http://www.mfin.sr.gov.yu Ministry of Finance, Republic of Serbia RSS feed 21.08.2008. Copyright 2008, Ministarstvo finansija Republike Srbije http://www.mfin.sr.gov.yu/images/mfin-logo.gif http://www.mfin.sr.gov.yu 133 100 http://www.mfin.sr.gov.yu/eng/2430/ Thu, 21 Aug 2008 07:13:11 +0200 Public Debt of the Republic of Serbia in the period 2000 - June 2008 in milions of EUR   31.12.2000. 31.12.2001. 31.12.2002. 31.12.2003. 31.12.2004. 31.12.2005. 31.12.2006. 31.12.2007. 30.06.2008. Internal Debt 4,108.0 3,870.5 4,151.9 4,239.6 4,064.5 4,255.5 3,837.0 3,413.3 3,249.0 External Debt 10,059.0 9,561.1 7,230.2 6,563.6 5,266.9 5,364.1 4,745.5 4,615.8 4,515.8 A.Direct liabilities - total 14,167.1 13,431.7 11,382.0 10,803.2 9,331.4 9,619.6 8,582.6 8,029.1 7,764.8   B. Contingent liabilities 0.0 2.2 147.2 220.0 344.4 663.1 769.5 846.2 858.8   Total public debt А+B 14,167.1 13,433.9 11,529.2 11,023.2 9,675.8 10,282.7 9,352.1 8,875.3 8,623.6 Public Debt / GDP 169.3 102.2 69.5 64.3 53.3 50.2 36.2 29.4 25.3   www.mfin.sr.gov.yu/eng/2430 http://www.mfin.sr.gov.yu/eng/2427/ Thu, 21 Aug 2008 07:13:11 +0200 Revenues and expenditures of the Republic budget, Јan - Jul 20081 Revenues and expenditures January  February March April May June July Total I REVENUES 54,265.8 47,488.9 56,926.3 56,938.0 49,128.6 54,568.5 60,815.4 380,131.5 1. Tax revenues 46,865.1 42,891.7 50,628.2 51,061.4 44,957.5 49,794.3 56,205.2 342,403.4 Personal income tax 4,922.3 5,432.3 5,534.1 6,340.8 6,166.5 6,435.8 6,563.2 41,395.0 Corporate income tax 2,079.1 2,379.9 8,997.2 2,350.5 2,233.5 2,593.7 2,336.3 22,970.2 Value added tax / Retail sales tax 28,151.2 22,438.0 22,582.1 27,811.0 24,211.1 24,952.7 31,157.6 181,303.6 Excises 7,842.3 6,943.0 7,027.0 7,976.5 6,411.0 9,767.8 9,288.6 55,256.2 Customs 3,477.2 5,283.1 6,025.2 6,092.4 5,403.7 5,452.8 6,210.9 37,945.3 Other tax revenues 393.0 415.4 462.6 490.2 531.7 591.5 648.6 3,533.1 2. Non-tax revenues 7,400.7 4,597.2 6,298.1 5,876.6 4,171.1 4,774.2 4,610.2 37,728.1   II EXPENDITURES 50,810.4 50,692.9 57,906.3 64,289.2 58,082.9 56,830.2 52,306.3 390,918.1 1. Current expenditures 48,261.3 45,621.0 51,891.6 56,155.8 52,950.4 50,214.3 48,955.6 354,050.0 Expenditures for employees 15,508.4 14,017.2 13,859.5 16,143.6 15,188.0 14,671.5 14,694.7 104,082.9 Purchase of goods and services 1,918.9 3,568.1 4,174.9 3,847.9 4,214.4 4,683.3 4,243.6 26,651.1 Interest payment 37.0 236.1 4,775.8 1,697.4 252.1 336.0 626.3 7,960.7 Subsidies 1,960.1 3,102.8 2,849.4 4,949.2 6,205.7 3,095.4 2,687.2 24,849.7 Grants to international organizations 0.0 42.5 20.0 14.8 41.6 26.8 4.4 150.1 Transfers to other levels of government 5,403.2 5,626.7 5,043.8 6,527.0 5,687.6 5,801.8 5,683.9 39,773.9 Transfers to SSO 10,755.9 12,676.2 15,025.2 15,506.9 13,870.4 14,042.9 14,377.7 96,255.3 Social assistance 12,328.7 5,560.3 5,388.6 6,817.0 6,340.6 6,328.6 6,026.5 48,790.4 Other current