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Belgrade, April 2011
MINISTRY OF FINANCE
BULLETINPUBLIC FINANCE
February 2011
Founder and publisherMinistry of Finance, Republic of Serbia
Belgrade, 20 Kneza Milosa St.www.mfin.gov.rsISSN 1452-0028
For the publisherJelena Rančić
Assistant Minister of [email protected]
EditorialJelena Rančić, Marinko Bošnjak,Ljubica Matić, Snežana Jovičić,
Vladimir Malbašić, Radovan Medić, Ognjen Jančić, Marko Lisica,
Branislav Tončić, Veselinka Kralj, Milica Jovanović
Editorial secretaryLjubica Matić
Design and printSlužbeni glasnik
Circulation 100 copies
The Bulletin is issued monthly
CONTENTS
41131355155616977Economic, Fiscal and Statistics of Public Debt
CURRENT MACROECONOMIC AND FISCAL DEVELOPMENTS
1. Current macroeconomic developments1.1. Economic activityGross Domestic Product (GDP). In fourth quarter 2010, GDP increased by 1.7% in comparison to the same period of the previous year. In 2010 real GDP increased by 1.8% compared to previous year.Observed by activities, in the fourth quarter, highest growth in the gross value added (GVA) were noted in the section of hotels and restaurants (7.4%), secti-on of transportation (7.2%), fi nancial intermediation (6.3%) and section of trade (4.1%). Th e biggest fall was recorded in the section of electricity, gas and water supply (-8.1%) and construction section (-3.2%). Th e biggest contributions to the GDP growth rate of 1.7% in fourth quarter came from: section of transportati-on, section of fi nancial intermediation and section of trade. Negative contributors to the GDP growth rate came from sections of construction, agriculture and electricity, gas and water supply.Highest growth in the gross value added (GVA), observed by activities, in 2010 was registered in the section of transportation (6.9%), fi nancial interme-diation (6.9%) and mining and quarrying (4.7%). Biggest fall was recorded in the section of electricity, gas and water supply (-4.3%) and construction sec-tion (-10.1%). Th e biggest contributions to the GDP growth rate of 1.8% in 2010 came from: section of transportation and manufacturing section. Negative contributors to the GDP growth rate came from sec-tions of construction, agriculture and electricity, gas and water supply. Seasonally adjusted GDP quarterly data, in 2002 con-stant prices, in fourth quarter of 2010, decreased by 1.1%, compared to third quarter.
Gross Domestic Product, compared to the same quarter of the previous year, in %
According to calculation of GDP by production appro-ach in constant prices, GVA in fourth quarter of 2010
increased by 2%, while category taxes less subsidies in-creased by 0.3% compared to same quarter of 2009.Industrial output. According to Statistical Offi ce of the Republic of Serbia (RSO) data, in February 2011 physical scope of industrial production increased by 5.8% compared to February 2010. But industrial production decreased by 7.8% compared to 2010 ave-rage. By sectors in February 2011 compared to same month of previous year mining and quarrying sector recorded increase of 10.3%, in manufacturing sector of 5.1% and in production and distribution of electri-city, gas, steam and air conditioning of 6.4%. Largest impact on industrial production growth in February 2011 compared to same month of 2010 had: manu-facturing of non-metallic mineral products, electrical energy supply, basic metals, rubber and plastic pro-ducts and motor vehicles and trailers. Growth of industrial production in February 2011 compared to same month of previous year registered in 22 areas which accounts for 72% of total industrial production, while decline recorded in 7 areas, which accounts for 6% of total industrial production.In the fi rst two months of 2011 total industrial pro-duction recorded growth by 4.9% compared to same period of 2010. Observed by sectors in this period manufacturing industry recorded growth of 5.6%, mining and quarrying sector 2.6% and electricity, gas, steam and air conditioning supply 4%, compared to same period of 2010.Th e data on industrial production by destination groups in period January-February 2011, compared to same period of previous year, expresses rise in production of capital goods by 37.2%, intermediate goods, except energy by 10.2% and energy by 3.7%, while decline was registered in production of durable consumer goods by 17.3% and nondurable consumer goods by 1.9%.
Seasonally adjusted indices of industrial output, average 2010 = 100
8,9
6,3
4,6
2,9
4,3 4,5
2,2 1,7
0,4
1,7
3,1
1,7
6
4
2
0
2
4
6
8
10
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008 2009 2010
GDP Seasonal adjustment GDP75
80
85
90
95
100
105
110
2010
Jan
Feb
Mar
Apr
May
June July
Aug Se
p
Oct
Nov Dec
2011
Jan
Feb
Industry total Processing industry
Seasonally adjusted rates indicate that total industrial production in February 2011 increased by 3.7% com-pared to 2010 average production, while production of manufacturing sector by 2.3%. Compared to pre-vious month, seasonally adjusted index of industrial production rose by 1%. Manufacturing sector stayed on January level.Finished goods inventories continue to decrease in February 2011 and were lower by 2.8% compared to same month of 2010, while compared to 2010 average increased by 6%. At the same time observed by de-stination groups, biggest increase recorded in energy inventories (29.6%) and capital goods (26.8%), while durable consumer goods inventories drop by 2.8%, and inventories of non-durable consumer goods by 12.5% compared to February 2010.Retail trade turnover. Compared to January 2011 retail trade turnover decreased in February 2011 by 2.9% in real terms, while compared to same month of 2010 by 5.2%. Retail trade turnover decreased by 25.8% in real terms compared to 2010 average turno-ver. In fi rst two months of 2011 real retail turnover decreased by 5.1%, while nominal retail turnover in-creased by 6.1% compared to same period of 2010.Tourism. In February 2011, number of tourist visits increased by 9%, from which domestic tourist visits increased by 9.5% and foreign tourists by 8% compa-red to the same month of previous year. Also number of tourist’s overnight stays increased by 19.1%, com-pared to February 2010. In fi rst two months of 2011 were registered 224 thousand tourist visits and 828 thousand overnight stays. In this period, number of tourist visits increased by 13.5%, from which dome-stic tourist visits increased by 13.9% and foreign to-urists by 12.7% compared to the same period of pre-vious year. Also number of tourist’s overnight stays increased by 22.6%, from which domestic tourist by 25.1% and foreign tourist by 13.8%.Privatization of enterprises. In period January-Fe-bruary 2011 there were no privatization procedures of socially owned enterprises via tenders, auctions or capital market. By the sale of shares of fi ve previously privatized socially-owned enterprises on stock exc-hange market in this period was achieved revenue of EUR 680 thousand. 1.2. International Economic RelationsHigh growth rates of foreign trade continue in Febru-ary 2011. Value of goods exported was EUR 648.8 mi-llion, which is by 36.9% increase relative to the same month of 2010. Import of goods amounted to EUR 1,053.6 million and increased by 15.2%. External tra-de defi cit amounted to EUR 404.8 million, and decre-
ased by 8.2% compared to defi cit from the February 2010. 61.6% of import was covered by export, which is by 9.8 percentage points increase compared to same month of 2010.
Foreign trade, in million EUR
In period January-February 2011 value of goods ex-ported was EUR 1.2 billion, which is by 36.1% in-crease relative to the same period of 2010. Import of goods amounted to around EUR 2 billion which is increase by 22.3%. External trade defi cit amounted to EUR 839.2 million, and increased by 7% compared to same period of 2010. Export of all groups of products by EU economic purpose was increased from 13.5% for export of energy to 36.4% for export of intermedi-ate goods. On the import side only durable consumer goods registered decrease by 5.4%. In structure of export by SITC sectors in fi rst two months of 2011 dominated products were: manufac-tured goods classifi ed chiefl y by materials and food and live animals (31.8% and 19.8% of total export, respectively), SITC sectors with biggest import value were: mineral fuels, lubricants and related materials and machinery and transport equipment (22.8% and 17.4% of total imports, respectively). In period January-February 2011 surplus in trade with world was achieved by fi ve SITC sectors: food and live animals, drink and tobacco, animal and vegetable oils, fats and waxes, manufactured good classifi ed by ma-terials and miscellaneous manufactured articles (EUR 244.8 million). Within these sectors signifi cant export had corn, vegetables and fruits, iron and steel, ferrous metals, electrical machines and appliances and clot-hing (43.9% of total import). Th e largest volume of goods in this period was expor-ted to Italy, Germany and Romania (32.7% of total export). Imports from Russian Federation, Germany and Italy accounted for 32.1% of total import.In period January-February 2011 current account de-fi cit in balance of payments (without offi cial grants) were higher by EUR 52.6 million compared to the same period of 2010, and amounted to EUR 517.6
-1.000
-500
0
500
1.000
1.500
2.000
Feb
Apr
June Aug
Oct
Dec
Feb
Apr
June Aug
Oct
Dec
Feb
Apr
Jun Aug
Oct
Dec
Feb
2008 2009 2010 2011
Export Import Balance
million. Net infl ow of remittances declined by EUR 12.3 million while current transfer surplus by EUR 54.1 million, compared to the same period of 2010. Decline of defi cit was registered on income side and amounted to EUR 34.9 million. Worsened results compared to fi rst two months of 2010 were recorded also on the fi nancial account. Surplus on that positi-on was decreased by EUR 146.4 million, while capital account registered neutral result, compared to defi cit from fi rst two months of 2010 of EUR 0.3 million. Overall balance of payments in the period January-February 2011 were in surplus of EUR 214 million, while in the same period of 2010 was in defi cit of abo-ut EUR 196.9 million.Net infl ow of foreign direct investments was lower by two-fi ft h compared to the same period of previous year and amounted to EUR 87.5 million. At the same time, net infl ow of portfolio investments amounted to EUR 334.6 million and increased by twelve times as a result of investment in treasury bills.1.3. Infl ation1
Consumer prices growth in February 2011 amounted to 1.5%. Th at was infl uenced by growth of core infl a-tion by 1.3% (which is 0.88 percentage points of total infl ation), in the fi rst place prices of food products by 2.4% (which is 0.81 percentage points of total infl ati-on). Products which rose in price are from groups of bred and corn (2.7%), meat and milk, cheese and eggs (by 1.7%) and from group of sugar, jam, honey, cho-colate (7.6%). Near two-third of total prices growth in February was consequence of fruit and vegetables price growth by 6.9%. Consumer prices in February 2011, in %, previous
month = 100
In comparison to December 2010 consumer prices in February increased by 2.9% and were determined by food price growth (without fruit and vegetables) by 4%. Biggest prices compared to December 2010 by seasonal impact also had fruit and vegetables (10.6%) and regulated prices (2.9%).
1 From 2011, core infl ation are calculated in accordance to new methodology.
1.4. Monetary and fi nancial market developmentsMonetary developments. National Bank of Serbia (NBS) kept key interest rate on the level from January 2011 of 12%. Total stock of securities that NBS utilizes for operations on the OTC market at the end of Febru-ary amounted to RSD 45,368 million. In February 2011 compared to December 2010, bank loans to economy and households increased by 0.3% in real terms. Dinar reserve money, monetary aggregates M1, M2 and M3 recorded seasonal decrease by 6.5%, 12.2%, 10.4% and 6.5%, in real terms, respectively. Foreign exchange rate recorded nominal appreciation of 2.2% and real appre-ciation of 5.5%. From beginning of the year NBS didn’t intervened on foreign exchange market.
Monetary aggregates, annual real growth rates
Dinar reserve money, monetary aggregates M1, M2 and M3 in February 2011 increased compared to pre-vious month. Dinar reserve money totaled RSD 181 billion and compared to previous month increased by RSD 12 billion. In the same period monetary aggregate M1 increased by RSD 4.9 billion and amounted to RSD 229 billion, while monetary aggregate M3 decreased by RSD 15.2 billion and amounted to RSD 1,309 billion.Bank lending activity is registering growth. Bank lo-ans to economy and households totaled RSD 1,577 billion, which is by 0.2% increase in real terms com-pared to a previous month . At the same time loans to the economy increased by 0.3% while loans to ho-useholds increased by 0.1%. Bank loans to economy and households increase by 15.2% in real terms com-pared to the same month of 2010. At the same time loans to economy increased by 16.6% and households by 12.3% in real terms. Th e average weighted interest rate on bank loans in February was 15.8% on yearly bases. Share of non-performing loans in total loans in February totaled 17.2% (on a gross basis).In February key interest rate was 12% which is com-pared to same month of 2010 increase by 2.5 percen-tage points. Banks are in that period decreased the-ir liabilities in NBS securities by 68.8%, while at the same time, due to higher interest rate, high level of security, wider maturity choices and by introduction
0,5
1,6
6,9
2,4
0,20
1
2
3
4
5
6
7
8
Administrativeprices
Oil derivatives Fruits andvegetables
Food products Non foodproducts and
services
40
30
20
10
0
10
20
30
Jan
Feb
Mar Ap
r
May Jun Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
2010 2011
M1 M3 Dinar reserve money
of euro-indexed bonds2, banks increased loans to sta-te treasury bills by 95%.NBS foreign exchange reserves increased by EUR 201 million compared to the previous month and totaled EUR 10,061 million in January 2011, while compared to the same month of previous year decreased by EUR 514 million. At the same time net foreign exchange re-serves3 amounted to EUR 5,238 million. Level of NBS foreign exchange reserves was suffi cient for coverage of 452% of M1 monetary aggregate and for coverage of 8 months of imports of goods and services.Household foreign currency savings recorded growth in February. Compared to previous month registered increase by EUR 39.8 million and totaled EUR 7,210 million, while compared to February 2010 increased by EUR 1,061 million. Th e average weighted interest rate on bank deposits totaled 6.7% on yearly basis. Total household savings are dominated by foreign cu-rrency savings deposits, while compared to the same month of 2010, share of savings with durability of one year and longer increased by 7.8%.Developments on the foreign exchange market in Fe-bruary 2011 compared to the previous month were characterized by nominal appreciation of dinar aga-inst Euro of 1.3% and real appreciation of 2.5%. Ave-rage daily variation from average exchange rate va-lue in February amounted to RSD 0.44, which is less compared to average variation of exchange rate in previous month (RSD 0.82).Financial markets. In period January-February 2011 Belgrade stock exchange registered total turnover of securities in amount of RSD 6.5 billion, from which turnover of shares and Republic of Serbia bonds (RS bonds) totaled RSD 5.6 billion and RSD 941 million, respectively. In comparison to same period of 2010 total turnover increased by 129.1%, while turnover of shares registered increase of 122.4% compared to RS bonds turnover increase of 177.7%. Total number of transactions increased from 8,051 in period January-February 2010 to 845,085 in fi rst two months of 2011. Increase of total transactions of se-curities in this period came from low base value, as well as increased number of turnover of shares due to realizing on the market of NIS shares and shares of Nikola Tesla airport.In period January-February 2011 foreign investors share in total turnover accounted for 38.1% on average and increased by 10.8 percentage points in compari-son to same period of 2010. Share of foreign investors
2 Six-months euro-indexed state treasury bonds for the fi rst time are introduced in December 2010.
3 Defi ned as foreign exchange reserves less banks foreign exchange balances on accounts with the NBS and drawings from the IMF.
in turnover of shares increased by 15.2 percentage po-ints and amounted to 43.1% on average, while share in RS bonds turnover decreased by 13.8 percentage points and amounted to 8.7% on average.At the end of February 2011, value of BELEXline index was 1,427 index points and compared to the previo-us month increased by 2.6%, while value of BELEX15 index increased by 3.9% and amounted to 763.8 in-dex points. Compared to February 2010 both indexes increased their value by 4.7% and 8.2%, respectively. Total market capitalization value at the end of Febru-ary amounted to RSD 974 billion which is compared to previous month increase by 2.3%, while compared to February 2010 increased by 10.7%.1.5. Employment and unemploymentTotal number of employed persons in period January-February 2011 decreased by 4.6% compared to the same period of 2010 and totaled 1,762,715 on average. Th e number of employed persons in enterprises, in-stitutions and organizations4 in this period decreased by 2.1% and totaled 1,335,806 on average.Number of unemployed persons looking for em-ployment at the end of February compared to previo-us month increased by 1.8% and totaled 834,573 while number of persons actively looking for employment increased by 1.7% and totaled 763,550. Th e number of unemployed persons looking for employment and number of persons actively looking for employment decreased by 2.1% and 0.5%, respectively, compared to same month of 2010.According to monthly unemployment data of Nati-onal Employment Service (NES), in period January-February 2011, there was registered total number of 137,902 terminations of employment.According to the NES data, unemployment rate of persons actively looking for employment in Febru-ary 2011 totaled 30.3% (with insured farmers 27.8%). According to Labor Force Survey data from October 2010, unemployment rate were 20%.
Unemployment developments
4 Data does not include private entrepreneurs and employed with them.
27,5
28,0
28,5
29,0
29,5
30,0
30,5
201510
505
10152025
Jan
Feb
Mar Ap
r
May Jun Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
2010 2011
%
Change from the previous month, thousands (left hand scale)Unemployment rate (right hand scale)
1.6. Salaries and pensionsAverage net salary in period January-February was RSD 34,765 which is decrease by 0.2% in real terms compared to same period of 2010. Denominated in Euros average net salaries increased by 5% in real terms and amounted to EUR 333. Average net salaries in public sector amounted to RSD 40,138 and decrea-sed by 3.4% in real terms.In February 2011, average net salary increased by 3% in real terms compared to previous month. At the same time average net salary in public sector increa-sed by 2.7% in real terms.
Average net salaries, annual real growth rates
Decline of average net salaries in real terms in period January-February 2011 compared to same period of previous year was recorded in following areas of pu-blic sector: local public enterprises (-4.5%), education and culture (-8.3%) and health sector (-5.8%), while public state owned enterprises and all levels of admi-nistration recorded growth in average net salaries by 3.4% and 1%, in real terms, respectively.Average paid pension5 in period January-February 2011 was RSD 20,369 which is decrease by 8.8% in real terms compared to same period of 2010. In com-parison to previous month average paid pension regi-stered decrease by 1.5% in real terms. Denominated in Euros average pension in period January-February 2011 totaled EUR 195. Total number of pension be-nefi ciaries increased by 1.3% compared to the same month of 2010 and totaled 1,630,129.
Pension developments
5 Integrated data of employee fund, self-employed fund and farmer’s fund.
Ratio of registered number of employees and number of pension benefi ciaries was 1.1:1. Average pension accounted for 57.3% of average net salary.2. Current fi scal developments 6
Public revenue of the general government posted moderate nominal, but with absence of real growth in the period January – February of 2011, compa-red to the same period of the previous year. Current revenue is 0.2% lower, in real terms, compared to the exact period of the previous year. Tax revenue in the same period posted a real drop of 0.6%, and there is a real increase of non-tax revenue of 3.6%. Capital re-venue also posted a real growth 2.9 times, and for the fi rst time its infl uence on revenue trends is tangible.Revenues from all major tax types except excises and VAT, posted a real decline compared to the same period previous year, while majority of categories recorded a modest nominal growth. Revenue from excises posted a 38.3% nominal increase, VAT 12.3% while social insurance contributions posted nominal growth of 5.7%. Customs revenues and corporate in-come tax recorded nominal decrease while personal income tax posted nominal growth of 6.4%.Personal income tax. Th e level of personal income tax revenue grew by 6.4% nominally and fell by 4.9% in real terms compared with the previous year. As wage tax makes the largest share of income tax (around 77%), its trends predominantly infl uence generation of overall personal income tax revenue. Nominal wa-ges grew by 11.8% in the period January – February 2011, compared with the same period of the previo-us year, while nominal growth of wage tax revenue in the same period was 8.2%. Th e diff erence between the movement of income tax and movements in wa-ges was caused by the employment fall in the obser-ved period. Other types of personal income tax re-ceipts (tax on revenue of self-employed persons, tax on royalties, annual income tax etc.) posted a 3.4% nominal drop in the observed period. Corporate income tax. In the period January – Fe-bruary 2011, compared with the previous year, the nominal increase of corporate profi t tax (which share in total is around 84%) was 2.4%, while the real drop in the same period was 8.5%. Revenue from other types of profi t tax recorded a nominal drop of 19%7, while the real drop was 27.3% in the observed period.
