forecast for Albania’s 2020 gross domestic product (GDP) to 4.3% contraction from 4.1% growth originally projected in the budget law, due to the adverse impact of the coronavirus pandemic on the economy.
Budget deficit in 2020 is now projected at 133 billion leks equivalent to 8.4% of GDP, up from 29.3 billion leks, or 1.6% of GDP forecast in the budget bill adopted by the parliament in December 2019.