expenditures 349.2 791.1 754.4 652.1 1,150.0 1,227.9 611.3 5,535.9 2. Capital expenditures 268.6 2,190.5 4,342.0 7,895.5 4,181.7 2,881.3 2,779.0 24,538.6 Capital expenditures 266.4 1,652.4 979.6 1,944.2 1,267.7 1,734.9 1,443.9 9,289.2 National investment plan 2.2 538.1 3,362.4 5,951.3 2,914.0 1,146.3 1,335.1 15,249.4 3. Net lending 2,280.4 2,881.4 1,672.7 237.8 950.8 3,734.6 571.7 12,329.5   III BUDGET SURPLUS / DEFICIT (I-II) 3,455.5 -3,204.0 -980.0 -7,351.2 -8,954.3 -2,261.7 8,509.1 -10,786.6 IV BUDGET SURPLUS / DEFICIT2  12,698.7 922.9 301.8 -7,089.9 -8,142.3 2,620.4 8,819.2 10,130.8 Financing IV BORROWING, PRIVATIZATION AND GRANTS 5,758.9 -1,119.3 2,408.5 -365.7 953.7 1,345.6 1,337.4 10,319.0 Domestic borrowing 150.6 1,047.9 0.0 0.0 0.0 0.0 0.0 1,198.5 Foreign borrowing 0.0 74.9 107.4 92.1 57.3 109.8 17.7 459.2 Privatization proceeds 5,588.3 -2,271.4 2,207.7 -621.6 848.0 1,111.9 1,262.9 8,125.8 Grants 19.9 29.3 93.4 163.9 48.4 123.8 56.7 535.5   V OTHER EXPENSES 978.8 5,159.6 2,803.2 585.1 10,348.3 7,007.3 1,902.4 28,784.8 Debt repayment to domestic creditors 978.8 1,749.5 1,549.5 335.7 9,971.4 5,562.4 1,849.5 21,996.9 Debt repayment to foreign creditors 0.0 160.1 1,135.4 0.0 89.9 146.6 0.0 1,532.1 Debt repayment on contingent liabilities 0.0 0.0 0.0 210.7 286.9 1,272.8 52.9 1,823.3 Purchase of financial assets 0.0 3,250.0 118.3 38.8 0.0 25.4 0.0 3,432.5 1 MMF methodology 2 defined by 2008 Budget law www.mfin.sr.gov.yu/eng/2427 http://www.mfin.sr.gov.yu/eng/2423/ Thu, 21 Aug 2008 07:13:11 +0200 Consolidated General Government Revenues and Expenditures (bln of dinars) 1   2005 2006 2007 2008 I-VI Total Revenues 721.7 865.8 1,007.8 548.4 Current Revenues 713.7 855.5 996.0 542.6 Tax Revenues 637.9 756.0 870.3 482.2 Personal Income Tax 94.3 118.6 115.8 63.8 Corporate Income tax 10.3 18.3 29.7 23.1 Sales Tax / Value Added Tax 215.9 225.1 265.5 150.1 Excises 71.3 86.9 98.6 50.3 Customs 39.0 45.4 57.4 31.7 Other Tax Revenues 24.2 30.3 32.8 17.4 Social Security Contributions 183.0 231.4 270.6 145.7 Non - tax Revenues 75.8 99.6 125.7 60.4 Capital Revenues 7.9 10.3 11.7 5.8   Total Expenditures 706.8 899.3 1,053.0 567.5 Current Expenditures 653.2 807.0 921.2 518.2 Expenditures on Employees 170.0 204.4 238.3 135.6 Goods and Services 107.2 135.9 168.2 86.5 Interest Payment 17.7 30.2 17.9 8.9 Subsidies 54.9 55.6 63.7 35.5 Social Assistance and transfers 285.7 360.4 409.3 240.4 of which pensions 186.1 227.7 259.9 156.3 Other Current Expenditures 17.8 20.5 23.9 11.4 Capital Expenditures 45.9 81.3 116.4 36.6 Net lending 7.8 10.9 15.3 12.7   Budget Deficit / Surplus 14.8 -33.5 -45.2 -19.1 1 MMF methodology www.mfin.sr.gov.yu/eng/2423 http://www.mfin.sr.gov.yu/eng/2419/ Thu, 21 Aug 2008 07:13:11 +0200 Republic Government Revenues and Expenditures (bln of dinars)1   2005 2006 2007 2008 I-VII Total Revenues 444.2 492.9 578.7 380.1 Tax Revenues 390.2 437.1 511.3 342.4 Personal