6 Revenue, expense and result of the consolidated general government are presented in chapter II Fiscal Developments, Table 1.A more detailed overview of revenues and expense by governmental levels can also be found in tables in chapter II Fiscal Developments.
7 Other profi t taxes include tax on distributed profi t, tax on corporate profi t from interest, royalties and capital gains paid to non-residents and profi t tax from lease of movable and immovable property.
8
6
4
2
0
2
4
6
8
Jan
Feb
Mar Ap
r
May Jun Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
2010 2011
Average net salaries total Average net salaries public sector
40%
45%
50%
55%
60%
65%
70%
75%
80%
19.50019.60019.70019.80019.90020.00020.10020.20020.30020.40020.500
Jan
Feb
Mar Ap
r
May Jun Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
2010 2011
Pension, in dinars (left hand scale) Pension/net salary ratio (right hand scale)
Value added tax. VAT revenues were by 0.3% hi-gher in real terms in the period January – February 2011 relative to the same period last year. Its nominal growth in the same period was 12.3%. Domestic VAT was by 5.6% lower nominally and by 15.6% lower in real terms, whereas VAT on imported goods recorded a 30.4% nominal and 16.5% real growth, respectively. Trends in foreign trade sector shows continued reco-very of revenues from this type of tax, at beginning of 2011. Excises. Excise revenues recorded both nominal and a real growth in the observed period. Th e real level of collected excise was by 23.6% higher compared with the same period of the previous year and such a trend is a consequence of, among other things, increase in the nominal amount of excise tax on tobacco products in late 2010, and the changes in the structure of excise rates on petroleum products. Revenue from excise on oil derivatives rose by 42.1% nominally, and rose 27% in real terms. Revenue from excise on tobacco pro-ducts rose by 26.8% in real terms, and recorded 41.8% nominal growth, while revenues from excises on alco-holic beverages rose by 1.3% in real terms. Revenues from other types of excises in the observed were hi-gher in real terms by 61.4% compared with the same period of the previous year. Customs. Level of revenues from customs duties in the period January – February 2011 was a consequen-ce of imports patterns in the observed period and the further implementation of the Interim Trade Agree-ment with the EU. Nominal decline in customs reve-nues in the observed period was 2.6%, while imports expressed in dinars increased by 30.5%.Other tax revenue. Other tax revenues were by 2.1% higher in real terms in fi rst two months of 2011 com-pared with the same period of the previous year. Property tax, which is attributed to local authorities, accounts for the biggest share of other tax revenue and its trends predominantly infl uence developments in the entire group of other tax revenue. Property tax revenue was by 7.7% lower in real terms, while dec-lined 3.3% nominally relative to the same period of the previous year. Other tax revenue recorded real de-crease of 11% compared with the same period of the previous year mainly due to the abolition of tax on mobile phones.Social contributions. Th e real level of revenue from social contributions in the period January – Febru-ary 2011 was by 5.6% lower relative to the previous year. Nominal growth in contributions revenue in the observed period was 5.6.% and deviates from the movement of revenues from taxes on wages. During
2010, 25.7 billion dinars were transferred to pension fund due to exceptional payment of contributions by the Government decree. In the period January – February 2011, collected contributions paid by self-employed persons were by 1.2% higher nominally, while contributions paid for pension and disability insurance of farmers were nominally by 23,2% higher compared with the same period of the previous year. Revenues from contributions for pension and disabi-lity insurance of employed persons grew nominally by the rate of 6.9%, while revenues from health security and unemployment insurance contributions grow/fell nominally by 2.8% and 7.8%, respectively. Public expenditure grew moderately in the period January – February 2011. Government spending in the observed period grew by 8.9% nominally, current expense posted 10.2% nominal growth, while capital expense was by 22% lower nominally compared with the same period of the previous year, although capital expenditure has been traditionally lower in this peri-od of the year.Net lending expenditures posted high nominal increase. Diff erent expenditure categories manifested a growth tendency. Expenditures for employees. Th e real wage bill level in the general government was by 7.1% lower in the observed period. Nominal growth was 3.9% and due to unfreezing of nominal wages that trend is going to continue. Th e nominal movements at particular levels of government were as follows: the budget of the Republic recorded a 10.6% nominal growth, while local governments recorded a 4.2% nominal growth. Procurement of goods and services. Real growth of expenditure for procurement of goods and services in January and February 2011 was 0.6%, compared with the previous year, while the nominal increase was 12.5%. By levels of government, growth of these expenditures was recorded at local government level and by Health Fund (RZZO) and PE “Roads of Ser-bia”. Increase of these expenses from Republican bud-get was also recorded.Repayment of interest. Funds spent for the re-payment of interest are higher by 5.2% in real terms compared to the previous year. Movement of these expenditures is conditioned by the plan of repayment of principal and interest on debt. Th e largest growth was recorded at the level of interest payments on the basis of domestic debt. Subsidies. Subsidies paid in the observed period were 41.5% higher in real terms compared with the same period of the previous year. Subsidies paid from the Republican budget are nominally lower by 95.8% while a real growth of 75% is recorded. On the local
nment sector, frozen at the level of the end of year 2008. In the fi rst two months of 2011 expenditures for pensions recorded a real decline of 7.4% compared to same period last year, but moderate nominal and real growth is expected during the year. Nominal decrease of expenditure for sick leave and the unemployment benefi ts is also recorded. On the other hand there is a growth in other categories of transfers to citizens and various forms of social assistance.8
Capital expense. Capital spending in the observed period was lower by 30.3% in real terms compared with the same previous year. Such a low level of exe-cution, however, does not say enough about the futu-re movement of these expenses during the year. No-minal decrease of this expense has been recorded at all levels of government.Net lending. Th ese expenses have shown a signifi cant increase, of 21.4% in real terms, compared to the pre-vious year.In the period from January through February, the general government posted an RSD 12.2 billion defi cit. A consolidated defi cit of RSD 13.98 billion was created in February 2011.
8 Other transfers to citizens include payments made by mandatory social insurance organizations for diff erent purposes: care for the elderly, funeral costs, medicinal aids etc.
MACROECONOMICTRENDS
I
12
Ministry of Finance
Table 1. Basic macroeconomic and fi scal indicatorsprevious year = 100
2001 2002 2003 2004 2005 2006 2007 2008
Gross domes c product, current prices, in billion dinars 762,2 972,6 1.125,8 1.380,7 1.683,5 1.962,1 2.302,2 2.722,5
Gross domes c product, in millions EUR 12.820,9 16.028,4 17.305,9 19.026,2 20.305,6 23.304,9 28.784,6 33.417,9
Gross domes c product, per capita, EUR 1.708,7 2.137,1 2.313,4 2.549,4 2.729,0 3.144,4 3.899,5 4.546,5
Gross domes c product, real growth, in % 5,6 3,9 2,4 8,3 5,6 5,2 6,9 5,5
Economy, growth rates
Industrial produc on, physical scope 0,1 1,8 -2,8 6,6 0,6 4,2 4,1 1,4
Agriculture, physical scope 18,6 -3,4 -7,2 19,5 -5,0 -0,3 -8,0 8,5
Forestry, physical scope -17,6 6,9 5,6 3,1 -2,2 6,1 -4,2 13,9
Construc on
- value of construc on works, constant prices -13,1 76,8 19,7 31,3 13,7 10,9 18,9 4,3
Transport, volume of services 9,6 6,9 5,0 4,7 4,4 5,9 6,9 0,4
Post ac vi es and telecommunica ons, volume of services 25,1 3,6 24,1 26,8 34,1 75,1 43,4 39,0
Turnover in retail trade, real terms 19,8 23,9 13,8 18,0 26,5 7,7 23,0 6,6
Tourism, overnight stays -6,5 0,2 -7,3 -0,6 -2,2 1,4 11,2 0,1
Prices, growth rates
Retail prices, end of period 40,7 14,8 7,8 13,7 17,7 6,6 10,1 6,8
Retail prices, period average 91,8 19,5 11,7 10,1 16,5 12,7 6,8 10,9
Producers prices of manufactured goods, period average 87,7 8,8 4,6 9,1 14,2 13,3 5,9 12,4
Cost of living, period average 93,3 16,6 9,9 11,4 16,2 11,7 7,0 13,5
Foreign trade and Balance of payments, in million EUR1
Export of goods 1.922,2 2.201,7 2.441,3 2.831,6 3.608,3 5.102,4 6.431,9 7.428,9
European Union 892,4 960,7 1.202,3 1.456,5 2.117,6 2.942,9 3.602,7 4.028,5
Import of goods 4.759,2 5.956,8 6.585,5 8.623,3 8.439,2 10.462,6 13.951,0 16.478,1
Capital goods2 - - - 2.495,3 1.971,6 2.429,8 3.495,9 2.965,1
Intermediate good2 - - - 2.830,6 3.027,6 3.781,4 4.892,1 4.631,5
Foreign trade defi cit -2.837,0 -3.755,1 -4.144,3 -5.791,7 -4.831,0 -5.360,1 -7.519,1 -9.049,2
Current account defi cit (excluding dona ons)3,4 -370 -1.190 -1.770 -3.001 -2.046 -2.541 -5.219 -7.217
Current account defi cit (excluding dona ons), as % of GDP -2,9 -7,4 -10,2 -15,8 -10,1 -10,9 -18,1 -21,6
Balance of payments, total3,4 562 996 827 343 1.647 4.269 742 -1.687
Foreign direct investments, net, in million EUR 184 500 1.194 774 1.250 3.323 1.821 1.824
External debt, in million EUR, end of period5 10.968 9.402 9.678 9.466 12.196 14.182 17.139 21.088
Gross fi xed capital forma on
Gross fi xed capital forma on, in billion dinars 81,3 120,5 188,9 265,7 319,9 412,8 552,3 632,4
Gross fi xed capital forma on as a % of GDP 10,7 12,4 16,8 19,2 19,0 21,0 24,0 23,2
Fiscal indicators6
Consolidated public revenues, in million dinars - - - - 724.526,7 867.681,6 1.002.047,5 1.143.603,2
Consolidated public expenditures, in million dinars - - - - 706.844,2 899.287,0 1.046.848,3 1.214.026,4
Consolidated defi cite/surplus, in million dinars - - - - 17.682,5 -31.605,4 -44.800,8 -70.423,2
Public debt, end of period, in million dinars 802.138 709.283 752.995 763.324 879.171 738.808 703.249 778.039
Monetary and Foreign Exchange Indicators, end of period
Dinar reserve money, in million dinars 41.643 69.543 72.267 82.383 100.341 143.409 169.020 319.781
Money supply М1, in million dinars 58.233 93.815 99.303 111.258 144.949 200.090 248.873 240.744
Money supply М3, in million dinars 125.414 191.491 244.731 322.876 458.870 634.470 903.871 992.151
Total domes c credit of banks, in million dinars 263.640 171.873 228.429 334.850 509.379 594.336 827.297 1.117.196
Economic organiza ons 246.887 151.626 195.442 264.177 370.391 380.395 506.991 708.882
Households 5.277 16.139 29.333 66.356 131.860 203.318 305.457 381.919
Foreign exchange reserves of NBS, in million EUR 1.325 2.208 2.854 3.131 4.952 9.041 9.660 8.190
Key policy rate - - - - - 14,00 10,00 17,75
Value of EUR against dinar 59,7 61,5 68,3 78,9 85,5 79,0 79,2 88,6
Foreign currency savings, million EUR, end of period 330 755 1.038 1.425 2.239 3.346 4.903 4.775
Dinar savings, million EUR, end of period - 42 49 36 36 67 125 105,6
Employment, salaries and pension benefi ts
Employment level, average (thousands) 2.102 2.067 2.041 2.051 2.069 2.026 2.002 1.999
Unemployment level, end of period (thousands) - - - - 896 916 785 728
Unemployment rate, ILO defi ni on 19,5 21,8 21,6 18,8 14,4
Net salaries, period average, in dinars 6.078 9.208 11.500 14.108 17.443 21.707 27.759 32.746
- real growth rates 16,5 29,9 13,6 10,1 6,4 11,4 19,5 3,9
Gross salaries, period average, in dinars 8.691 13.260 16.612 20.555 25.514 31.745 38.744 45.674
- real growth rates 16,0 30,0 14,0 11,1 6,8 11,4 14,1 3,9
Pension benefi ts, period average, in dinars 4.505 6.134 7.393 8.725 10.568 12.151 13.612 17.660
- real growth rates 17,9 16,8 9,7 5,9 4,2 2,9 4,7 14,2
Priva za on proceeds socialy owned enterprises, in million EUR 318,8 839,7 153,9 367,8 235,3 426,2 251,0
Source: MOF, RSO, NBS, NEA, PF and Priva za on Agency1 Data for foreign trade with Montenegro included in 2006. 2 New classifi ca on in order from 2004. 3 For precalcula ons from USD to EUR for 2001-2006. was used average rela on of USD to EUR for those years. Data for 2007. and 2008. are from NBS. 4 New metodology. 5 Since September 2010 methodology for the external debt sta s cs has been changed. 6 GFS-1986 metodology.
13
February 2011
Table 1. (con nued) Basic macroeconomic and fi scal indicatorsprevious year = 100
2009 2010 2011
Gross domes c product, current prices, in billion dinars 2.815,01 3.034,42 3.419,22
Gross domes c product, in millions EUR 29.967,01 29.3432 31.9292
Gross domes c product, per capita, EUR 4.093,41 4.0162 4.3882
Gross domes c product, real growth, in % -3,11 1,83 3,02
Economy, growth rates January-February
Industrial produc on, physical scope -12,6 2,5 4,9Agriculture, physical scope 1,0 -1,7 -Forestry, physical scope -9,0 6,5 -Construc on
- value of construc on works, constant prices -19,9 -10,9 -Transport, volume of services -14,8 7,8 -Post ac vi es and telecommunica ons, volume of services 28,1 - -Turnover in retail trade, real terms -11,6 -0,9 -5,1Tourism, overnight stays -7,8 -5,0 22,6
Prices, growth rates January-February
Consumer prices, end of period 6,6 10,3 2,9Consumer prices, period average 8,4 6,5 11,9Producers prices of industrial products for domes c market, period average 5,6 12,7 16,8Export producers prices, period average - 17,3 18,3Producers prices of manufactured goods (Total)4, period average - 13,7 17,1Cost of living, period average 8,6 6,8 -
Foreign trade and Balance of payments5, in million EUR January-February
Export of goods 5.961,3 7.393,4 1.189,1 European Union 3.195,5 4.235,3 744,8
Import of goods 11.504,7 12.621,9 2.028,3 Capital goods 2.092,8 1.991,3 295,8 Intermediate good 3.344,9 3.971,8 597,3
Foreign trade defi cit -5.543,4 -5.228,5 -839,2 January-February
Current account defi cit (excluding dona ons) -2.281,9 -2.275,1 -517,6Current account defi cit (excluding dona ons), as % of GDP -7,6 -7,8 -Balance of payments, total 2.363,5 -928,7 214,0Foreign direct investments, net, in million EUR 1.372,5 860,1 87,5
February
External debt, in million EUR, end of period6 22.487 23.786 22.927 Gross fi xed capital forma on
Gross fi xed capital forma on, in billion dinars 510,2 - -Gross fi xed capital forma on as a % of GDP 18,1 - - Fiscal indicators7 January-February
Consolidated public revenues, in million dinars 1.146.510 1.223.403 186.253Consolidated public expenditures, in million dinars 1.267.905 1.359.872 198.464Consolidated defi cite/surplus, in million dinars -121.395 -136.470 -12.211Public debt, end of period, in million dinars 944.442 1.282.536 1.308.407
Monetary and Foreign Exchange Indicators, end of period February
Dinar reserve money, in million dinars 254.268 188.161 180.950Money supply М1, in million dinars 258.427 253.331 228.810Money supply М3, in million dinars 1.205.570 1.361.526 1.308.787Total domes c credit of banks, in million dinars 1.298.737 1.651.976 1.625.652
Credit to economic organiza ons, in million dinars 849.045 1.075.621 1.058.998Credit to households, in million dinars 418.298 527.527 518.049
Foreign exchange reserves of NBS, in million EUR 10.602 10.002 10.061Key policy rate 9,50 11,50 12,00Value of EUR against dinar 95,89 105,50 103,22Foreign currency savings, million EUR, end of period 6.014 7.106 7.210Dinar savings, million EUR, end of period 119 117 123Employment, salaries and pension benefi ts January-February
Employment level, average (thousands)8 1.889 1.796 1.763Unemployment level, end of period (thousands) 730 730 764Unemployment rate, ILO defi ni on 16,9 20,0 20,09
Net salaries, period average, in dinars10 31.733 34.142 34.765- real growth rates 0,2 0,7 -0,2
Gross salaries, period average, in dinars10 44.147 47.450 48.377- real growth rates 0,2 0,6 -0,1
Pension benefi ts, period average, in dinars 19.788 19.890 20.369- real growth rates 3,3 -5,9 -8,2
FebruaryPriva za on proceeds socialy owned enterprises, in million EUR 48,8 18,8 0,7
Source: MOF, RSO, NBS, NEA, PF and Priva za on Agency 1RSO, previous data.2 MFO es ma on, Revised memorandum on the budget and economic and fi scal policy for the year 2011, with projec ons for 2012 and 2013. 3 RSO es ma on. 4 Index shall be accounted according to the data compiled for producer’s price index for industrial products in domes c market and producer’s export price index for industrial products. 5 Since January 1st 2010 general trade system has been introduced. Data for 2007, 2008 and 2009 changed according to new Methodoogy. 6 Since September 2010 methodology for the external debt sta s cs has been changed. 7 GFS-1986 metodology. 8 RSO corrected the data on the number of employees from March 2009. 9 Labour force survey - October 2010. 10 New methodology for salaries, RSO applied from 2009.
