Budget in Primary Surplus for the First Time in Croatia Since 2008

If the official figures are to be believed, it is all good economic news in Croatia. 

According to the Ministry of Finance, for the first time since 2008 the Croatian budget has achieved a primary surplus of 200 million kuna, which means that the revenues in the first eight months were higher than spending, if we do not take into account 7.2 billion kuna in interest payments. The Ministry expects that by the end of the year the total deficit will be about two billion kuna less than planned. Savings will be achieved in salaries, procurement and material costs. The tax collection is going better than planned, with the VAT bringing in 2.1 billion kuna more than last year, excises 500 million kuna and income tax 700 million kuna more. The funds received from the EU amount to 2.9 billion kuna, which is 800 million kuna more than in the whole of last year, but also not even close to seven billion kuna planned for 2015, reports Vecernji List on February 5, 2015.

In July, the growth in retail sales and industrial production has continued. “We have new important statistics and two largest growth rates recorded since the beginning of the crisis in 2008, which again confirms that Croatia is growing”, said deputy prime minister Branko Grčić. He stressed that the increase in production of capital goods is a good sign for the future investment activities.

“All these parameters determine the positive trend which we believe will continue in the third quarter”, said Grčić. Asked to comment on claims that the growth is weak and is largely due to the efforts of employers, he said that the growth is “definitely partly a result of entrepreneurs, who have invested and employed new workers, but also of the government’s measures”, like restructuring of companies, recovery of shipyards, investments in hotels, reduction of income tax, etc.

 

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