Income Tax 50.6 63.6 62.7 41.4 Corporate Income tax 9.4 16.9 27.2 23.0 Sales Tax / Value Added Tax 215.9 225.1 265.5 181.3 Excises 71.3 81.6 93.2 55.3 Customs 39.0 45.4 57.4 37.9 Other Tax Revenues 4.0 4.4 5.2 3.5 Non - tax Revenues 54.0 55.8 67.4 37.7   Total Expenditures 438.8 529.7 617.4 390.9 Current Expenditures 405.4 478.4 538.5 354.1 Expenditures on Employees 88.6 121.3 152.7 104.1 Goods and Services 33.2 36.2 46.2 26.7 Interest Payment 17.2 19.3 14.8 8.0 Subsidies 29.1 31.8 36.3 24.8 Grants and Transfers 184.3 184.4 184.8 125.4 Social Assistance 47.1 77.2 92.6 59.6 Other Current Expenditure 6.0 8.3 11.1 5.5 Capital Expenditures 28.0 40.6 65.9 24.5 of which NIP expenditures ... 9.1 39.3 15.2 Net lending 5.3 10.7 13.0 12.3   Budget Deficit / Surplus 5.4 -36.8 -38.7 -10.8 Budget Deficit / Surplus2 26.9 30.3 12.9 10.1 1 MMF methodology 2 defined by 2008 Budget law www.mfin.sr.gov.yu/eng/2419 http://www.mfin.sr.gov.yu/eng/2411/ Thu, 21 Aug 2008 07:13:11 +0200 Basic macroeconomic and fiscal indicators previous year = 100   2001 2002 2003 2004 2005 2006 2007 2008 Gross domestic product, current prices, in billion dinars 783.9 1,020.1 1,171.6 1,431.3 1.747,5 2.042,01 2.393,02 - Gross domestic product, in millions EUR3 13,113.0 16,811.4 18,010.2 19,723.5 21.077,2 24.254,81 29.920,0 - Gross domestic product, per capita, EUR3 1,748.4 2,241.5 2,401.4 2.642,8 2.832,7 3.272,61 3.971,0 - Gross domestic product, real growth, in % 4.8 4.2 2.5 8,4 6,2 5,71 7,52 8,24   Retail prices and consumer prices, growth rates               I-VII Retail prices, end of period 40.7 14.8 7.8 13.7 17.7 6.6 10.1 6.2 Consumer prices, period average 93.3 16.6 9.9 11.4 16,2 11,7 7.0 14.7   Foreign trade, in million EUR5,6               I-VI Export of goods 1,922.2 2,870.4 2,441.0 2,831.6 3,608.3 5,102.5 6,432.2 3,647.9 European Union 892.4 960.7 1,202.3 1,456.5 2,117.6 2,942.9 3,602.7 2,004.4 Import of goods 4,759.2 5,956.6 6,585.5 8,623.3 8,439.2 10,462.6 13,506.8 7,784.5 Capital goods7 - - 1,779.4 2,495.3 1,971.6 2,429.8 3,495.9 1,991.6 Intermediate goods7 - - 2,251.9 2,830.6 3,027.6 3,781.4 4,892.1 2,658.5 Foreign trade deficit -2,837.0 -3,754.7 -4,144.3 -5,791.7 -4,831.0 -5,360.1 -7,074.5 -4,136.6                 I-V Current account deficit (excluding donations) -976.9 -1,842.7 -1,674.8 -2,606.4 -2,050.0 -3,346.9 -5,227.7 -2,461.7 Current account deficit (excluding donations), as % of GDP -7.4 -11.0 -9.3 -13.7 -9.7 -13.8 -17.5 17,3 Balance of payments, total 559.9 981.1 813.5 360.2 1,627.6 4,316.1 891.8 -364,6 Foreign direct investments, net, in million EUR 184.0 502.2 1,205.7 776.6 1,244.6 3,398.7 1,601.6 984,3   Monetary and Foreign Exchange Indicators, end of period               VI Dinar reserve money, in million dinars 41,448 69,323 69,996 76,969 94,220 143,407 169,064 182,039 Money supply М3, in million dinars 125,415 191,491 245,062 323,465 459,650 638,505 903,698 