14
Ministry of Finance
Table 2. Real growth rates of GDP, at constant prices 2002∆, compared with the same qarter in the previous year, %
2001 2002 2003 2004 2005 2006 2007 2008 20091 20102
I quarter 3,5 1,2 1,8 6,7 3,8 6,9 8,3 8,9 -4,3 0,3
II quarter -0,3 4,3 4,9 4,0 7,7 5,5 7,8 6,3 -4,5 2,0
III quarter 3,3 6,7 1,5 8,2 6,6 5,5 6,4 4,6 -2,2 2,7
IV quarter 16,0 3,2 1,7 13,7 4,3 3,3 5,5 2,9 -1,7 1,7
∆, compared with the previous year, %
TOTAL 5,6 3,9 2,4 8,3 5,6 5,2 6,9 5,5 -3,1 1,81 Previous data2 RSO es ma onSource: RSO
* RSO, previous data
**RSO estimation
150
200
250
300
350
400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2Q3 Q4 Q1 Q2 Q3 Q4
2001 2002 2003 2004 2005 2006 2007 2008 2009* 2010**
Inbi
llion
dina
rs
Non seasonally adjusted data Seasonally adjusted data Linear (Seasonally adjusted data)
Trend
GDP, at constant prices 2002
70
80
90
100
110
120
130
Janu
ary
Mar
chM
ay July
Sept
embe
rN
ovem
ber
Janu
ary
Mar
chM
ay July
Sept
embe
rN
ovem
ber
Janu
ary
Mar
chM
ay July
Sept
embe
rN
ovem
ber
Janu
ary
Mar
chM
ay July
Sept
embe
rN
ovem
ber
Janu
ary
Mar
chM
ay July
Sept
embe
rN
ovem
ber
Janu
ary
Mar
chM
ay July
Sept
embe
rN
ovem
ber
Janu
ary
Mar
chM
ay July
Sept
embe
rN
ovem
ber
Janu
ary
Mar
chM
ay July
Sept
embe
rN
ovem
ber
Janu
ary
Mar
chM
ay July
Sept
embe
rN
ovem
ber
Janu
ary
Mar
chM
ay July
Sept
embe
rN
ovem
ber
Janu
ary
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Indices, Ø 2010=100 Industrial production
Trend
15
February 2011
Table 3. Consumer pricesIndices
Total Food and non-alcoholicbeverages Housing Transport
Structure (in 2011), % 100,0 37,79 16,32 9,6520071) 111,0 118,4 107,4 108,720081) 108,6 113,8 111,6 97,220091) 106,6 100,8 106,8 121,120101) 110,3 110,7 113,8 109,520072) January 100,4 100,0 100,0 99,6February 99,7 99,4 100,8 98,6March 100,6 100,2 100,3 102,1April 100,7 100,9 100,0 102,0May 101,9 102,6 105,9 99,4June 100,4 99,0 100,1 101,3July 99,8 98,2 100,1 101,5August 102,5 106,7 100,0 100,3September 101,6 104,6 99,7 99,5October 100,5 100,6 99,8 100,9November 101,4 103,2 100,3 101,5December 101,2 102,0 100,2 101,820082) January 100,9 101,4 100,4 102,0February 100,6 101,0 100,3 100,9March 101,6 102,8 101,5 101,8April 101,5 103,7 99,8 100,0May 101,8 103,8 100,3 101,3June 100,7 100,6 99,8 103,9July 98,9 96,5 100,1 101,7August 100,4 99,7 103,8 97,3September 101,0 101,7 100,2 97,5October 101,8 103,1 103,6 99,8November 100,2 100,7 101,0 95,8December 99,1 98,4 100,3 95,620092) January 102,1 100,5 103,4 103,1February 101,2 100,7 100,4 106,3March 100,4 100,6 100,1 100,4April 100,9 100,7 100,4 101,3May 102,1 103,8 100,3 103,6June 100,0 99,0 99,9 101,7July 99,1 96,8 100,9 99,9August 99,9 99,0 100,1 100,7September 100,3 100,2 100,6 100,5October 99,8 99,4 100,2 99,5November 100,8 101,2 100,1 102,2December 99,8 99,0 100,2 100,220102) January 100,5 99,5 100,1 100,7February 100,3 99,6 100,8 100,9March 101,2 100,5 105,3 101,1April 100,6 100,6 100,1 101,5May 101,5 102,8 100,0 102,0June 100,4 100,1 100,8 100,5July 100,0 98,8 100,9 100,9August 101,4 102,6 100,6 100,1September 101,3 102,0 100,9 100,3October 101,0 101,4 100,9 100,5November 101,5 102,2 102,5 100,8December 100,3 100,1 100,2 99,920112) January 101,4 102,0 100,2 102,4February 101,5 103,1 100,6 100,9
1) End of period2) Previous month=100Source: RSO
MIN
ISTR
Y O
F FI
NA
NCE
BULL
ETIN
FEB
RUA
RY 2
011
17
February 2011
Table 4. Consumer prices
Indices, previous month=100Febr. 2011Dec. 2010 Dec 2010
Dec 20092010 2011
October November December January February
TOTAL 110,3 101,0 101,5 100,3 101,4 101,5 102,9
Core infl a on 108,6 101,2 101,1 100,8 100,8 101,3 102,1
Oil deriva ves 112,3 100,0 101,3 100,0 102,3 101,6 103,9
Fruits and vegetables 120,4 102,2 106,0 95,7 103,4 106,9 110,6
Administra ve prices 112,0 100,2 101,2 100,4 102,4 100,5 102,9
Electricity 111,5 100,0 100,0 100,0 100,0 100,0 100,0
Gas 100,0 100,0 100,0 100,0 100,0 100,0 100,0
Housing, public-u li es services2 122,9 101,2 108,2 100,4 100,5 102,3 102,9
Social security services 106,5 100,2 102,1 100,1 100,0 100,0 100,0
Transport services3 104,2 100,1 100,0 100,0 111,8 100,4 112,3
Postal services 100,5 100,0 100,0 100,0 100,0 100,0 100,0
TV subscrip on 115,2 100,0 100,0 100,0 100,0 100,0 100,0
Tobacco 116,3 100,0 100,0 100,0 110,5 100,0 110,5
Medicines 110,2 100,2 100,3 102,4 100,4 101,3 101,7
Other 111,0 100,9 100,0 99,8 100,2 100,0 100,2
1 Star ng from 2011, core infl a on is calculated in line with the new methodology. Core infl a on since 2007 has therefore been adequately recalculated. 2 Water for household, waste-water, taking out rubbish from fl at, central heathing. 3 Bus city transport, monthly cket, railway passenger transport, airway passenger transport. Source: RSO
0,13
0,11 0,06
0,23
Core
infla
tion
Adm
inist
rativ
epr
ices
Oil
deriv
ativ
es
Frui
tsan
dve
geta
bles
0,5
0,0
0,5
Consumer pricesin February 2010percentage points
0,88
0,11 0,06
0,40
0,0
0,5
1,0
Core
infla
tion
Adm
inist
rativ
epr
ices
Oil
deriv
ativ
es
Frui
tsan
dve
geta
bles
Consumer pricesin February 2011percentage points
18
Ministry of Finance
Table 5. Balance of Payments of the Republic of Serbia1
2010
October November December January-December
I. CURRENT ACCOUNT -102,4 155,8 -241,9 -2.081,9
CURRENT ACCOUNT (without offi cial transfers) -118,8 140,1 -319,1 -2.275,1
1. Goods (1.1-1.2.)2 -312,9 -426,3 -434,0 -4.773,3
1.1. Export, f.o.b. 687,8 715,8 726,0 7.402,5
1.2. Import, f.o.b. -1.000,7 -1.142,1 -1.160,0 -12.175,8
2. Services (2.1.-2.2.) 27,5 1,9 -9,5 5,3
2.1. Export 230,7 242,0 285,7 2.667,1
2.2. Import -203,2 -240,1 -295,2 -2.661,8
3. Goods and services (3.1.-3.2.) -285,4 -424,4 -443,5 -4.768,0
3.1. Export 918,5 957,8 1.011,7 10.069,6
3.2. Import -1.203,9 -1.382,2 -1.455,2 -14.837,6
4. Income -55,9 -19,8 -95,2 -669,9
4.1. Receipts 37,5 35,6 57,8 437,7
4.2. Payments -93,4 -55,4 -153,0 -1.107,5
5. Current transfers 238,9 599,9 296,8 3.356,0
5.1. Receipts 261,7 622,1 322,6 3.624,0
5.2. Payments -22,8 -22,2 -25,8 -268,0
II. CAPITAL ACCOUNT -0,2 0,0 -0,1 0,9
1. Receipts 0,0 0,1 0,2 3,0
2. Payments -0,2 -0,1 -0,3 -2,1
III. FINANCIAL ACCOUNT 69,2 -127,0 299,2 2.031,6
1. Direct investment, net 59,4 107,7 98,0 860,1
2. Por olio investment, net -1,9 22,7 -59,0 38,8
3. Other investment -67,1 -492,1 646,4 204,0
4. Reserves3 78,8 234,7 -386,1 928,7
IV ERRORS AND OMISSIONS, net 33,4 -28,7 -57,3 49,4
V OVERALL BALANCE -78,8 -234,7 386,1 -928,7
1 According to IMF motodology. 2 Since January 1st 2010 and in accordance with UN Sta s cal Commission recommenda ons, general trade system has been introduced, presen ng broader exports and imports concept and involving overall goods that enter or exit the economic territory of the country, except the transit goods. Besides transit, excluded are also the temporary commodity transac ons (fairs, test samples, etc.). According to general trade system, goods are imported, i.e. exported into: а) free circula ng area, rooms for internal processing or industrial free zones; b) customs storage places. General trade system provides be er adjustment to measures and criteria of the System of Na onal Accounts and Balance of Payment. From January 1st 2010, new version of Standard Interna onal Trade Classifi ca on - SITC Rev 4 has been used. 3 Gross foreign reserves of NBS (Reserve assets) and commercial banks (Currency and deposits) without exchanges rate adjustments. Source: NBS
19
February 2011
in million EUR
January February January-February
2010 2011 2010 2011 2010 2011
-140,0 -273,0 -306,9 -230,3 -446,8 -503,4
-145,6 -281,1 -319,3 -236,5 -465,0 -517,6
-306,3 -404,8 -414,4 -372,4 -720,7 -777,2
410,2 536,7 467,5 643,7 877,7 1.180,4
-716,5 -941,5 -881,9 -1.016,1 -1.598,4 -1.957,6
-0,1 -1,4 -8,2 12,8 -8,2 11,3
168,7 194,2 166,1 204,6 334,9 398,8
-168,8 -195,6 -174,3 -191,8 -343,1 -387,4
-306,4 -406,2 -422,5 -359,6 -728,9 -765,8
578,9 730,9 633,7 848,3 1.212,5 1.579,2
-885,3 -1.137,1 -1.056,2 -1.207,9 -1.941,5 -2.345,0
10,9 10,6 -80,1 -45,4 -69,3 -34,9
59,7 55,4 21,7 19,5 81,4 74,9
-48,8 -44,8 -101,8 -65,0 -150,6 -109,8
155,6 122,6 195,8 174,7 351,3 297,3
176,1 174,5 212,5 197,6 388,6 372,2
-20,6 -51,9 -16,7 -23,0 -37,2 -74,9
-0,3 -0,1 0,0 0,1 -0,3 0,0
0,0 0,0 0,1 0,3 0,1 0,3
0,0 0,0 0,1 0,2 0,1 0,2
129,5 119,5 282,0 145,6 411,5 265,1
123,1 45,0 29,3 42,4 152,4 87,5
30,6 35,2 -3,0 299,4 27,5 334,6
-58,3 56,9 92,9 0,2 34,6 57,1
34,1 -17,6 162,8 -196,4 196,9 -214,0
10,8 153,7 24,9 84,6 35,6 238,2
-34,1 17,6 -162,8 196,4 -196,9 214,0
20
Ministry of Finance
Table 6. External debtin mill. EUR
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Feb. 2011
Stock of external debt 10.968 9.402 9.678 9.466 12.196 14.182 17.139 21.088 22.487 23.786 22.927
External debt/GDP 85,5 58,7 55,9 49,8 60,1 60,9 59,5 63,1 75,0 81,12 78,12
Offi cial sector 10.257 8.628 8.527 7.283 7.892 6.592 6.285 6.521 7.764 9.076 9.019
Private sector 712 774 1.151 2.183 4.304 7.590 10.854 14.568 14.724 14.710 13.908
Banks 105 47 168 747 1.754 3.477 3.606 3.524 4.310 5.093 4.454
Enterprises 607 727 984 1.436 2.550 4.113 7.248 11.044 10.414 9.617 9.455
Source: NBS 1 Since September 2010 methodology for the external debt sta s cs has been changed so that the external public debt includes obliga ons under the IMF SDR alloca on, which was used in December 2009, as well as capitalized interest to Paris Club creditors, while the loans concluded before December 20, 2000, under which the payments have not been eff ected, are excluded from the external debt of the private sector. 2 Es ma on
721
111
429
781 831
656
127
211
643
251
113
366
284
136176
265
45 42
200
0
200
400
600
800
1.000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Jan Feb
2007 2008 2009 2010 2011
In million EUR Foreign direct investments, net
2005 February; 242,5
2006 February; 325,7
2007 February; 432,9
2008 February; 581,2
2009 February; 410,1
2010 February; 473,8
2011 February; 648,8
100
200
300
400
500
600
700
800
Febr
uary
April
June
Augu
st
Octo
ber
Dece
mbe
r
Febr
uary
April
June
Augu
st
Octo
ber
Dece
mbe
r
Febr
uary
April
June
Augu
st
Octo
ber
Dece
mbe
r
Febr
uary
April
June
Augu
st
Octo
ber
Dece
mbe
r
Febr
uary
April
June
Augu
st
Octo
ber
Dece
mbe
r
Febr
uary
April
June
Augu
st
Octo
ber
Dece
mbe
r
Febr
uary
2005 2006 2007 2008 2009 2010 2011
In million EUR Export
21
February 2011
Table 7. Monetary Survey, end of periodin million dinars
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Feb.2011
Net foreign assets -96.343 132.114 170.227 160.868 218.886 407.565 563.315 483.707 570.534 507.330 490.647
Foreign assets 506.371 196.847 257.601 313.353 491.883 770.999 876.889 847.473 1.185.455 1.287.386 1.191.711
NBS 423.250 142.883 198.015 248.376 424.844 715.114 765.739 724.755 1.022.861 1.063.062 1.046.305
Banks 83.121 53.964 59.586 64.977 67.039 55.885 111.150 122.718 162.594 224.324 145.405
Foreign liabili es (-) -602.714 -64.733 -87.373 -152.485 -272.997 -363.434 -313.574 -363.766 -614.921 -780.056 -701.064
NBS -394.740 -47.610 -64.093 -69.260 -81.873 -55.692 -13.805 -14.063 -114.585 -170.341 -164.596
Banks -207.974 -17.123 -23.280 -83.225 -191.124 -307.742 -299.769 -349.703 -500.336 -609.715 -536.468
Net domes c assets 389.979 204.800 280.920 412.131 560.818 574.894 800.348 1.128.685 1.412.716 1.749.771 1.600.314
Domes c credit 275.143 185.134 228.389 348.617 490.467 504.961 722.019 1.073.069 1.301.884 1.722.549 1.674.623
Net claims on government 7.961 3.851 -9.153 5.952 -27.831 -104.210 -112.228 -53.042 -4.340 65.644 41.039
Credit to government 23.320 35.192 32.255 44.001 40.106 34.897 19.204 20.367 119.164 193.983 203.609
Dinar credit 21.560 26.370 22.500 30.008 21.272 18.271 10.935 12.928 101.554 149.201 151.708
NBS 14.685 21.295 19.760 22.407 16.330 16.450 10.811 10.892 11.290 1.315 1.314
Banks 6.875 5.075 2.739 7.601 4.942 1.821 124 2.036 90.264 147.887 150.394
Foreign currency credit 1.760 8.822 9.756 13.993 18.834 16.626 8.269 7.439 17.610 44.782 51.901
NBS 1.479 1.509 0 0 181 0 0 21 3 4 4
Banks 281 7.313 9.756 13.993 18.653 16.626 8.269 7.418 17.607 44.777 51.896
Government deposits (-) -15.359 -31.341 -41.408 -38.049 -67.938 -139.107 -131.432 -73.409 -123.504 -128.339 -162.570
Dinar deposits -7.653 -15.508 -17.934 -24.484 -43.605 -31.197 -45.094 -27.127 -67.732 -58.060 -66.009
NBS -3.612 -5.009 -12.998 -22.966 -40.718 -19.678 -29.200 -19.722 -62.987 -54.016 -61.688
Banks -4.041 -10.499 -4.936 -1.518 -2.887 -11.519 -15.894 -7.405 -4.745 -4.044 -4.321
Foreign currency deposits -7.706 -15.833 -23.474 -13.565 -24.333 -107.910 -86.338 -46.282 -55.772 -70.279 -96.562
NBS -7.259 -6.159 -18.107 -9.990 -18.806 -103.443 -81.998 -40.705 -49.253 -53.695 -81.077
Banks -447 -9.674 -5.367 -3.575 -5.527 -4.467 -4.340 -5.577 -6.519 -16.584 -15.485
Credit to non-government sectors 267.182 181.283 237.541 342.665 518.299 609.171 834.247 1.126.111 1.306.224 1.656.905 1.633.584
Households 5.277 16.139 29.536 66.514 132.146 203.631 305.967 382.382 418.854 528.203 518.776
Enterprises 247.829 153.643 197.319 264.488 370.775 381.435 508.167 711.433 851.018 1.074.500 1.060.908
Other fi nancial corpora ons 3.154 8.392 7.446 8.216 8.868 14.400 6.659 19.643 18.864 35.433 35.563
Local government 1.627 593 1.410 1.269 2.208 5.033 7.008 9.240 11.533 18.106 17.676
Non-profi t and other organiza ons 9.295 2.516 1.830 2.179 4.301 4.672 6.446 3.413 5.955 663 662
Other assets, net 114.836 19.666 52.531 63.514 70.351 69.933 78.329 47.138 110.832 27.222 -74.309
Deposit, capital and provisioning 293.636 336.914 451.147 572.998 779.704 982.459 1.363.663 1.612.392 1.983.250 2.257.101 2.090.961
Money supply М3 125.414 191.492 244.731 322.876 458.870 634.470 903.871 992.151 1.203.981 1.360.777 1.308.787
Money supply М2 68.097 110.896 124.895 146.209 192.180 278.966 390.485 395.025 436.784 410.495 378.554
Money supply М1 58.233 93.815 99.303 111.258 144.949 200.090 248.873 240.744 258.442 253.286 228.810
Currency in circula on 25.266 43.719 42.980 45.165 53.650 68.461 77.000 89.956 95.522 91.750 81.045
Sight deposits 32.967 50.096 56.323 66.093 91.299 131.629 171.873 151.013 162.920 161.536 147.765
Dinar me an savings deposits 9.864 17.081 25.592 34.951 47.231 78.876 141.612 154.119 178.342 157.209 149.744
Foreign currency deposits 57.317 80.596 119.837 176.667 266.690 355.504 513.386 597.445 767.197 950.282 930.233
Capital accounts -140.560 83.099 117.788 142.753 181.772 242.254 356.256 505.188 633.430 722.026 608.346
NBS 8.090 6.992 17.418 33.580 41.450 7.454 6.715 63.451 166.316 202.334 97.849
Banks -148.650 76.107 100.370 109.173 140.322 234.800 349.541 441.737 467.114 519.692 510.498
Provisioning for losses 308.782 62.323 88.628 107.369 139.062 105.735 103.536 114.671 145.839 174.298 173.828
Anali cal items Net monetary eff ects of foreign currency transac ons -104.049 116.281 146.753 147.303 194.553 299.655 476.977 437.425 514.762 437.051 394.085 Net domes c assets excluding foreign currency government deposits
397.685 220.633 304.394 425.696 585.151 682.804 886.686 1.174.967 1.468.488 1.820.050 1.696.876
Net credit to non-government sectors 232.048 166.207 173.844 263.984 415.368 531.570 758.572 1.027.307 1.176.849 1.495.639 1.472.722
Annual growth rates
М3 92,3% 52,7% 27,8% 31,9% 42,1% 40,0% 42,5% 9,8% 21,3% 12,9 7,6
М2 107,0% 62,9% 12,6% 17,1% 31,4% 47,0% 40,0% 1,2% 10,6% -6,0 -7,6
М1 115,5% 61,1% 5,9% 12,0% 30,3% 38,0% 24,4% -3,2% 7,3% -2,0 -2,3
Domes c credit
Credit to government 82,7 50,9 -8,3 36,4 -8,9 -13,0 -45,0 6,1 485,1 62,8 65,7
Credit to households 85,2 205,8 83,0 125,2 98,7 54,1 50,3 25,0 9,5 26,1 19,3
Credit to enterprises 15,7 -38,0 28,4 34,0 40,2 2,9 33,2 40,0 19,8 26,3 19,3
Source: NBS
22
Ministry of Finance
Table 8. Household Savings, end of period in million EUR
Feb.2010 Feb.2011 Feb.2011Feb.2010
Household savings - total 6.272,6 7.333,3 16,9%
-Dinar savings 123,6 123,2 -0,3%
-Foreign currency savings 6.149,0 7.210,0 17,3%
Long-term saving deposits 52,8% 60,6% 7,8%
Savings deposits currency structure:
- Foreign currency deposits 98,03% 98,32% 0,29%
- Dinar deposits 1,97% 1,68% -0,29%
Source: NBS
4.000
4.500
5.000
5.500
6.000
6.500
7.000
7.500
Jan
Feb
Mar Ap
r
May
June Ju
l
Aug
Sep
Oct
Nov De
c
Jan
Feb
Mar Ap
r
May
June Ju
l
Aug
Sep
Oct
Nov De
c
Jan
Feb
2009 2010 2011
Foreign currency savings, in mill. EUR
20,0
10,0
0,0
10,0
20,0
30,0
40,0
50,0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
2009 2010 2011
Loans to economic organizations Loans to households Cross border loans of economic organizations*
Bank and cross border loans, denominated in EUR, annual growth rates
* From September 2010 loans (by which are not made payments) concluded before 20 December 2000 were excluded from external debt of private sector .
