Serbia passes Bill on Budget for 2020

NEWS 02.11.2019 17:07
Source: Screenshot

The Serbian government has approved the Bill on the Budget of Serbia for 2020, which provides for a deficit of RSD 20.2 billion, or 0.3 percent of GDP, the Ministry of Finance announced.

The total revenues are estimated at RSD 1,314.5 billion and expenses at RSD 1,334.7 billion.

According to the Finance Minister, this budget ends the period of consolidation of public finances and enters the development period.

Finance Minister Sinisa Mali noted that the 2020 budget is developmental and that it further develops the economy, adding that next year’s projected economic growth stands at 4 percent.

„Speaking of this year’s economic growth, estimates for the third quarter are encouraging, standing at 4.7 percent, so we expect the economic growth to be above the projected 3.5 percent by the end of this year. Investing in education and innovation will enable Serbia to continue its high and sustainable economic growth. Serbia has shown that it can achieve high growth rates regardless of the slowdown in EU economies,“ Mali said.

Mali pointed out that a key feature of Serbia’s budgetary policy in 2020 is the even distribution of fiscal space to the improvement of living standards, increase of salaries and pensions by about 1.3 percent of the GDP, boosting growth through increased public investment, and tax relief.