947,205 Dinar loans disbursed to: 75,187 97,589 141,498 231,866 394,118 521,770 759,457 868.6308 Economic organizations 68,377 77,845 109,047 161,776 255,965 306,918 439,937 506.0838 Households 5,277 16,139 29,333 66,354 131,845 205,146 305,665 345.6498 Foreign currency reserves of NBS, in million EUR 1,320 2,175 2,840 3,117 4,935 9,025 9,641 9,108 Value of USD against dinar 67.67 58.98 54.64 57.94 72.22 59.98 53.73 50.01 Value of EUR against dinar 59.71 61.52 68.31 78.89 85.50 79.00 79.24 78.98 Citizen savings, million EUR, end of period 329.8 796.1 1,086.7 1,461.1 2,274.3 3,413.1 5,028.5 5,547.4   Employment, wages and pension benefits               VI Employment level, average (thousands) 2,102 2,067 2,040 2,051 2,069 2,026 2,002 1,998 Unemployment level, end of period (thousands)         896 916 785 756 Unemployment rate, ILO definition       19.5 21.8 21.6 18.8 - Net wages, period average, in dinars 6,078 9,208 11,500 14,108 17,443 21,707 27,759 31,226 - real growth rates 16.5 29.9 13.6 10.1 6.4 11.4 19.5 4.3 Pension benefits, period average, in dinars 4,107 6,546 7,844 9,244 11,484 14,041 14,996 17,901 - real growth rates 18.4 36.7 9.0 5.7 6.9 9.5 5.8 4.0 Source: RSO, NBS, NEA and EPF 1 Preliminary results. 2 MFO estimation. 3 For precalculations was used average yearly exhcange rate RSD/EUR, NBS. 4 January-March. .5 Data for foreign trade with Montenegro included in 2006 6 For precalculations from USD to EUR for 2001. and 2002. was used average relation of USD to EUR for those years, as for balance of payments from 2001. to 2008. 7 New classification in order from 2004. 8. End of may 2008.  www.mfin.sr.gov.yu/eng/2411 http://www.mfin.sr.gov.yu/eng/2394/ Thu, 21 Aug 2008 07:13:11 +0200 Revenues and expenditures of the Republic budget, Јan - Jul 20081 in mil. dinars Revenues and expenditures January February March April May June July Total I  REVENUES 54,265.8 47,488.9 56,926.3 56,938.0 49,128.6 54,568.5 60,815.4 380,131.5 1. Tax revenues 46,865.1 42,891.7 50,628.2 51,061.4 44,957.5 49,794.3 56,205.2 342,403.4 Personal income tax 4,922.3 5,432.3 5,534.1 6,340.8 6,166.5 6,435.8 6,563.2 41,395.0 Corporate income tax 2,079.1 2,379.9 8,997.2 2,350.5 2,233.5 2,593.7 2,336.3 22,970.2 Value added tax / Retail sales tax 28,151.2 22,438.0 22,582.1 27,811.0 24,211.1 24,952.7 31,157.6 181,303.6 Excises 7,842.3 6,943.0 7,027.0 7,976.5 6,411.0 9,767.8 9,288.6 55,256.2 Customs 3,477.2 5,283.1 6,025.2 6,092.4 5,403.7 5,452.8 6,210.9 37,945.3 Other tax revenues 393.0 415.4 462.6 490.2 531.7 591.5 648.6 3,533.1 2. Non-tax revenues 7,400.7 4,597.2 6,298.1 5,876.6 4,171.1 4,774.2 4,610.2 37,728.1                   II  EXPENDITURES 50,810.4 50,692.9 57,906.3 64,289.2 58,082.9 56,830.2 52,306.3 390,918.1 1. Current expenditures 48,261.3 45,621.0 51,891.6 56,155.8 52,950.4 50,214.3 48,955.6 354,050.0 Expenditures for employees 15,508.4 14,017.2 13,859.5 16,143.6 15,188.0 