23
February 2011
Table 9. Average net salaries and employment and unemployment level
Period Average net salaries, in dinars2 Avearge employment level1, 3 Job seekers, end of period Unemployment level, end of period
2001 6.078 2.101.668 780.541 -
2002 9.208 2.066.721 904.494 -
2003 11.500 2.041.395 944.939 -
2004 14.108 2.050.854 969.888 859.728
2005 17.443 2.068.964 990.669 895.697
2006 21.707 2.025.627 1.011.139 916.257
2007 27.759 2.002.344 850.802 785.099
2008 29.160 1.999.476 794.000 727.621
2009 31.733 1.889.085 812.350 730.372
2010 34.142 1.795.774 802.840 729.520
2009
January 28.877 1.983.139 803,000 739.213
February 31.121 1.980.765 817.697 746.237
March 30.362 1.910.913 830.392 758.387
April 32.571 1.907.209 834.688 762.674
May 31.086 1.899.596 841.265 767.547
June 31.768 1.896.313 838.167 763.062
July 32.553 1.893.156 832.343 756.662
August 31.338 1.886.257 823.515 747.456
September 31.319 1.867.256 816.057 737.160
October 31.734 1.864.095 806.068 727.142
November 31.576 1.861.362 803.171 723.350
December 36.789 1.857.291 812.350 730.372
2010
January 29.929 1.850.871 835.476 751.590
February 32.336 1.846.403 852.426 767.418
March 33.508 1.816.959 865.892 778.505
April 34.952 1.814.822 859.931 772.184
May 33.463 1.812.985 850.954 762.592
June 34.161 1.810.959 835.166 746.848
July 34.591 1.808.408 825.272 737.048
August 33.955 1.805.651 811.854 724.270
September 34.570 1.774.589 809.595 721.043
October 34.422 1.773.365 806.168 717.503
November 34.444 1.772.790 801.339 722.142
December 39.580 1.770.753 802.840 729.520
2011
January 34.009 1.766.136 820.179 750.726
February 35.538 1.759.294 834.573 763.550
1 Without military and police 2 New methodology for salaries, which is applied from 2009. as RSO extended coverage of observa on units. In calcula on of average salaries, beside salaries paid to employees in enterprises, ins tu ons and organiza ons, into account are taken also salaries paid to enterpreneurs. 3 RSO corrected the data on the number of private entrepreneurs and employed by them from March 2009, inter alia, because of regula on of evidence of Republic ins tute for health insurance. Source: RSO, NEA
24
Ministry of Finance
Table 10. Average net salaries and pension benefi ts, in dinars
Feb.2010 Jan-Feb.2010 Feb.2011 Jan-Feb.2011
Feb.2011Feb.2010
Jan-Feb.2011Jan-Feb.2010
Average net salaries 32.336 31.131 35.538 34.765 -2,4 -0,2
Average net salaries - Public sector 39.077 37.135 40.980 40.138 -6,9 -3,4
Public state owned enterprises 45.608 46.829 48.245 54.193 -6,1 3,4
Public local enterprises 36.541 36.131 39.496 38.606 -4,0 -4,5
Administra on, all levels 42.973 40.402 45.684 45.682 -5,6 1,0
Educa on 36.334 36.028 37.278 36.955 -8,9 -8,3
Health and social work 36.776 31.100 38.453 32.794 -7,1 -5,8
Average pension benefi ts 19.832 19.826 20.372 20.369 -8,8 -8,2
Source: RSO, EPF
10
5
0
5
10
15
Jan
Feb
Mar Ap
r
May
June Ju
l
Aug
Sep
Oct
Nov De
c
Jan
Feb
Mar Ap
r
May
June Ju
l
Aug
Sep
Oct
Nov De
c
Jan
Feb
2009 2010 2011
Average net salaries and average pensions, annual real growth rates
Net Salaries Total Net Salaries Public sector Average pensions
25
February 2011
Table 11. Average Salaries and Wages in State Owned Public U li esin dinars
Salaries and Wages Net Salaries and Wages*
2005 32.994 22.4632006 43.362 29.5232007 50.367 35.9272008 57.960 41.5852009 62.798 44.9462010 65.888 46.6152008
January 56.394 40.515February 54.476 39.146March 54.538 39.201April 56.900 40.865May 58.126 41.734June 55.717 40.028July 58.694 42.138August 56.809 40.797September 58.723 42.148October 61.127 43.874November 59.475 42.679December 64.542 45.889
2009 January 64.987 44.608February 59.198 40.509March 62.031 44.092April 64.485 45.660May 61.793 43.967June 62.005 44.084July 65.263 48.091August 61.166 45.273September 62.278 46.128October 61.659 45.578November 60.341 42.896December 68.365 48.462
2010 January 64.059 45.167February 62.553 44.263March 66.054 46.856April 67.289 47.619May 63.235 44.773June 62.585 44.425July 63.883 45.288August 62.723 44.498September 63.859 45.280October 61.581 43.685November 64.368 45.630December 88.462 61.898
2011 January 68.010 48.048February 65.224 46.228
*Calcula on based on Ministry of Labor and Social Policy methodologySource: MOF
26
Ministry of Finance
Table 12. Results of priva za on
2002 2003 2004 2005 2006 2007 2008 2009 2010 II 2011 TOTAL
Number of sold enterprises
Tender 11 16 7 11 14 13 13 5 2 0 92
Auc on 152 514 185 158 160 178 151 49 23 0 1.570
Capital market 48 107 45 147 102 120 105 40 13 0 727
Total 211 637 237 316 276 311 269 94 38 0 2.389
Number of employees
Tender 11.719 13.966 9.811 6.780 10.308 10.370 6.792 2.304 178 0 72.228
Auc on 10.799 42.740 17.770 17.981 17.146 15.616 4.994 2.438 656 0 130.140
Capital market 14.802 20.183 11.227 34.132 15.931 18.770 14.623 4.377 1.141 0 135.186
Total 37.320 76.889 38.808 58.893 43.385 44.756 26.409 9.119 1.975 0 337.554
in million EUR
Sale price
Tender 200,7 594,7 11,2 96,1 62,7 80,0 50,5 3,8 0,5 0,0 1.100,1
Auc on 35,1 177,2 90,5 146,5 102,5 184,1 108,8 34,5 6,7 0,0 886,1
Capital market 83,0 67,8 52,2 125,2 70,1 162,1 91,7 10,5 11,6 0,71 674,3
Total 318,8 839,7 153,9 367,8 235,3 426,2 251,0 48,8 18,8 0,7 2.661,2
Investment
Tender 303,2 271,1 66,1 69,5 89,4 74,8 55,3 15,6 0,0 0,0 945,1
Auc on 10,9 48,7 33,5 29,0 35,0 28,4 6,8 9,0 1,3 0,0 202,5
Capital market 5,9 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 5,9
Total 320,1 319,8 99,6 98,5 124,4 103,2 62,1 24,6 1,3 0,0 1.153,5
Social program
Tender 145,8 128,3 2,6 0,0 0,0 0,0 0,0 0,0 0,0 0,0 276,7
Auc on 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0
Capital market 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0
Total 145,8 128,3 2,6 0,0 0,0 0,0 0,0 0,0 0,0 0,0 276,7
Source: Priva za on Agency 1 Revenue from previously priva zed socialy owned enterprises on stock exchange.
27
February 2011
0200400600800
1.0001.2001.4001.6001.800
Jan
Feb
Mar Ap
r
May Jun Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar Ap
r
May Jun Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
2009 2010 2011
Development on Belgrade Stock Exchange, indices
BELEXline BELEX15
0
200
400
600
800
1.000
1.200
Jan
Feb
Mar Ap
r
May Jun Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar Ap
r
May Jun Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
2009 2010 2011
Market Capitalization on Belgrade Stock Exchange, in bill. dinars
RS Bonds Shares
0102030405060708090
Jan
Feb
Mar Ap
r
May Jun Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar Ap
r
May Jun Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
2009 2010 2011
%
FIT Foreign Investors Participation in Total TurnoverFIS Foreign Investors Participation in Total Turnover of BondsFIB Foreign Investors Participation in Total Turnover of Shares
Foreign Investors Participation in Total Turnover on Belgrade Stock Exchange
MIN
ISTR
Y O
F FI
NA
NCE
BULL
ETIN
FEB
RUA
RY 2
011
29
February 2011
Table 13. Turnover of Securi es on Belgrade Stock Exchange
I-II 2010 I-II 2011 I-II 2010 I-II 2011 II 2011XII 2010
II 2011II 2010
I-II 2011I-II 2010
Total turnover 4.566 620.129 1.970 3.766 43,9% 91,1% 38,1%
RS Bonds 515 494 164 672 141,3% 310,3% 150,4%
Shares 4.051 619.635 1.807 3.094 32,3% 71,2% 25,9%
Source: Belgrade Stock Exchange
0
50.000
100.000
150.000
200.000
250.000
Jan
Feb
Mar Ap
r
May Jun Jul
Aug
Sep
Oct
Nov De
c
Jan
Feb
Mar Ap
r
May Jun Jul
Aug
Sep
Oct
Nov De
c
Jan
Feb
2009 2010 2011
State of Debt on Issuance of Treasury Bills, in mill. dinars
8,9%
27,6%
30,5%
12,8%
10,2%
10,0%
Structure of debt on Issued Treasury Bills, February 2011
Three month treasury billsSix months treasury billsTwelve months treasury billsEighteen months treasury billsTwenty four month treasury billsSix months treasury bills EUR indexed
Number of transac ons In mill. dinars Growth rates of turnover
30
Ministry of Finance
Table 14. Auc on of Tresaury Bills of the Republic of Serbia
Three-month Treasury Bills Six-month Treasury Bills Twelve-month Treasury Bills
Auc on Date
Amount Off ered
Submi ed Bids
Average Discount
Rate
Auc on Date
Amount Off ered
Submi ed Bids
Average Discount
Rate
Auc on Date
Amount Off ered
Submi ed Bids
Average Discount
RateIn mill. dinars In mill. dinars In mill. dinars
2004 15.500 15.555 21,3% 2004 2.700 2.374 21,8% 2004 - - -
2005 24.900 40.598 17,0% 2005 2.980 5.756 18,3% 2005 - - -
2006 19.200 26.982 13,4% 2006 - - - 2006 - - -
2007 16.100 20.720 6,4% 2007 - - - 2007 - - -
2008 10.740 9.420 5,2% 2008 - - - 2008 - - -
2009 148.000 216.542 13,4% 2009 64.000 89.261 11,9% 2009 18.000 29.724 11,8%
2010 71.000 80.649 10,7% 2010 145.000 158.726 10,8% 2010 89.000 97.452 11,3%
2011
06.01.2011 3.000 3.228 13,9% 13.01.2011 4.000 3.026 15,0% 04.01.2011 2.000 1.983 15,1%
20.01.2011 3.000 3.464 13,9% 27.01.2011 4.000 8.536 14,5% 18.01.2011 2.000 3.000 15,1%
03.02.2011 3.000 5.028 13,5% 10.02.2011 4.000 7.346 13,4% 01.02.2011 2.000 7.638 14,5%
17.02.2011 3.000 3.709 12,9% 24.02.2011 4.000 3.827 13,0% 16.02.2011 2.000 5.503 13,5%
Source: MOF
Table 14. Auc on of State Treasury Bills (con nued)
Eighteen-month Treasury Bills Twenty-four month Treasury Bills Six-month Treasury Bills - EUR indexed
Auc on Date
Amount Off ered
Submi ed Bids
Average Discount
Rate
Auc on Date
Amount Off ered
Submi ed Bids
Average Discount
Rate
Auc on Date
Amount Off ered
Submi ed Bids
Average Discount
RateIn mill. dinars In mill. dinars In mill. dinars
2004 - - - 2004 - - - 2004 - - -
2005 - - - 2005 - - - 2005 - - -
2006 - - - 2006 - - - 2006 - - -
2007 - - - 2007 - - - 2007 - - -
2008 - - - 2008 - - - 2008 - - -
2009 - - - 2009 - - - 2009 - - -
2010 24.000 33.554 11,8% 2010 15.000 6.315 13,6% 2010 21.000 31.928 5,3%
2011
11.01.2011 1.000 3.233 14,9% 25.01.2011 1.000 5.514 14,6% - - - -
08.02.2011 10.000 34.910 12,9% 22.02.2011 20.000 23.103 12,9% - - - -
Source: MoF
FISCAL TRENDS
II
32
Ministry of FinanceTa
ble
1. C
onso
lidat
ed g
ener
al g
over
nmen
t, fr
om 2
005
to 2
011
in m
il. d
inar
2005
2006
2007
2008
2009
2010
2011
Nom
inal
gr
owth
Ja
n-Fe
b 20
11 /
Jan-
Feb
2010
Real
gro
wth
Ja
n-Fe
b 20
11 /
Jan-
Feb
2010
Tota
lTo
tal
Tota
lTo
tal
Tota
lJa
nuar
y -F
ebru
ary
Tota
lJa
nuar
yFe
brua
ryJa
nuar
y -F
ebru
ary
I PU
BLIC
REV
ENU
ES72
4.52
6,7
867.
681,
61.
002.
047,
51.
143.
437,
71.
137.
060,
116
6.52
3,5
1.22
3.40
2,7
92.5
16,6
93.7
36,1
186.
252,
611
1,8
100,
0
1. C
urre
nt re
venu
es72
1.50
9,3
865.
526,
499
5.41
5,2
1.14
0.37
0,0
1.13
0.39
9,8
166.
314,
91.
214.
494,
392
.309
,493
.496
,418
5.80
5,8
111,
799
,8
1
.1.Ta
x re
venu
es63
7.91
3,2
755.
968,
987
0.03
6,0
1.00
0.36
8,0
990.
871,
814
8.11
4,6
1.05
6.46
0,3
83.6
42,2
81.0
70,8
164.
713,
011
1,2
99,4
Pers
onal
inco
me
tax
94.2
82,5
118.
591,
011
5.77
2,0
136.
450,
812
4.03
2,4
19.5
64,3
139.
051,
59.
572,
411
.238
,120
.810
,510
6,4
95,1
Corp
orat
e in
com
e ta
x10
.307
,918
.313
,429
.686
,439
.006
,931
.213
,15.
240,
932
.593
,02.
150,
02.
948,
65.
098,
797
,386
,9
Valu
e ad
ded
tax
215.
938,
522
5.13
7,2
265.
464,
730
1.68
9,5
296.
927,
247
.185
,631
9.36
9,4
30.6
88,5
22.2
80,2
52.9
68,7
112,
310
0,3
Exci
ses
71.2
75,2
86.8
50,1
98.6
00,6
110.
137,
013
4.78
1,1
17.3
92,8
152.
166,
613
.923
,310
.135
,224
.058
,513
8,3
123,
6
Cust
oms
38.9
64,7
45.3
75,0
57.3
80,9
64.7
84,3
48.0
39,8
5.26
4,8
44.2
85,5
2.25
3,7
2.87
6,0
5.12
9,7
97,4
87,1
Oth
er ta
x re
venu
e24
.192
,030
.282
,732
.820
,035
.567
,737
.072
,26.
164,
745
.979
,62.
414,
74.
242,
86.
657,
510
8,0
96,5
Soci
al c
ontr
ibu
ons
182.
952,
323
1.41
9,5
270.
311,
431
2.73
1,8
318.
806,
147
.301
,432
3.01
4,8
22.6
39,6
27.3
49,7
49.9
89,3
105,
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1
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on-ta
x re
venu
e83
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9.55
7,5
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379,
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0.00
2,0
139.
528,
018
.200
,415
8.03
4,0
8.66
7,1
12.4
25,6
21.0
92,8
115,
910
3,6
2. C
apita
l rev
enue
s16
0,3
277,
45.
330,
41.
538,
218
7,0
4,6
1.51
8,8
96,1
62,9
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2
3. G
rant
s2.
857,
11.
877,
81.
301,
91.
529,
66.
473,
320
4,0
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9,6
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6,7
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914
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1
II PU
BLIC
EXP
ENDI
TURE
S70
6.84
4,2
899.
287,
01.
046.
848,
41.
213.
888,
81.
267.
908,
118
2.22
2,0
1.35
9.87
2,3
90.8
23,2
107.
640,
819
8.46
4,0
108,
997
,3
1. C
urre
nt e
xpen
ditu
res
653.
189,
380
7.01
8,2
919.
453,
61.
088.
803,
21.
154.
159,
217
3.75
8,0
1.22
4.77
3,2
88.9
51,0
102.
569,
319
1.52
0,2
110,
298
,5
Exp
endi
ture
for e
mpl
oyee
s17
0.01
6,1
204.
398,
223
8.32
5,3
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132,
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1.84
6,3
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308.
051,
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.555
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chas
e of
goo
ds a
nd se
rvic
es10
7.21
7,7
135.
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6
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eres
t pay
men
t17
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sidie
s54
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.554
,963
.697
,577
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,96.
888,
477
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,62.
724,
18.
182,
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8,3
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5
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ial a
ssist
ance
and
insu
ranc
e28
5.65
0,3
360.
442,
140
9.28
4,3
496.
805,
455
5.63
2,2
89.1
68,8
579.
184,
245
.107
,648
.595
,893
.703
,510
5,1
93,9
of w
hich
: Pen
sions
186.
115,
422
7.73
5,4
259.
858,
233
1.02
7,9
387.
306,
063
.049
,939
4.03
5,4
31.5
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33.7
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,6
Unem
ploy
men
t be
nefi t
s9.
575,
711
.889
,114
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,53.
271,
121
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,11.
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21.
442,
22.
863,
487
,578
,2
Si
ck le
ave
6.81
5,5
6.89
7,2
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6.07
0,7
6.76
7,0
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16.
770,
137
2,2
476,
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9,1
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O
ther
tran
sfer
s to
hous
ehol
ds83
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3.92
0,4
129.
734,
614
2.98
8,3
142.
210,
821
.926
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6.51
3,6
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0,6
Oth
er c
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nt e
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re17
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162,
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72.
162,
76.
165,
428
5,1
254,
8
2. C
apita
l exp
endi
ture
s45
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,481
.337
,011
2.06
1,0
105.
906,
393
.270
,87.
866,
510
5.10
5,1
1.67
6,6
4.45
5,4
6.13
2,1
78,0
69,7
3. N
et le
ndin
g7.
788,
510
.931
,815
.333
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.179
,320
.478
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7,5
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93,9
195,
661
6,1
811,
713
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4
III C
ON
SOLI
DATE
D BA
LAN
CE (I
- II)
17.6
82,5
-31.
605,
4-4
4.80
0,9
-70.
451,
1-1
30.8
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-15.
698,
5-1
36.4
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1.69
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904,
7-1
2.21
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Fina
ncin
g
IV O
THER
PRO
CEED
S64
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5.72
6,5
61.7
32,4
70.7
16,3
328.
736,
155
.619
,338
3.18
0,1
16.2
51,0
65.9
89,4
82.2
40,4
147,
913
2,1
1. P
riva
za
on
proc
eeds
43.5
09,2
157.
891,
449
.761
,037
.527
,437
.925
,947
9,1
6.49
2,5
265,
111
4,6
379,
679
,270
,8
2. R
ecei
pts f
rom
repa
ymen
t of l
oans
53,9
55,3
78,1
11.5
34,5
1.90
7,3
38,6
1.28
7,2
3,5
812,
681
6,1
2.11
5,3
1.89
0,4
2. D
omes
c b
orro
win
g9.
066,
827
.149
,25.
683,
815
.475
,824
3.19
6,7
38.5
09,0
304.
777,
515
.011
,863
.643
,778
.655
,520
4,3
182,
5
3. F
orei
gn b
orro
win
g11
.801
,710
.630
,66.
209,
56.
178,
66.
725,
116
.592
,770
.623
,097
0,6
1.41
8,5
2.38
9,1
14,4
12,9
4. IM
F re
sour
ces
0,0
0,0
0,0
0,0
40.8
88,4
0,0
0,0
0,0
0,0
0,0
V O
THER
EXP
ENSE
S32
.449
,458
.185
,638
.779
,444
.784
,719
7.34
1,1
38.9
12,1
256.
595,
217
.880
,415
.720
,633
.600
,986
,477
,21.
Deb
t rep
aym
ent t
o do
mes
c
cred
itors
*30
.411
,927
.109
,332
.964
,132
.533
,917
1.70
8,2
36.4
82,4
229.
912,
017
.109
,315
.113
,232
.222
,588
,378
,9
1. D
ebt r
epay
men
t to
fore
ign
cred
itors
2.03
7,5
31.0
76,3
5.69
4,2
9.00
0,8
22.0
79,8
2.42
9,7
25.6
83,2
771,
160
7,4
1.37
8,4
56,7
50,7
2. P
urch
ase
of fi
nanc
ial a
sset
0,0
0,0
121,
13.
250,
03.
553,
00,
01.
000,
00,
00,
00,
0
* In
clud
ing
repa
ymen
ts o
f Old
fore
ign
curr
ency
savi
ngs a
nd L
oan
for e
cono
mic
reco
very
(Reh
abili
ta o
n lo
an)
Not
e: E
xcise
reve
nues
incl
ude
exci
ses f
rom
oil
deriv
ates
, tha
t bel
ong
to th
e Pu
blic
Ent
erpr
ise “
Serb
ian
Road
s”, f
rom
01
Jan-
Febu
ary
2006
.N
ote:
Met
hodo
logi
cal e
xpla
na o
ns c
an b
e fo
und
in th
e en
d of
bul
le n
33
February 2011
Personal income tax11.2%
Corporate income tax2,7%
Value added tax28.4%
Excises12,9%Customs
2,8%
Other tax revenue3,6%
Social contributions26.8%
Non tax revenues11.3%
Capital revenues0,1%
Grants0,2%
Structure of general government revenues in 2011
Expenditures for employees24.4%
Purchase of goods and services14.2%
Interest payment2,1%
Subsidies5.5%
Pensions32.9%
Unemployment benefits1,4%
Sick leave0,4%
Social assistance and othertransfers to households
12.4%
Other current expenditure3,1%
Capital expenditures3,1% Net lending
0,4%
Structure of general government expenditures in 2011
MIN
ISTR
Y O
F FI
NA
NCE
BULL
ETIN
FEB
RUA
RY 2
011
REPUBLIC OF SERBIA BUDGET(preliminary data for 2011)
Source: Treasury Administration of the Republic of Serbia
FISC
AL
TREN
DS
36
Ministry of Finance
Table 2. Revenues and expenditures of the Republic budget, from 2003 to 2011
A. Revenues and expenditures 2003 2004 2005 2006
I TOTAL REVENUES (1 + 2 + 3) 273.130,9 351.425,5 446.997,2 494.139,2 1. Tax revenues (1.1 + 1.2 + ... + 1.6) 245.892,9 310.916,9 390.214,8 437.112,5 1.1 Personal income tax 51.915,8 54.752,8 50.573,5 63.644,2 1.2 Corporate income tax 5.123,7 6.533,7 9.446,6 16.858,6 1.3 Value added tax / Retail sales tax 103.469,4 133.751,3 215.938,5 225.196,6 1.4 Excises 56.228,8 69.061,8 71.275,2 81.619,4 1.5 Customs 23.266,6 34.287,5 38.964,7 45.375,0 1.6 Other tax revenue 5.888,6 12.529,8 4.016,2 4.418,6 2. Non-tax revenue 23.803,0 38.653,2 54.056,4 55.627,6 of which: collected interest 374,8 670,5 962,9 2.598,33. Grants 3.435,0 1.855,4 2.726,0 1.399,1II TOTAL EXPENDITURES (1 + 2 + 3) 300.326,1 354.569,1 438.803,2 529.707,5 1. Current expenditures (1.1 + 1.2 + ... + 1.7) 278.935,9 330.751,6 405.441,2 476.611,2
1.1 Expenditures for employees 58.234,0 71.449,6 88.588,9 121.309,8 1.2 Purchase of goods and services 22.638,1 23.260,5 33.208,2 36.173,8 1.3 Interest payment 10.977,9 13.403,7 17.150,5 19.274,9 1.4 Subsidies 30.723,6 34.898,2 29.140,1 31.752,0 1.5 Social assistance 31.820,6 32.818,9 47.072,7 69.760,8 1.6 Other current expenditures 4.064,7 4.265,4 5.236,6 7.097,2 1.7 Current and capital transfers 120.477,0 150.655,3 185.044,3 191.242,7 2. Capital expenditures 12.290,6 22.034,2 28.017,5 42.432,3 3. Net lending 9.099,6 1.783,3 5.344,5 10.664,0III BUDGET SURPLUS / DEFICIT (I-II) -27.195,1 -3.143,6 8.193,9 -35.568,3IV BUDGET SURPLUS/ DEFICIT* -16.592,0 9.589,6 24.381,5 -18.891,7
B. Financing
V FINANCING OUTFLOWS 19.262,3 21.833,5 25.807,7 52.310,0 1. Debt repayment 19.262,3 21.833,5 25.807,7 52.310,0 1.1 Debt repayment to domes c creditors 18.923,1 21.430,6 23.770,2 21.901,3 1.2 Debt repayment to foreign creditors 339,2 323,2 2.037,5 29.918,3 1.3 Debt repayment on con ngent liabili es 0,0 79,7 0,0 490,4
2. Aqusi on of fi nancial assets 0,0 0,0 0,0 0,0VI FINANCING INFLOWS 48.741,5 35.059,1 51.047,0 176.957,7 1. Borrowing 9.212,5 18.609,4 17.200,2 24.785,6 1.1 Domes c borrowing 2.032,9 9.141,9 5.398,5 19.612,7 1.2 Foreign borrowing 7.179,6 9.467,5 11.801,7 5.172,9 2. IMF resources 0,0 0,0 0,0 0,0 3. Priva za on proceeds 36.094,0 14.594,3 31.120,8 150.773,0 4. Receipts from repayment of loans 0,0 0,0 53,9 55,3
VII TOTAL REVENUES MINUS TOTAL EXPENDITURES (III + VI - V) 2.284,1 10.082,0 33.433,2 89.079,4
VIII NET FINANCING (VI - V - VII = - III) 27.195,1 3.143,6 -8.193,9 35.568,3
37
February 2011
in mil. dinar
2007 2008 2009 2010 January February Total2011
579.453,5 651.271,9 655.994,1 712.225,1 58.593,8 51.590,7 110.184,6511.261,5 582.893,1 574.644,1 616.607,7 53.508,1 43.370,5 96.878,6
62.744,2 74.695,4 71.308,0 75.174,6 5.091,5 5.849,2 10.940,727.228,1 34.968,0 29.494,8 29.891,9 1.968,4 2.736,5 4.705,0
265.464,6 301.689,5 296.927,1 319.369,4 30.688,5 22.280,2 52.968,793.211,7 100.626,6 119.820,1 135.588,9 12.539,0 8.927,5 21.466,657.380,9 64.784,3 48.039,8 44.285,5 2.253,7 2.876,0 5.129,7
5.232,0 6.129,2 9.054,3 12.297,5 966,9 700,9 1.667,867.446,2 67.633,9 75.394,4 88.947,0 5.041,4 8.084,2 13.125,6
4.129,2 637,2 3.837,6 1.334,1 67,5 144,6 212,1745,8 744,9 5.955,6 6.670,3 44,3 136,0 180,4
617.625,3 702.068,3 746.454,7 820.240,8 59.780,9 69.251,1 129.031,9538.708,5 631.965,8 699.042,8 755.545,3 59.388,2 67.740,3 127.128,5152.732,1 180.382,1 184.157,0 190.383,0 17.489,2 16.665,9 34.155,1
46.204,9 50.801,2 50.160,9 60.050,4 3.095,0 4.430,9 7.525,914.806,5 13.880,4 20.016,4 30.132,5 1.436,1 1.843,3 3.279,436.252,6 49.374,9 40.875,1 49.511,3 1.463,6 6.789,0 8.252,675.142,2 77.812,5 73.757,8 87.188,5 7.016,6 7.113,1 14.129,7
9.167,1 9.607,3 8.253,8 10.277,4 3.323,7 1.101,6 4.425,3204.403,1 250.107,6 321.821,9 328.002,1 25.564,0 29.796,5 55.360,5
65.905,8 53.040,2 30.597,6 39.358,9 392,7 899,5 1.292,113.011,0 17.062,3 16.814,3 25.336,5 0,0 611,3 611,3
-38.171,7 -50.796,5 -90.460,6 -108.015,7 -1.187,0 -17.660,3 -18.847,4-27.494,5 -37.553,3 -74.281,8 -79.217,3 181,6 -15.961,7 -15.780,1
36.030,3 43.643,7 144.160,3 246.162,2 16.040,6 14.956,2 30.996,835.909,2 40.845,9 144.160,3 246.162,2 16.040,6 14.956,2 30.996,831.247,6 30.075,3 131.412,3 221.302,3 15.272,5 14.386,9 29.659,5
4.145,1 4.885,6 8.957,9 20.028,8 399,9 0,0 399,9516,5 5.885,0 3.790,1 4.831,0 368,1 569,3 937,4121,1 2.797,8 0,0 0,0 0,0 0,0 0,0
43.167,9 36.905,3 264.534,8 338.022,4 15.093,2 64.333,8 79.427,13.189,9 10.076,3 250.345,6 332.406,3 14.940,4 63.450,4 78.390,81.035,8 9.278,9 205.607,9 290.624,0 14.940,4 63.450,4 78.390,82.154,1 797,4 3.849,3 41.782,3 0,0 0,0 0,0
0,0 0,0 40.888,4 0,0 0,0 0,0 0,039.232,2 26.084,1 14.189,2 3.781,1 152,8 75,9 228,7
78,1 2.494,5 2,6 917,5 0,1 807,5 807,6
-31.034,1 -57.534,9 29.913,9 -16.155,5 -2.134,4 31.717,3 29.582,938.171,7 50.796,5 90.460,6 108.015,7 1.187,0 17.660,3 18.847,4
38
Ministry of Finance
Table 3. Tax revenuesin mil. dinars
Period Taxes Personal income tax
of which: Wage tax
Corporate income tax
of which: Profi t tax
VAT / Retail sales tax Excises Customs Other taxes
1 = 2 + 4 + 6 + 7 +
8 + 92 3 4 5 6 7 8 9
2003 Total 245.892,9 51.915,8 50.002,6 5.123,7 4.594,6 103.469,4 56.228,8 23.266,6 5.888,6 2004 Total 310.916,9 54.752,8 49.929,3 6.533,7 6.003,3 133.751,3 69.061,8 34.287,5 12.529,8
2005 Total 390.214,8 50.573,5 44.028,2 9.446,6 8.075,5 215.938,5 71.275,2 38.964,7 4.016,2
2006 Total 437.112,5 63.644,2 54.124,0 16.858,6 13.417,0 225.196,6 81.619,4 45.375,0 4.418,6
2007 Total 511.261,5 62.744,2 48.849,6 27.228,1 23.351,0 265.464,6 93.211,7 57.380,9 5.232,0
2008
January 46.865,1 4.922,3 3.819,4 2.079,2 1.665,4 28.151,1 7.842,3 3.477,2 393,0
February 42.891,7 5.432,3 4.460,5 2.379,8 2.088,8 22.438,1 6.942,9 5.283,0 415,4
March 50.628,2 5.534,1 4.390,1 8.997,2 8.630,9 22.582,1 7.027,0 6.025,2 462,6
April 51.061,3 6.340,7 4.874,7 2.350,5 1.663,4 27.810,9 7.976,6 6.092,4 490,2
May 44.957,5 6.166,5 4.517,5 2.233,5 1.617,4 24.211,1 6.411,0 5.403,7 531,7
June 49.794,3 6.435,9 4.697,1 2.593,8 2.118,5 24.952,7 9.767,8 5.452,8 591,5
July 56.205,3 6.563,2 4.828,5 2.336,3 1.843,7 31.157,7 9.288,6 6.210,9 648,6
August 39.211,8 5.876,3 4.639,4 2.050,2 1.767,1 19.030,1 7.025,1 4.756,3 473,8
September 48.487,8 5.947,2 4.745,1 2.303,8 1.759,2 23.657,0 10.814,3 5.326,9 438,6
October 52.097,1 6.367,8 5.000,2 2.649,4 1.790,0 27.820,6 8.956,3 5.833,2 469,8
November 43.856,2 6.764,7 4.724,7 2.050,4 1.664,2 23.377,3 6.316,8 4.920,1 426,9
December 56.836,7 8.344,4 6.493,9 2.944,0 1.857,1 26.500,9 12.257,9 6.002,5 787,0
2008 Total 582.893,1 74.695,4 57.191,1 34.968,0 28.465,8 301.689,5 100.626,6 64.784,3 6.129,2
2009
January 42.921,2 5.191,3 4.115,9 2.044,3 1.448,2 25.021,4 7.356,3 2.946,8 361,1
February 37.942,3 5.408,8 4.674,2 2.325,8 2.017,1 19.334,7 6.599,6 3.858,8 414,6
March 51.869,2 5.795,9 4.881,3 7.781,9 7.289,2 25.090,4 7.958,9 4.671,0 571,1