14,671.5 14,694.7 104,082.9 Purchase of goods and services 1,918.9 3,568.1 4,174.9 3,847.9 4,214.4 4,683.3 4,243.6 26,651.1 Interest payment 37.0 236.1 4,775.8 1,697.4 252.1 336.0 626.3 7,960.7 Subsidies 1,960.1 3,102.8 2,849.4 4,949.2 6,205.7 3,095.4 2,687.2 24,849.7 Grants to international organizations 0.0 42.5 20.0 14.8 41.6 26.8 4.4 150.1 Transfers to other levels of government 5,403.2 5,626.7 5,043.8 6,527.0 5,687.6 5,801.8 5,683.9 39,773.9 Transfers to SSO 10,755.9 12,676.2 15,025.2 15,506.9 13,870.4 14,042.9 14,377.7 96,255.3 Social assistance  12,328.7 5,560.3 5,388.6 6,817.0 6,340.6 6,328.6 6,026.5 48,790.4 Other current expenditures 349.2 791.1 754.4 652.1 1,150.0 1,227.9 611.3 5,535.9 2. Capital expenditures 268.6 2,190.5 4,342.0 7,895.5 4,181.7 2,881.3 2,779.0 24,538.6 Capital expenditures 266.4 1,652.4 979.6 1,944.2 1,267.7 1,734.9 1,443.9 9,289.2 National investment plan 2.2 538.1 3,362.4 5,951.3 2,914.0 1,146.3 1,335.1 15,249.4 3. Net lending 2,280.4 2,881.4 1,672.7 237.8 950.8 3,734.6 571.7 12,329.5                   III  BUDGET SURPLUS / DEFICIT  (I-II) 3,455.5 -3,204.0 -980.0 -7,351.2 -8,954.3 -2,261.7 8,509.1 -10,786.6 IV  BUDGET SURPLUS / DEFICIT2 12,698.7 922.9 301.8 -7,089.9 -8,142.3 2,620.4 8,819.2 10,130.8 Financing                 IV BORROWING, PRIVATIZATION AND GRANTS 5,758.9 -1,119.3 2,408.5 -365.7 953.7 1,345.6 1,337.4 10,319.0 Domestic borrowing 150.6 1,047.9 0.0 0.0 0.0 0.0 0.0 1,198.5 Foreign borrowing 0.0 74.9 107.4 92.1 57.3 109.8 17.7 459.2 Privatization proceeds 5,588.3 -2,271.4 2,207.7 -621.6 848.0 1,111.9 1,262.9 8,125.8 Grants 19.9 29.3 93.4 163.9 48.4 123.8 56.7 535.5                   V OTHER EXPENSES 978.8 5,159.6 2,803.2 585.1 10,348.3 7,007.3 1,902.4 28,784.8 Debt repayment to domestic creditors 978.8 1,749.5 1,549.5 335.7 9,971.4 5,562.4 1,849.5 21,996.9 Debt repayment to foreign creditors 0.0 160.1 1,135.4 0.0 89.9 146.6 0.0 1,532.1 Debt repayment on contingent liabilities 0.0 0.0 0.0 210.7 286.9 1,272.8 52.9 1,823.3 Purchase of financial assets 0.0 3,250.0 118.3 38.8 0.0 25.4 0.0 3,432.5                   1 MMF methodology 2 defined by 2008 Budget law www.mfin.sr.gov.yu/eng/2394 http://www.mfin.sr.gov.yu/eng/2378/ Thu, 21 Aug 2008 07:13:11 +0200 Consolidated General Government Revenues and Expenditures (bln of dinars) 1   2005 2006 2007 2008 I-V   Total Revenues 721,7 865,8 1,007,8 548,4 Current Revenues 713,7 855,5 996,0 542,6 Tax Revenues 637,9 756,0 870,3 482,2 Personal Income Tax 94,3 118,6 115,8 63,8 Corporate Income tax 10,3 18,3 29,7 23,1 Sales Tax / Value Added Tax 215,9 225,1 265,5 150,1 Excises 71,3 86,9 98,6 50,3 Customs 39,0 45,4 57,4 31,7 Other Tax Revenues 24,2 30,3 32,8 17,4 Social Security Contributions 183,0 231,4 270,6 145,7 Non - tax Revenues 75,8 99,6 125,7 60,4 Capital Revenues 7,9 10,3 11,7 5,8   Total Expenditures 706,8 899,3 1,053,0 567,5 Current Expenditures 653,2 807,0 921,2 518,2 