April 44.961,1 6.081,9 5.111,4 2.070,6 1.523,2 22.508,3 9.491,9 4.153,8 654,6
May 40.308,4 5.661,8 4.575,9 1.648,2 1.043,8 21.843,0 7.012,0 3.653,1 490,3
June 46.663,2 6.333,4 4.871,2 1.851,9 1.246,8 23.515,3 10.417,2 3.876,6 668,8
July 54.703,7 6.544,7 5.097,3 1.786,1 1.210,9 28.817,2 12.328,2 4.242,1 985,4
August 46.596,7 5.613,8 4.650,4 1.703,5 1.255,8 23.832,3 10.972,0 3.516,2 958,9
September 46.999,9 5.898,6 4.837,2 1.987,1 1.506,3 23.424,3 10.811,5 3.910,9 967,4
October 54.178,4 5.786,6 4.834,4 2.205,6 1.578,2 32.780,6 8.003,3 4.454,1 948,2
November 52.479,6 5.639,9 4.696,5 1.875,6 1.540,7 25.848,4 14.090,0 4.080,3 945,5
December 55.020,5 7.351,3 5.964,7 2.214,3 1.551,2 24.911,2 14.779,3 4.676,0 1.088,4
2009 Total 574.644,1 71.307,95 58.310,32 29.494,85 23.211,15 296.927,1 119.820,1 48.039,8 9.054,3
2010
January 47.759,3 4.992,6 4.027,8 1.903,7 1.517,9 27.954,3 9.826,2 2.256,6 826,0
February 36.932,8 5.436,1 4.628,1 2.985,5 2.195,9 19.231,3 5.421,8 3.008,2 849,8
March 50.661,7 6.171,9 5.033,6 5.797,9 5.241,1 24.714,9 8.776,0 4.208,1 992,9
April 49.336,6 6.274,7 5.177,6 1.964,1 1.423,5 26.648,3 9.677,3 3.719,0 1.053,2
May 47.354,3 5.830,1 4.607,5 1.771,6 1.212,4 24.448,0 10.612,9 3.551,5 1.140,2
June 50.717,3 6.668,6 4.959,9 2.260,4 1.446,8 26.189,1 10.729,3 3.752,3 1.117,6
July 54.183,5 6.615,4 5.134,2 2.036,8 1.443,8 30.546,5 10.392,2 3.480,9 1.111,8
August 54.337,8 5.960,8 4.830,3 1.788,7 1.450,9 25.438,3 16.287,2 3.765,6 1.097,3
September 51.656,1 6.044,4 4.871,6 2.187,3 1.499,4 27.197,3 11.157,5 4.058,3 1.011,4
October 51.283,0 6.038,8 4.939,8 2.311,6 1.610,8 28.868,7 9.087,9 3.998,6 977,5
November 59.265,1 6.995,9 4.996,0 2.271,6 1.755,1 28.976,0 15.869,2 4.167,1 985,3
December 63.120,1 8.145,3 6.413,1 2.612,7 1.692,8 29.156,8 17.751,4 4.319,3 1.134,6
Total 616.607,7 75.174,6 59.619,5 29.891,9 22.490,3 319.369,4 135.588,9 44.285,5 12.297,5
2011January 53.508,1 5.091,5 4.303,0 1.968,4 1.519,5 30.688,5 12.539,0 2.253,7 966,9
February 43.370,5 5.849,2 5.070,8 2.736,5 2.262,5 22.280,2 8.927,5 2.876,0 700,9 Total 96.878,6 10.940,7 9.373,9 4.705,0 3.782,0 52.968,7 21.466,6 5.129,7 1.667,8
39
February 2011
Table 4. Value added tax and excisesin mil. dinars
Period VAT VAT - domes c
VAT - imports
Retail sales tax (from previous
years)
VAT reimbursement Excises
Excises on oil
derivates
Tobacco excises
Other excises
1 = 2 + 3 + 4 2 3 4 5 6 = 7 + 8
+ 9 7 8 9
2005 Total 215.938,5 70.440,9 121.680,2 23.817,5 26.824,3 71.275,2 44.044,8 19.044,5 8.185,9
2006 Total 225.196,6 68.494,3 150.235,2 6.467,1 57.134,0 81.619,4 45.915,7 26.147,0 9.556,7
2007 Total 265.464,6 81.678,2 179.238,2 4.548,2 70.732,7 93.211,7 49.107,8 34.371,9 9.732,0
2008
January 28.151,1 15.467,7 12.473,9 209,5 7.232,5 7.842,3 3.557,7 3.611,0 673,6
February 22.438,1 5.285,4 16.644,5 508,2 7.458,3 6.942,9 3.741,2 2.351,3 850,5
March 22.582,1 3.987,8 18.325,2 269,1 7.220,4 7.027,0 3.928,0 2.347,9 751,1
April 27.810,9 8.834,9 18.625,3 350,7 6.373,5 7.976,6 4.290,4 2.910,1 776,1
May 24.211,1 6.236,5 17.656,9 317,7 7.338,4 6.411,0 2.423,9 3.090,2 896,9
June 24.952,7 6.462,6 18.173,7 316,4 7.497,5 9.767,8 5.631,1 3.191,9 944,8
July 31.157,7 9.592,4 21.214,2 351,0 7.385,6 9.288,6 4.689,2 3.590,5 1.008,8
August 19.030,1 3.123,8 15.672,7 233,6 9.971,4 7.025,1 2.896,8 3.474,0 654,3
September 23.657,0 5.940,3 17.338,1 378,6 7.666,2 10.814,3 6.101,9 3.583,6 1.128,8
October 27.820,6 10.245,2 17.311,5 263,9 7.011,2 8.956,3 4.661,4 3.506,7 788,2
November 23.377,3 6.919,6 16.241,6 216,1 8.010,0 6.316,8 2.837,1 2.852,7 627,0
December 26.500,9 6.603,1 19.389,6 508,2 7.664,7 12.257,9 6.238,1 4.829,9 1.190,0
2008 Total 301.689,5 88.699,4 209.067,2 3.923,0 90.829,7 100.626,6 50.996,7 39.339,9 10.290,0
2009
January 25.021,4 15.740,0 9.036,1 245,4 6.142,1 7.356,3 2.379,6 4.358,8 617,9
February 19.334,7 5.670,0 13.389,2 275,5 7.422,8 6.599,6 4.231,3 1.944,7 423,6
March 25.090,4 9.392,8 15.392,6 305,0 2.683,6 7.958,9 5.006,9 2.275,3 676,7
April 22.508,3 7.602,5 14.637,9 267,8 8.259,9 9.491,9 4.974,2 3.667,3 850,4
May 21.843,0 8.579,9 12.989,0 274,2 5.604,8 7.012,0 2.734,3 3.519,3 758,5
June 23.515,3 8.578,6 14.646,2 290,5 6.229,1 10.417,2 5.342,0 3.834,1 1.241,0
July 28.817,2 13.114,8 15.455,9 246,4 5.476,7 12.328,2 6.258,4 5.185,4 884,4
August 23.832,3 10.064,1 13.531,7 236,5 5.829,1 10.972,0 5.857,9 4.123,4 990,6
September 23.424,3 9.560,2 13.695,4 168,7 5.266,7 10.811,5 5.831,3 4.068,4 911,8
October 32.780,6 15.426,6 17.120,7 233,3 5.325,6 8.003,3 3.703,9 3.633,2 666,2
November 25.848,4 10.147,0 15.485,4 216,1 4.772,8 14.090,0 8.161,6 4.951,0 977,4
December 24.911,2 6.740,5 17.968,6 202,1 7.499,6 14.779,3 4.901,4 9.042,9 835,0
2009 Total 296.927,1 120.616,9 173.348,6 2.961,6 70.512,8 119.820,1 59.382,8 50.604,0 9.833,3
2010
January 27.954,3 17.565,3 10.188,9 200,1 5.404,4 9.826,2 3.182,9 6.103,5 539,8
February 19.231,3 6.035,1 12.950,2 246,0 6.452,6 5.421,8 3.788,3 1.012,2 621,4
March 24.714,9 7.891,1 16.653,4 170,4 5.450,3 8.776,0 5.874,9 2.173,3 727,7
April 26.648,3 10.775,6 15.619,9 252,8 6.942,9 9.677,3 5.436,0 3.274,6 966,7
May 24.448,0 7.959,3 16.235,5 253,2 6.902,5 10.612,9 5.176,5 4.381,5 1.054,8
June 26.189,1 7.884,6 18.075,8 228,7 6.518,2 10.729,3 4.338,4 5.410,4 980,5
July 30.546,5 11.244,6 19.013,0 288,9 7.391,0 10.392,2 3.142,2 6.381,4 868,6
August 25.438,3 6.728,6 18.475,8 233,9 9.517,4 16.287,2 8.711,8 6.231,3 1.344,2
September 27.197,3 7.515,8 19.405,8 275,7 7.684,7 11.157,5 6.135,2 3.926,9 1.095,3
October 28.868,7 10.410,7 18.285,6 172,3 8.677,3 9.087,9 3.992,0 4.328,8 767,0
November 28.976,0 8.020,8 20.707,9 247,2 8.706,4 15.869,2 8.164,3 6.634,7 1.070,2
December 29.156,8 6.957,2 22.038,2 161,4 8.895,9 17.751,4 5.855,7 10.911,9 983,8
Total 319.369,4 108.988,8 207.649,9 2.730,7 88.543,5 135.588,9 63.798,2 60.770,6 11.020,1
2011January 30.688,5 17.188,6 13.262,2 237,7 9.416,8 12.539,0 3.659,9 8.315,5 563,7
February 22.280,2 5.128,9 16.901,2 250,2 8.123,8 8.927,5 6.253,4 1.779,2 894,9
Total 52.968,7 22.317,5 30.163,4 487,9 17.540,6 21.466,6 9.913,3 10.094,7 1.458,6
40
0
5.000
10.000
15.000
20.000
25.000
30.000
35.000Ja
nuar
y
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
2008 2009 2010 2011
inm
il.di
nars
Taxes on consumption, from January 2008 to February 2011
VAT VAT on imports Excises Customs
0
2.000
4.000
6.000
8.000
10.000
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
2008 2009 2010 2011
inm
il.di
nars
Direct taxes from January 2008 to February 2011
Personal income tax Wage tax Corporate income tax
Ministry of Finance
41
February 2011
Table 5. Non-tax revenuein mil. dinars
Period Dona ons and transfers Other revenue Revenues from property
Revenues from sales of goods and services Other non-tax revenue
1 2 = 3 + 4 + 5 3 4 5
2003 Total 3.435,0 23.803,0 2.941,6 8.302,0 12.559,4 2004 Total 1.855,4 38.653,2 1.216,4 13.856,3 23.580,5 2005 Total 2.726,0 54.056,4 1.421,9 23.862,1 28.772,4 2006 Total 1.399,1 55.627,6 3.023,5 29.061,4 23.542,7 2007 Total 745,8 67.446,2 6.745,1 32.842,6 27.858,5
2008
January 19,9 7.400,7 117,3 2.963,6 4.319,9February 29,3 4.597,2 149,6 2.691,3 1.756,3March 93,4 6.298,1 615,9 3.204,7 2.477,5April 163,9 5.876,6 177,0 4.113,0 1.586,7May 48,4 4.171,1 -222,9 3.087,0 1.306,9June 123,8 4.774,2 -2,4 3.066,5 1.710,1July 56,7 4.610,2 125,9 3.190,5 1.293,9August 32,3 4.387,4 65,3 2.972,9 1.349,2September 48,9 5.652,4 111,5 3.076,1 2.464,8October 14,9 5.762,9 386,7 3.290,7 2.085,5November 33,5 5.192,0 151,6 3.483,1 1.557,3December 79,7 8.911,1 1.270,3 4.453,2 3.187,6
2008 Total 744,9 67.633,9 2.945,7 39.592,6 25.095,7
2009
January 48,0 3.891,8 127,0 2.483,9 1.281,0February 12,2 3.859,1 81,2 2.618,8 1.159,0March 36,5 6.716,4 522,5 3.330,6 2.863,3April 123,4 5.368,5 281,3 3.083,6 2.003,6May 45,9 5.094,7 311,2 2.889,3 1.894,2June 27,0 5.726,4 224,8 2.951,6 2.550,0July 521,6 7.533,4 433,7 2.965,8 4.133,9August 63,4 5.162,5 127,5 2.760,2 2.274,8September 69,9 7.822,4 173,8 2.643,0 5.005,6October 54,7 6.221,4 482,9 3.282,5 2.456,0November 121,6 7.193,6 461,4 3.291,7 3.440,5December 4.831,5 10.804,3 3.618,6 4.037,1 3.148,5
2009 Total 5.955,6 75.394,4 6.845,8 36.338,2 32.210,4
2010
January 55,7 3.936,0 226,4 2.624,9 1.084,7February 69,2 6.207,3 234,6 3.169,9 2.802,9March 30,6 7.308,7 423,5 4.133,2 2.752,0April 46,3 6.475,4 1.588,3 3.463,8 1.423,2May 46,0 8.273,2 2.804,5 3.734,1 1.734,5June 180,3 6.781,5 229,4 3.611,1 2.941,0July 117,2 11.839,2 1.020,3 8.762,1 2.056,8August 126,6 5.420,4 258,6 3.032,2 2.129,6September 39,0 5.476,9 369,9 3.469,3 1.637,7October 177,9 7.721,8 844,3 3.319,1 3.558,4November 296,4 9.501,7 1.011,9 3.716,4 4.773,5December 5.485,1 10.005,0 629,3 4.594,8 4.780,9
Total 6.670,3 88.947,0 9.641,0 47.630,8 31.675,2
2011January 44,3 5.041,4 343,1 3.568,5 1.129,8February 136,0 8.084,2 735,4 3.203,2 4.145,6
Total 180,4 13.125,6 1.078,6 6.771,7 5.275,4
42
Ministry of Finance
Table 6. Total expenditures of the Republic budget
Period Total expenditures Current expenditures
Expenditure for employees
Purchase of goods and services Interest payment Subsidies
1 = 2 + 10 + 13 + 14 2 = 3 + 4 + 5 + 6 + 7 + 8 + 9 3 4 5 6
2003 Total 319.588,4 278.935,9 58.234,0 22.638,1 10.977,9 30.723,6 2004 Total 376.402,6 330.751,6 71.449,6 23.260,5 13.403,7 34.898,2
2005 Total 464.610,9 405.441,2 88.588,9 33.208,2 17.150,5 29.140,1
2006 Total 568.217,0 476.611,2 121.309,8 36.173,8 19.274,9 31.752,0
2007 Total 653.534,5 538.708,5 152.732,1 46.204,9 14.806,5 36.252,6
2008
January 51.789,2 48.261,3 15.508,4 1.918,9 37,0 1.960,1
February 56.012,3 45.621,0 14.017,2 3.568,1 236,1 3.102,8
March 61.845,0 51.891,5 13.859,5 4.174,9 4.775,8 2.849,4
April 65.085,1 56.155,9 16.143,6 3.847,9 1.697,4 4.949,2
May 68.807,9 52.950,5 15.188,0 4.214,4 252,1 6.205,7
June 65.256,9 50.214,3 14.671,5 4.683,3 336,0 3.095,4
July 54.261,7 48.955,7 14.694,7 4.243,6 626,3 2.687,2
August 52.064,2 47.234,0 14.488,3 4.183,4 514,3 3.039,2
September 62.482,1 50.121,0 14.441,4 4.069,5 3.309,0 2.476,5
October 58.254,5 51.817,7 15.471,2 3.880,5 1.966,6 3.870,7
November 65.542,1 58.953,8 15.061,6 5.030,7 212,4 4.933,7
December 91.358,1 69.789,1 16.836,7 6.986,0 -82,7 10.205,1
2008 Total 752.759,0 631.965,6 180.382,1 50.801,2 13.880,4 49.374,9
2009
January 47.003,0 46.585,0 15.079,4 1.905,0 116,3 1.561,2
February 52.003,2 50.998,5 15.009,2 2.435,9 687,3 2.698,7
March 64.970,6 58.806,4 15.234,2 2.831,7 4.410,0 2.428,0
April 69.291,1 64.439,8 15.366,0 4.913,2 2.650,9 3.125,4
May 68.482,6 56.061,2 15.144,0 4.569,4 547,9 2.893,2
June 79.840,6 58.947,6 15.233,0 4.457,8 990,2 4.431,8
July 81.867,7 58.903,8 15.451,2 4.783,0 -75,9 5.882,4
August 89.801,6 58.350,7 15.222,1 3.863,4 2.781,4 4.149,2
September 79.555,0 58.732,2 15.020,0 4.397,8 3.532,9 3.122,4
October 76.145,5 60.762,5 15.351,5 4.489,0 1.950,5 4.262,2
November 81.231,8 57.764,7 15.693,0 4.366,0 816,7 2.804,1
December 100.422,3 68.690,4 16.353,4 7.148,6 1.608,2 3.516,5
2009 Total 890.615,0 699.042,8 184.157,0 50.160,9 20.016,4 40.875,1
2010
January 71.224,0 51.955,3 15.441,6 3.193,1 1.024,2 1.601,4
February 78.107,3 57.260,3 15.620,3 3.589,7 1.672,8 2.612,0
March 84.335,6 59.309,8 15.946,5 3.892,1 3.545,3 2.241,7
April 86.563,1 62.889,1 15.580,0 4.366,8 3.795,9 2.827,1
May 97.564,8 61.397,0 15.613,4 4.056,4 1.020,8 5.189,1
June 80.045,7 62.616,0 15.811,9 3.933,9 2.924,9 5.288,0
July 89.555,8 68.330,7 15.880,3 5.302,4 1.220,7 9.210,4
August 73.239,7 58.446,2 15.633,1 4.082,8 1.516,6 3.206,0
September 90.564,0 62.820,1 15.683,4 4.522,4 4.528,6 3.469,2
October 102.966,0 69.173,6 15.889,7 4.233,7 4.387,9 3.405,0
November 85.829,7 61.385,4 16.367,7 5.222,1 1.301,9 3.951,7
December 126.407,1 79.961,8 16.915,1 13.655,1 3.193,1 6.509,8
Total 1.066.403,0 755.545,3 190.383,0 60.050,4 30.132,5 49.511,3
2011January 75.821,4 59.388,2 17.489,2 3.095,0 1.436,1 1.463,6
February 84.207,3 67.740,3 16.665,9 4.430,9 1.843,3 6.789,0 Total 160.028,7 127.128,5 34.155,1 7.525,9 3.279,4 8.252,6
Ministry of Finance
43
February 2011
in mil. dinars
Grants and transfers Social assistance Other current
expendituresCapital
expenditures
Expenditures for fi xed and
natural assets
Expenditures for NIP Debt repayment Net lending
7 8 9 10 = 11 + 12 11 12 13 14
120.477,0 31.820,6 4.064,7 12.290,6 12.290,6 ... 19.262,3 9.099,6150.655,3 32.818,9 4.265,4 22.034,2 22.034,2 ... 21.833,5 1.783,3185.044,3 47.072,7 5.236,6 28.017,5 28.017,5 ... 25.807,7 5.344,5191.242,7 69.760,8 7.097,2 42.432,3 33.293,2 9.139,1 38.509,5 10.664,0204.403,1 75.142,2 9.167,1 65.905,8 26.581,6 39.324,2 35.909,2 13.011,0
16.159,1 12.328,7 349,2 268,6 266,4 2,2 978,8 2.280,418.345,4 5.560,3 791,1 2.190,5 1.652,4 538,1 5.319,7 2.881,120.089,0 5.388,6 754,4 4.342,0 979,6 3.362,4 3.820,4 1.791,022.048,8 6.817,0 652,1 7.895,5 1.944,2 5.951,3 757,0 276,719.599,6 6.340,6 1.150,0 4.181,7 1.267,7 2.914,0 10.725,1 950,719.871,5 6.328,6 1.227,9 2.881,3 1.734,9 1.146,3 8.401,3 3.760,020.066,0 6.026,5 611,3 2.779,0 1.443,9 1.335,1 1.955,3 571,719.473,0 4.728,0 807,7 2.231,2 1.905,9 325,3 1.879,4 719,719.554,4 5.694,0 576,2 4.019,0 2.977,4 1.041,6 7.578,1 764,120.314,1 5.709,8 604,9 4.799,8 3.137,8 1.662,0 964,4 672,527.093,0 5.754,6 867,8 3.976,0 3.594,1 381,9 1.603,5 1.008,927.493,7 7.135,7 1.214,7 13.475,8 8.434,0 5.041,8 6.707,8 1.385,4
250.107,4 77.812,5 9.607,3 53.040,2 29.338,3 23.701,9 50.690,9 17.062,3
22.816,5 4.769,5 337,1 253,3 240,7 12,6 151,0 13,7
24.206,5 5.509,6 451,3 425,2 425,2 0,0 203,8 375,7
26.872,5 6.417,8 612,2 593,7 593,7 0,0 5.241,4 329,1
32.103,9 5.925,0 355,4 1.122,0 1.122,0 0,0 2.901,9 827,4
25.750,8 6.310,1 845,8 2.078,8 1.528,4 550,4 8.201,1 2.141,5
26.131,2 7.333,5 370,2 2.858,2 1.706,8 1.151,4 16.291,5 1.743,3
26.024,1 6.253,3 585,7 2.330,0 2.034,2 295,8 18.246,1 2.387,8
27.009,9 4.376,7 947,9 2.409,9 1.853,5 556,4 27.999,3 1.041,7
24.961,7 7.179,0 518,6 2.740,2 1.850,1 890,2 16.780,8 1.301,7
28.213,3 5.554,4 941,6 2.142,8 1.437,3 705,5 12.299,1 941,1
27.009,7 6.310,7 764,5 3.299,9 2.085,2 1.214,7 18.230,1 1.937,1
30.721,7 7.818,3 1.523,6 10.343,5 4.653,9 5.689,6 17.614,3 3.774,2
321.821,9 73.757,8 8.253,8 30.597,6 19.531,0 11.066,6 144.160,3 16.814,3
24.753,4 5.559,0 382,8 722,7 722,7 0,0 18.539,4 6,6
27.547,1 5.840,3 378,0 1.024,4 1.024,4 0,0 19.360,6 462,0
26.580,6 6.276,1 827,5 829,2 756,7 72,5 21.494,2 2.702,4
27.774,8 7.769,8 774,8 1.124,6 797,5 327,1 20.336,7 2.212,6
26.653,1 8.082,3 781,9 1.754,1 975,5 778,7 31.599,2 2.814,5
27.482,5 6.323,6 851,2 1.525,1 1.230,1 295,0 14.584,8 1.319,8
27.696,7 8.165,7 854,5 2.853,7 1.665,5 1.188,2 14.846,8 3.524,6
27.108,0 5.973,8 925,8 2.543,3 2.013,3 530,0 10.021,3 2.228,9
27.908,2 5.972,1 736,2 4.168,4 1.915,1 2.253,3 20.886,1 2.689,5
27.858,6 12.667,9 730,9 4.602,8 3.724,1 878,7 27.435,7 1.754,0
27.405,0 6.299,0 838,0 4.814,3 3.592,4 1.221,9 18.311,2 1.318,8
29.234,2 8.258,9 2.195,8 13.396,3 10.841,2 2.555,0 28.746,1 4.302,9
328.002,1 87.188,5 10.277,4 39.358,9 29.258,5 10.100,4 246.162,2 25.336,5
25.564,0 7.016,6 3.323,7 392,7 392,7 0,0 16.040,6 0,0
29.796,5 7.113,1 1.101,6 899,5 899,5 0,0 14.956,2 611,355.360,5 14.129,7 4.425,3 1.292,1 1.292,1 0,0 30.996,8 611,3
44
Ministry of Finance
Table 7. Total expenditures for employees in state administra on in mil. dinars
Period Expenditure for employees Wages and salaries Social contribu ons (by
employer)Other expenditure for
employees
1 = 2 + 3 + 4 2 3 4
2003 Total 58.234,0 47.686,9 8.805,2 1.741,9 2004 Total 71.449,6 58.388,7 11.349,8 1.711,1 2005 Total 88.588,9 71.158,3 14.130,4 3.300,2 2006 Total 121.309,8 93.554,9 18.538,8 9.216,1 2007 Total 152.732,1 119.931,1 23.511,0 9.290,0
2008
January 15.508,4 11.013,3 2.137,3 2.357,8February 14.017,2 11.106,2 2.152,9 758,2March 13.859,5 11.137,2 2.170,4 551,9April 16.143,6 11.475,8 2.279,9 2.387,8May 15.188,0 11.601,1 2.269,6 1.317,3June 14.671,5 11.628,5 2.276,7 766,3July 14.694,7 11.790,1 2.311,5 593,1August 14.488,3 11.620,2 2.273,1 595,0September 14.441,4 11.517,5 2.262,4 661,5October 15.471,2 12.205,1 2.414,7 851,4November 15.061,6 11.736,6 2.224,1 1.100,9December 16.836,7 12.338,2 2.417,9 2.080,6
2008 Total 180.382,1 139.169,8 27.190,4 14.021,9
2009
January 15.079,4 12.140,2 2.396,1 543,1February 15.009,2 12.074,6 2.329,2 605,4March 15.234,2 12.122,3 2.377,4 734,5April 15.366,0 12.265,2 2.406,2 694,5May 15.144,0 12.132,3 2.375,8 635,9June 15.233,0 12.179,5 2.393,3 660,2July 15.451,2 12.282,7 2.414,1 754,5August 15.222,1 12.147,4 2.385,8 689,0September 15.020,0 11.995,2 2.352,8 672,0October 15.351,5 12.258,5 2.403,9 689,0November 15.693,0 12.240,0 2.446,0 1.007,0December 16.353,4 12.758,5 2.403,1 1.191,9
2009 Total 184.157,0 146.596,4 28.683,7 8.876,9
2010
January 15.441,6 12.342,1 2.423,9 675,5February 15.620,3 12.355,0 2.424,1 841,2March 15.946,5 12.780,0 2.413,2 753,4April 15.580,0 12.263,1 2.474,9 842,0May 15.613,4 12.309,0 2.465,7 838,7June 15.811,9 12.491,6 2.463,2 857,1July 15.880,3 12.620,4 2.487,3 772,5August 15.633,1 12.483,2 2.465,7 684,2September 15.683,4 12.400,9 2.479,5 802,9October 15.889,7 12.521,9 2.477,1 890,7November 16.367,7 12.594,6 2.473,4 1.299,7December 16.915,1 12.710,3 2.507,0 1.697,7
Total 190.383,0 149.872,0 29.555,3 10.955,7
2011January 17.489,2 13.005,5 2.618,9 1.864,7February 16.665,9 12.856,5 2.541,1 1.268,4
Total 34.155,1 25.862,0 5.160,0 3.133,1
45
February 2011
11.0
13
11.1
06
11.1
37
11.4
76
11.6
01
11.6
28
11.7
90
11.6
20
11.5
18 12.2
05
11.7
37 12.3
38
12.1
40
12.0
75
12.1
22
12.2
65
12.1
32
12.1
80
12.2
83
12.1
47
11.9
95
12.2
59
12.2
40 12.7
58
12.3
42
12.3
55
12.7
80
12.2
63
12.3
09
12.4
92
12.6
20
12.4
83
12.4
01
12.5
22
12.5
95
12.7
10
13.0
06
12.8
56
0
3.000
6.000
9.000
12.000
15.000
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dece
mbe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dece
mbe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dece
mbe
r
Janu
ary
Febr
uary
2008 2009 2010
inm
il.di
nars
Wages and salaries in state administration, from January 2008 to February 2011
25,6
23,1
25,8
22,0
27,6
21,0
18,2 18,4
20,1
17,818,6
15,6
0
5
10
15
20
25
30
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008 2009 2010
in%
Share of wages and salaries of state administration in total expenditures of the Republic budget, quarterly
46
Ministry of Finance
Table 8. Expenditure for interest paymentsin mil. dinars
Period Interest payments Domes c interest payments
Foreign interest payments
Interest payments on ac vated con ngent
liabili es
Borrowing related charges
1 = 2 + 3 + 4 + 5 2 3 4 5
2003 Total 10.977,9 2.378,1 8.506,0 0,0 93,8 2004 Total 13.403,7 2.122,6 11.751,0 0,0 -469,9 2005 Total 17.150,5 2.427,4 14.466,8 0,0 256,3 2006 Total 19.274,9 2.316,0 16.386,6 207,5 364,8 2007 Total 14.806,5 2.312,5 11.917,9 468,2 107,8
2008
January 37,0 10,2 18,1 8,7 0,0February 236,1 18,5 110,0 100,5 7,1March 4.775,8 15,5 4.712,0 48,3 0,0April 1.697,4 7,4 1.548,8 141,2 0,0May 252,1 16,8 35,0 200,3 0,0June 336,0 14,9 28,0 293,1 0,0July 626,3 470,5 17,3 137,9 0,6August 514,3 5,4 207,9 291,0 10,0September 3.309,0 -46,3 3.332,0 23,3 0,0October 1.966,6 15,9 1.833,3 116,4 1,0November 212,4 5,8 48,8 157,9 0,0December -82,7 413,7 -772,5 274,8 1,3
2008 Total 13.880,4 948,2 11.118,8 1.793,3 20,1
2009
January 116,3 12,0 19,7 84,6 0,0February 687,3 0,0 159,8 527,5 0,0March 4.410,0 33,7 4.321,7 54,6 0,0April 2.650,9 9,3 2.425,1 205,6 10,9May 547,9 141,7 98,3 151,8 156,1June 990,2 629,8 57,5 301,7 1,1July -75,9 611,7 -912,6 148,5 76,6August 2.781,4 1.062,5 1.252,4 430,8 35,8September 3.532,9 423,0 3.065,0 14,8 30,0October 1.950,5 387,4 1.494,8 68,3 0,0November 816,7 652,8 36,8 34,5 92,6December 1.608,2 1.214,8 58,0 324,2 11,3
2009 Total 20.016,4 5.178,7 12.076,4 2.346,9 414,4
2010
January 1.024,2 814,8 131,4 77,9 0,0February 1.672,8 938,9 163,4 555,3 15,1March 3.545,3 742,1 2.722,0 61,5 19,7April 3.795,9 806,6 2.916,6 37,1 35,6May 1.020,8 741,3 112,7 117,3 49,6June 2.924,9 923,5 1.719,1 279,4 2,8July 1.220,7 575,8 401,4 243,5 0,0August 1.516,6 522,6 473,8 504,1 16,0September 4.528,6 1.087,1 3.342,9 39,3 59,2October 4.387,9 1.333,8 2.993,4 60,6 0,1November 1.301,9 1.117,6 131,8 52,4 0,0December 3.193,1 1.427,3 1.364,2 262,7 139,0
Total 30.132,5 11.031,3 16.472,8 2.291,3 337,1
2011January 1.436,1 820,3 473,2 116,9 25,7February 1.843,3 861,4 293,9 666,3 21,7
Total 3.279,4 1.681,7 767,2 783,2 47,4
47
February 2011
Table 9. Subsidies from the Republic budgetin mil. dinars
Period SubsidiesSubsidies through
Development fund
Agriculture subsidies
Subsidies for Railways Tourism subsidies Other subsidies
1 = 2 + 3 + 4 + 5 + 6 2 3 4 5 6
2003 Total 30.723,6 8.308,2 7.309,9 10.092,7 89,5 4.923,3 2004 Total 34.898,2 6.575,0 13.022,0 8.948,7 152,1 6.200,4 2005 Total 29.140,1 4.990,0 8.961,2 8.050,3 343,1 6.795,5 2006 Total 31.752,0 4.106,5 11.180,7 8.893,5 920,9 6.650,4 2007 Total 36.252,6 3.258,0 12.754,3 10.600,0 1.738,3 7.902,0
2008
January 1.960,1 254,0 50,0 887,3 0,0 768,8February 3.102,8 272,0 1.584,5 929,4 93,4 223,5March 2.849,4 272,0 1.112,8 905,4 76,4 482,8April 4.949,2 415,0 2.656,7 893,5 290,9 693,0May 6.205,7 437,0 4.377,4 903,2 163,7 324,4June 3.095,4 298,0 1.452,4 879,1 180,7 285,3July 2.687,2 163,0 565,2 855,2 447,7 656,1August 3.039,2 232,0 1.501,3 873,3 96,6 336,0September 2.476,5 173,0 1.006,9 874,4 79,7 342,4October 3.870,7 472,9 1.404,8 873,2 631,3 488,5November 4.933,7 24,5 3.167,8 1.173,3 227,1 341,0December 10.205,1 918,3 6.430,1 1.075,7 294,4 1.486,6
2008 Total 49.374,9 3.931,8 25.309,9 11.123,0 2.581,9 6.428,3
2009
January 1.561,2 175,0 150,1 1.040,0 0,0 196,1February 2.698,7 515,0 655,7 1.099,0 0,0 429,1March 2.428,0 100,0 885,3 1.057,7 119,3 265,8April 3.125,4 490,0 911,3 1.045,6 82,1 596,4May 2.893,2 295,0 666,5 1.087,1 406,1 438,5June 4.431,8 305,0 2.342,1 1.084,0 205,8 494,9July 5.882,4 587,3 3.467,8 1.053,0 122,1 652,2August 4.149,2 248,8 2.189,5 1.045,0 139,4 526,6September 3.122,4 300,0 1.170,3 1.045,0 120,9 486,3October 4.262,2 232,1 1.861,4 1.045,0 280,6 843,1November 2.804,1 126,0 1.145,4 1.045,0 65,6 422,1December 3.516,5 145,6 1.248,9 1.045,0 46,3 1.030,7
2009 Total 40.875,1 3.519,8 16.694,3 12.691,1 1.588,2 6.381,8
2010
January 1.601,4 206,4 90,7 1.035,5 0,0 268,8February 2.612,0 468,0 378,3 1.031,6 352,7 381,5March 2.241,7 259,4 397,7 1.033,3 222,6 328,7April 2.827,1 355,5 897,1 1.033,3 126,8 414,3May 5.189,1 372,6 3.171,5 1.033,3 311,2 300,5June 5.288,0 235,2 2.879,4 1.033,3 242,9 897,3July 9.210,4 466,2 6.826,3 1.033,3 158,1 726,4August 3.206,0 229,4 999,0 1.033,3 239,0 705,3September 3.469,2 407,2 1.309,5 1.033,3 242,4 476,8October 3.405,0 73,2 1.681,8 1.033,3 69,2 547,5November 3.951,7 256,0 1.414,8 1.033,3 174,1 1.073,5December 6.509,8 862,9 2.817,7 1.033,3 385,9 1.410,0
Total 49.511,3 4.192,0 22.863,9 12.400,0 2.524,9 7.530,6
2011January 1.463,6 0,0 14,9 1.079,3 147,5 221,8February 6.789,0 344,2 1.397,6 4.178,3 215,4 653,5
Total 8.252,6 344,2 1.412,6 5.257,6 362,9 875,3
48
Ministry of Finance
Table 10. Transfers and grants from the Republic budgetin mil. dinars
Period Transfers and grants
Grants to interna onal organiza ons
Transfers to other levels of government
Current transfers to
other levels of government
Capital transfers to other levels of government
Transfers to SSO*
1 = 2 + 3 + 6 2 3 = 4 + 5 4 5 6
2003 Total 120.477,0 0,9 51.216,7 50.511,0 705,7 69.259,3 2004 Total 150.655,3 24,5 62.677,5 61.992,1 685,4 87.953,3 2005 Total 185.044,3 2,1 81.119,6 80.702,6 417,0 103.922,6 2006 Total 191.242,7 165,3 61.255,8 60.594,8 661,0 129.821,6 2007 Total 204.403,1 273,2 56.854,3 54.082,7 2.771,6 147.275,6
2008
January 16.159,1 0,0 5.403,2 5.402,8 0,4 10.755,9February 18.345,4 42,5 5.626,7 5.572,4 54,3 12.676,2March 20.089,0 20,0 5.043,8 4.896,4 147,3 15.025,2April 22.048,8 14,8 6.527,0 6.156,0 371,0 15.507,0May 19.599,6 41,6 5.687,6 5.640,7 46,9 13.870,4June 19.871,5 26,8 5.801,8 5.721,2 80,6 14.042,9July 20.066,0 4,4 5.683,9 5.455,4 228,6 14.377,7August 19.473,0 10,1 5.553,7 5.506,6 47,1 13.909,1September 19.554,4 13,9 5.473,2 5.443,9 29,3 14.067,2October 20.314,1 21,4 5.560,1 5.488,3 71,8 14.732,5November 27.093,0 12,5 5.997,1 5.928,8 68,3 21.083,3December 27.493,7 63,8 7.556,1 6.391,1 1.165,0 19.873,7
2008 Total 250.107,4 271,9 69.914,2 67.603,7 2.310,5 179.921,3
2009
January 22.816,5 7,7 5.403,2 5.402,8 0,4 17.405,7February 24.206,5 37,8 2.670,4 2.653,8 16,6 21.498,3March 26.872,5 55,6 5.698,2 5.692,9 5,3 21.118,7April 32.103,9 28,9 9.458,7 9.418,4 40,3 22.616,3May 25.750,8 39,4 2.857,8 2.838,7 19,1 22.853,6June 26.131,2 42,6 4.970,6 4.919,4 51,2 21.118,0July 26.024,1 55,1 5.073,0 4.970,9 102,1 20.896,1August 27.009,9 26,2 4.399,0 4.231,2 167,8 22.584,8September 24.961,7 21,3 2.576,7 2.490,6 86,1 22.363,6October 28.213,3 49,6 5.772,7 5.662,6 110,1 22.391,0November 27.009,7 15,1 4.516,3 4.431,4 84,9 22.478,3December 30.721,7 29,2 4.882,4 4.767,4 115,0 25.810,1
2009 Total 321.821,9 408,4 58.279,1 57.480,3 798,8 263.134,4
2010
January 24.753,4 22,3 4.371,5 4.365,9 5,5 20.359,7February 27.547,1 79,6 4.792,2 4.762,1 30,1 22.675,3March 26.580,6 25,9 4.863,6 4.853,1 10,5 21.691,2April 27.774,8 15,0 4.874,7 4.821,4 53,2 22.885,0May 26.653,1 135,9 4.745,7 4.720,0 25,8 21.771,5June 27.482,5 80,6 5.003,8 4.929,3 74,5 22.398,1July 27.696,7 42,3 5.179,7 4.910,2 269,5 22.474,8August 27.108,0 8,0 4.979,6 4.916,6 63,0 22.120,5September 27.908,2 38,6 4.604,5 4.593,9 10,5 23.265,2October 27.858,6 5,7 5.058,5 4.899,1 159,4 22.794,3November 27.405,0 33,2 5.163,2 4.998,4 164,8 22.208,7December 29.234,2 111,1 7.097,7 6.618,5 479,2 22.025,3
Total 328.002,1 598,0 60.734,6 59.388,5 1.346,1 266.669,5