Expenditures on Employees 170,0 204,4 238,3 135,6 Goods and Services 107,2 135,9 168,2 86,5 Interest Payment 17,7 30,2 17,9 8,9 Subsidies 54,9 55,6 63,7 35,5 Social Assistance and transfers 285,7 360,4 409,3 240,4 of which pensions 186,1 227,7 259,9 156,3 Other Current Expenditures 17,8 20,5 23,9 11,4 Capital Expenditures 45,9 81,3 116,4 36,6 Net lending 7,8 10,9 15,3 12,7   Budget Deficit / Surplus 14,8 -33,5 -45,2 -19,1 1 MMF methodology www.mfin.sr.gov.yu/eng/2378 http://www.mfin.sr.gov.yu/eng/2372/ Thu, 21 Aug 2008 07:13:11 +0200 Republic Government Revenues and Expenditures (bln of dinars)   2005 2006 2007 2008 I-VI   Total Revenues 444,2 492,9 578,7 380,1 Tax Revenues 390,2 437,1 511,3 342,4 Personal Income Tax 50,6 63,6 62,7 41,4 Corporate Income tax 9,4 16,9 27,2 23,0 Sales Tax / Value Added Tax 215,9 225,1 265,5 181,3 Excises 71,3 81,6 93,2 55,3 Customs 39,0 45,4 57,4 37,9 Other Tax Revenues 4,0 4,4 5,2 3,5 Non - tax Revenues 54,0 55,8 67,4 37,7   Total Expenditures 438,8 529,7 617,4 390,9 Current Expenditures 405,4 478,4 538,5 354,1 Expenditures on Employees 88,6 121,3 152,7 104,1 Goods and Services 33,2 36,2 46,2 26,7 Interest Payment 17,2 19,3 14,8 8,0 Subsidies 29,1 31,8 36,3 24,8 Grants and Transfers 184,3 184,4 184,8 125,4 Social Assistance 47,1 77,2 92,6 59,6 Other Current Expenditure 6,0 8,3 11,1 5,5 Capital Expenditures 28,0 40,6 65,9 24,5 of which NIP expenditures 0,0 9,1 39,3 15,2 Net lending 5,3 10,7 13,0 12,3   Budget Deficit / Surplus 5,4 -36,8 -38,7 -10,8 Budget Deficit / Surplus2 26,9 30,3 12,9 10,1 1 MMF methodology 2 defined by 2008 Budget law www.mfin.sr.gov.yu/eng/2372 http://www.mfin.sr.gov.yu/eng/2354/ Thu, 21 Aug 2008 07:13:11 +0200 If September pensions were to see extraordinary increase of 10 percents, and seven percents in October based on regular indexation policy, the total pensions’ nominal growth in this year would reach round 40 percents, while their real growth, aligned with this year’s inflation of some 12 percents, would be 28 percents. In no country is possible, that with production growth levels of 7-8 percents, incomes of 1.6 million population, in this case the pensioners, have real growth of 28 percents without that causing significant inflator pressures, said for Politika daily Minister of Finance Diana Dragutinović, PhD. The Minister is in favor of differentiated pensions’ increase which would reduce the gap between minimal and maximal pensions, i.e. pro increase of the minimal pensions only. However, she is against Regulation that would, according to the Prime Minister’s announcements, secure extraordinary pensions’ increase as of September because the Law regulating pensions issue is in force. Download complete document:  Diana Dragutinovic, Interview for Politika daily, July 31,2008 www.mfin.sr.gov.yu/eng/2354 http://www.mfin.sr.gov.yu/eng/2336/ Thu, 21 Aug 2008 07:13:11 +0200 www.mfin.sr.gov.yu/eng/2336