2011January 25.564,0 19,2 4.908,1 4.908,1 0,0 20.636,7February 29.796,5 274,4 5.367,8 5.365,0 2,8 24.154,3
Total 55.360,5 293,6 10.276,0 10.273,1 2,8 44.791,0
49
February 2011
0
2.000
4.000
6.000
8.000
10.000
12.000
14.000
16.000
18.000
20.000
22.000
24.000
26.000Ja
nuar
y
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dece
mbe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dece
mbe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dece
mbe
r
Janu
ary
Febr
uary
2008 2009 2010 2011
inm
il.di
nars
Republic budget expenditures transfers to SSO and other levels of government
Transfers to SSO Transfers to other levels of government
0
10
20
30
40
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
2008 2009 2010 2011
in%
Share of transfers to SSO and other levels of government in total expenditures of the Republic budget
Transfers to SSO Transfers to other levels of government
50
Ministry of Finance
Table 11. Transfers and grants to SSO from the Republic budgetin mil. dinars
Period Transfers and grants to SSO
Current transfers to
SSO
Current transfers to Health fund
Current grants to hospitals for capital
investments
Current grants to hospitals
for purchasing medical
and other equipment
Current transfers to
Pension fund for employees
Current transfers
to Na onal Employment
Agency
Capital grants and transfers
to SSO
1 = 2 + 8 2 = 3 + 4 + 5 + 6 + 7 3 4 5 6 7 8
2003 Total 69.259,3 69.259,3 4.056,2 0,0 0,0 60.086,7 5.116,4 0,0
2004 Total 87.953,3 87.953,3 2.656,0 0,0 0,0 76.542,7 8.754,6 0,0
2005 Total 103.922,6 103.922,6 2.800,0 0,0 0,0 92.403,4 8.719,2 0,0
2006 Total 129.821,6 129.821,6 1.485,6 0,0 0,0 117.536,0 10.800,0 0,0
2007 Total 147.275,6 147.275,6 3.832,2 1.061,9 1.118,6 127.528,5 13.734,3 0,0
2008
January 10.755,9 10.755,9 0,0 0,0 0,0 9.155,9 1.600,0 0,0
February 12.676,2 12.676,2 0,0 0,0 0,0 11.122,7 1.553,5 0,0
March 15.025,2 15.025,2 1.000,0 90,4 73,2 12.734,9 1.126,8 0,0
April 15.507,0 15.507,0 666,7 46,7 85,4 13.408,2 1.300,0 0,0
May 13.870,4 13.870,4 0,0 30,8 11,4 12.556,7 1.271,5 0,0
June 14.042,9 14.042,9 333,3 100,8 49,8 12.312,0 1.247,0 0,0
July 14.377,7 14.377,7 587,5 29,6 22,6 12.718,0 1.020,0 0,0
August 13.909,1 13.909,1 333,3 9,3 70,8 12.173,9 1.321,8 0,0
September 14.067,2 14.067,2 333,3 6,2 184,7 12.208,0 1.335,0 0,0
October 14.732,5 14.732,5 460,3 34,1 43,0 12.959,2 1.236,0 0,0
November 21.083,3 21.083,3 473,6 10,0 130,8 19.248,9 1.220,0 0,0
December 19.873,7 19.873,7 336,9 342,4 452,5 17.359,5 1.382,5 0,0
2008 Total 179.921,3 179.921,3 4.525,0 700,3 1.124,2 157.957,8 15.614,0 0,0
2009
January 17.405,7 17.405,7 0,0 2,4 0,0 16.278,3 1.125,0 0,0
February 21.498,3 21.498,3 0,0 1,1 8,8 20.303,4 1.185,0 0,0
March 21.118,7 21.118,7 588,4 0,0 0,0 19.325,3 1.205,0 0,0
April 22.616,3 22.616,3 321,6 21,7 3,0 20.745,1 1.525,0 0,0
May 22.853,6 22.853,6 0,0 15,2 8,3 20.166,9 2.663,1 0,0
June 21.118,0 21.118,0 -321,6 7,7 61,0 19.870,9 1.500,0 0,0
July 20.896,1 20.896,1 0,0 17,5 72,7 18.862,1 1.943,8 0,0
August 22.584,8 22.584,8 0,0 9,4 39,3 21.136,0 1.400,0 0,0
September 22.363,6 22.363,6 384,0 34,9 11,9 19.876,6 2.056,3 0,0
October 22.391,0 22.391,0 0,0 16,2 232,1 20.730,2 1.412,5 0,0
November 22.478,3 22.478,3 226,0 45,7 351,2 19.927,2 1.928,1 0,0
December 25.810,1 25.810,1 1.446,5 169,3 278,2 21.884,9 2.031,3 0,0
2009 Total 263.134,4 263.134,4 2.644,9 341,1 1.066,6 239.106,9 19.975,0 0,0
2010
January 20.359,7 20.359,7 0,0 0,0 0,0 18.845,4 1.514,2 0,0
February 22.675,3 22.675,3 0,0 6,0 11,3 21.118,0 1.540,0 0,0
March 21.691,2 21.691,2 0,0 0,1 2,1 20.028,4 1.660,6 0,0
April 22.885,0 22.885,0 0,0 0,4 1,4 20.928,1 1.955,2 0,0
May 21.771,5 21.771,5 243,3 14,8 15,7 19.520,2 1.977,5 0,0
June 22.398,1 22.398,1 129,0 14,2 72,2 20.007,7 2.175,0 0,0
July 22.474,8 22.474,8 49,0 15,7 16,7 20.415,8 1.977,5 0,0
August 22.120,5 22.120,5 86,0 4,4 39,5 20.075,7 1.915,0 0,0
September 23.265,2 23.265,2 49,0 19,7 74,4 20.967,2 2.155,0 0,0
October 22.794,3 22.794,3 49,0 69,0 282,6 20.421,6 1.972,2 0,0
November 22.208,7 22.208,7 48,5 27,0 55,1 20.355,3 1.722,8 0,0
December 22.025,3 22.025,3 102,0 164,2 235,1 20.289,0 1.235,0 0,0
Total 266.669,5 266.669,5 755,7 335,5 806,0 242.972,3 21.800,0 0,0
2011January 20.636,7 20.636,7 0,0 2,3 0,0 19.124,3 1.510,0 0,0
Фебруар 24.154,3 24.154,3 102,5 15,7 0,0 22.536,1 1.500,0 0,0
Total 44.791,0 44.791,0 102,5 18,0 0,0 41.660,4 3.010,0 0,0
VOJVODINA BUDGET
Source: Provincial Finance Secretariat
FISC
AL
TREN
DS
52
Table 1. Revenues of Autonomous Province of Vojvodinain mil. dinars
Period Total revenues Taxes Personal
income taxCorporate income tax Other taxes Transfers
and grantsOther
revenue
Proceeds from
borrowing
Priva za on proceeds
1 = 2 + 6 + 7 + 8 + 9
2 = 3 + 4 + 5 3 4 5 6 7 8 9
2005 Total 20.694,3 4.928,1 3.814,9 861,3 251,9 13.198,7 156,8 0,0 2.410,7 2006 Total 25.429,1 6.091,2 4.636,4 1.454,8 0,0 15.953,1 203,6 0,0 3.181,2
2007 Total 30.906,4 6.541,4 4.083,1 2.458,3 0,0 19.297,2 194,2 0,0 4.873,6
2008
January 2.855,6 471,9 314,2 157,7 0,0 2.061,6 9,4 0,0 312,7
February 5.358,3 590,1 381,2 208,9 0,0 1.862,3 8,9 0,0 2.897,0
March 5.875,3 1.518,0 355,7 1.162,3 0,0 3.862,4 26,2 0,0 468,7
April 8.339,5 856,2 392,6 463,6 0,0 6.929,2 63,6 0,0 490,5
May 4.852,9 338,7 366,2 -27,5 0,0 4.072,8 55,0 0,0 386,4
June 3.145,8 893,0 379,4 513,6 0,0 1.940,8 69,8 0,0 242,2
July 2.846,4 625,3 397,2 228,1 0,0 1.937,2 83,0 0,0 200,9
August 2.809,7 589,7 380,4 209,3 0,0 1.925,1 58,3 0,0 236,6
September 2.877,1 673,2 388,0 285,2 0,0 1.886,3 59,6 0,0 258,0
October 2.862,9 716,6 406,7 309,9 0,0 2.028,6 60,0 0,0 57,7
November 2.845,4 602,6 381,1 221,5 0,0 2.188,7 31,7 0,0 22,4
December 4.447,3 826,8 520,6 306,2 0,0 3.269,4 40,6 0,0 310,5
2008 Total 49.116,2 8.702,1 4.663,3 4.038,8 0,0 33.964,4 566,1 0,0 5.883,6
2009
January 2.596,7 423,3 327,4 95,9 0,0 2.061,5 23,7 0,0 88,2
February 21.495,4 592,2 373,8 218,4 0,0 2.059,4 18,3 0,0 18.825,5
March 3.073,2 724,9 384,3 340,6 0,0 2.064,7 20,2 0,0 263,4
April 3.267,4 397,5 414,9 -17,4 0,0 2.069,1 156,0 0,0 644,8
May 2.765,7 313,6 356,0 -42,4 0,0 2.085,4 148,3 0,0 218,4
June 4.039,8 498,0 391,3 106,7 0,0 2.616,0 152,3 0,0 773,5
July 3.676,5 531,3 422,3 109,0 0,0 2.588,5 269,7 0,0 287,0
August 3.148,4 570,3 370,7 199,6 0,0 2.400,0 118,8 0,0 59,3
September 3.027,5 677,5 411,0 266,5 0,0 2.089,4 111,8 0,0 148,8
October 3.497,6 590,0 386,1 203,9 0,0 2.711,2 119,1 0,0 77,3
November 3.202,3 440,2 381,2 59,0 0,0 2.486,2 98,6 0,0 177,3
December 3.446,0 664,8 486,3 178,5 0,0 2.537,1 102,9 0,0 141,2
2009 Total 57.236,5 6.423,6 4.705,3 1.718,3 0,0 27.768,5 1.339,7 0,0 21.704,7
2010
January 3.220,8 494,5 324,0 170,5 0,0 2.578,0 84,4 0,0 63,9
February 3.228,2 547,6 366,4 181,2 0,0 2.583,8 70,4 0,0 26,4
March 3.989,8 1.017,7 400,7 617,0 0,0 2.628,5 63,9 0,0 279,7
April 3.344,3 530,7 416,5 113,6 0,6 2.621,2 93,5 0,0 98,9
May 3.459,2 504,2 364,7 140,1 -0,6 2.625,5 43,6 0,0 285,9
June 3.668,5 606,6 391,5 215,1 0,0 2.727,9 44,5 0,0 289,5
July 3.297,8 580,0 430,4 149,6 0,0 2.648,6 69,2 0,0 0,0
August 3.228,8 559,4 382,7 176,7 0,0 2.593,6 37,5 0,0 38,3
September 3.268,9 594,6 396,0 198,6 0,0 2.611,6 35,9 0,0 26,8
October 3.497,2 577,0 397,2 179,8 0,0 2.592,3 85,8 0,0 242,1
November 3.591,4 696,2 394,0 302,2 0,0 2.615,2 80,7 0,0 199,3
December 4.127,6 788,7 532,0 256,7 0,0 3.236,1 60,2 0,0 42,6
2010 Total 41.922,5 7.497,2 4.796,1 2.701,1 0,0 32.062,3 769,6 0,0 1.593,4
2011January 3.267,9 524,2 342,6 181,6 0,0 2.625,6 54,9 0,0 63,2
February 3.335,4 614,6 402,5 212,1 0,0 2.681,4 25,0 0,0 14,4 2011 Total 6.603,3 1.138,8 745,1 393,7 0,0 5.307,0 79,9 0,0 77,6
Ministry of Finance
53
February 2011
Table 2. Expenditures of the Autonomous Province of Vojvodinain mil. dinars
Period Total expenditures
Current expenditures
Expenditures for employees
Purchase of goods and
services
Interest payment Subsidies Transfers and
grantsSocial
insuranceOther
expendituresCapital
expendituresDebt
repayment Net lending
1 = 2 + 10 + 11 + 12
2 = 3 + 4 + 5 + 6 + 7 + 8 + 9 3 4 5 6 7 8 9 10 11 12
2005 Total 20.166,1 19.882,1 14.096,5 1.145,5 0,0 2.782,2 1.295,0 79,1 483,8 232,9 0,0 51,1
2006 Total 24.975,1 24.636,9 1.643,1 1.055,0 0,2 2.286,6 18.702,8 388,9 560,3 338,2 0,0 0,0
2007 Total 31.281,5 30.862,3 1.931,8 1.466,2 0,2 4.698,6 21.831,4 425,5 508,6 419,2 0,0 0,0
2008
January 2.659,3 2.658,5 180,8 351,5 0,0 28,2 2.054,7 32,1 11,2 0,8 0,0 0,0
February 2.637,2 2.630,3 181,8 80,6 0,0 303,8 1.985,9 38,9 39,3 6,9 0,0 0,0
March 3.091,1 2.800,0 188,6 82,4 0,0 464,4 2.018,6 28,1 17,9 291,1 0,0 0,0
April 4.062,4 3.526,5 207,8 245,8 0,0 748,5 2.197,3 31,9 95,2 535,9 0,0 0,0
May 4.154,6 3.662,3 188,3 611,3 0,1 352,4 2.320,7 41,8 147,7 492,3 0,0 0,0
June 3.928,8 2.923,2 186,1 101,0 0,0 299,6 2.249,0 34,6 52,9 1.005,6 0,0 0,0
July 4.618,9 2.567,8 198,3 152,6 0,0 94,7 2.032,8 25,8 63,6 2.051,1 0,0 0,0
August 3.258,0 2.574,1 201,8 136,1 0,0 88,4 2.041,9 42 63,9 683,9 0,0 0,0
September 5.138,0 2.538,2 198,3 222,8 0,1 89,6 1.969,4 37,0 21,0 2.599,8 0,0 0,0
October 5.460,7 2.830,6 203,7 108,4 0,0 215,1 2.189,4 54,5 59,5 2.630,1 0,0 0,0
November 3.813,5 3.231,6 219 283,4 0,0 184,7 2.427,5 43,6 73,4 581,9 0,0 0,0
December 4.840,9 3.901,2 244,1 299,3 0,1 427,6 2.759,6 83,4 87,1 939,7 0,0 0,0
2008 Total 47.663,4 35.844,3 2.398,6 2.675,2 0,3 3.297,0 26.246,8 493,7 732,7 11.819,1 0,0 0,0
2009
January 2.324,9 2.315,1 216,6 31,7 0,0 21,9 2.011,6 30,5 2,8 9,8 0,0 0,0
February 3.569,9 2.437,3 217,0 58,6 0,0 49,2 2.040,5 30,6 41,4 1.132,6 0,0 0,0
March 4.120,9 2.947,5 214 97,9 0,0 348,4 2.185,2 37,1 64,9 1.173,4 0,0 0,0
April 5.863,4 2.354,2 222,6 84,3 0,0 17,3 2.022,7 0,1 7,2 3.509,2 0,0 0,0
May 2.604,6 2.496,2 139,8 115,1 0,0 77,3 2.088,7 50,9 24,4 108,4 0,0 0,0
June 3.427,4 3.109,5 217,9 97,8 0,0 123,9 2.606,1 38,7 25,1 317,9 0,0 0,0
July 7.107,9 3.358,6 210,5 93,1 0,0 291,1 2.691,7 24,7 47,5 251,3 0,0 3.498,0
August 3.065,1 2.912,2 215,2 51,3 0,0 155,9 2.452,9 0,6 36,3 152,9 0,0 0,0
September 3.208,6 2.715,8 214,2 67 0,0 274,7 2.088,6 27,5 43,8 492,8 0,0 0,0
October 5.010,9 3.583,0 182,3 92,7 0,0 385,9 2.824,1 51,3 46,7 1.427,9 0,0 0,0
November 4.238,9 3.757,7 246,8 98,2 0,0 445,5 2.779,5 58,0 129,7 426,2 0,0 55,0
December 4.732,9 4.354,9 304,4 393,5 0,0 542,8 2.948,8 36,0 129,4 378,0 0,0 0,0
2009 Total 49.275,4 36.342,0 2.601,3 1.281,2 0,0 2.733,9 28.740,4 386,0 599,2 9.380,4 0,0 3.553,0
2010
January 2.800,0 2.799,9 129,0 18,2 0,0 81,8 2.535,9 29,4 5,6 0,1 0,0 0,0
February 5.140,4 3.362,2 221,0 71,9 0,0 377,8 2.612,7 34,1 44,7 1.778,2 0,0 0,0
March 5.938,7 3.422,9 230,1 90,1 0,1 293,7 2.708,8 24,4 75,7 1.465,8 0,0 1.050,0
April 4.131,2 3.294,1 291,2 96,2 0,0 141,9 2.677,2 39,2 48,4 807,0 0,0 30,1
May 3.870,2 3.253,1 129,0 168,7 0,0 215,4 2.630,5 35,5 74,0 617,1 0,0 0,0
June 4.015,6 3.599,7 233,5 248,3 0,0 210,3 2.778,7 19,4 109,5 384,9 0,0 31,0
July 3.763,8 3.353,4 214,5 119,5 0,0 333,6 2.616,2 33,0 36,6 410,4 0,0 0,0
August 3.854,3 3.381,5 213,8 112,3 0,0 298,3 2.648,7 33,1 75,3 472,8 0,0 0,0
September 3.449,8 3.330,3 234,9 93,1 0,0 275,1 2.659,5 25,2 42,5 119,5 0,0 0,0
October 4.021,1 3.095,1 205,7 150,7 0,0 132,4 2.554,6 35,1 16,6 890,2 0,0 35,8
November 3.836,6 3.611,4 227,7 161,8 0,1 269,6 2.836,9 37,3 78,0 225,2 0,0 0,0
December 5.070,2 4.686,2 382,9 337,3 0,0 541,5 3.210,6 56,1 157,8 384,0 0,0 0,0
2010 Total 49.891,9 41.189,8 2.713,3 1.668,1 0,2 3.171,4 32.470,3 401,8 764,7 7.555,2 0,0 1.146,9
2011January 2.754,0 2.754,0 107,5 16,0 0,0 0,0 2.630,3 0,0 0,2 0,0 0,0 0,0
February 3.174,5 3.173,9 227,6 70,6 0,1 62,9 2.769,5 31,3 11,9 0,6 0,0 0,0
2011 Total 5.928,5 5.927,9 335,1 86,6 0,1 62,9 5.399,8 31,3 12,1 0,6 0,0 0,0
Note: From January 2006, transfers and grants also include expenditures for employees in the educa on sector on the Vojvodina territory.
54
Ministry of Finance
2.85
6
5.35
8
5.87
5
8.34
0
4.85
3
3.14
6
2.84
6
2.81
0
2.87
7
2.86
3
2.84
5 4.44
7
2.59
7
21.4
95
3.07
3
3.26
7
2.76
6 4.04
0
3.67
7
3.14
8
3.02
8
3.49
8
3.20
2
3.44
6
3.22
1
3.22
8
3.99
0
3.34
4
3.45
9
3.66
9
3.29
8
3.22
9
3.26
9
3.49
7
3.59
1
4.12
8
3.26
8
3.33
5
0
3.000
6.000
9.000
12.000
15.000
18.000
21.000
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
2008 2009 2010 2011
inm
il.di
nars
Vojvodina revenues, from 2008 to 20112.
659
2.63
7 3.09
1
4.06
2
4.15
5
3.92
9
4.61
9
3.25
8
5.13
8 5.46
1
3.81
4
4.84
1
2.32
5
3.57
0 4.12
1
5.86
3
2.60
5
3.42
7
7.10
8
3.06
5
3.20
9
5.01
1
4.23
9 4.73
3
2.80
0
5.14
0
5.93
9
4.13
1
3.87
0
4.01
6
3.76
4
3.85
4
3.45
0 4.02
1
3.83
7
5.07
0
2.75
4 3.17
5
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
2008 2009 2010 2011
inm
il.di
nars
Vojvodina expenditures, from 2008 to 2011
BUDGET OFMUNICIPALITIESAND CITIES
Source: Treasury Administration of the Republic of Serbia
FISC
AL
TREN
DS
56
Ministry of Finance
Table 1. Local government revenuesin mil. dinars
Period Total revenues Taxes Personal income tax Property tax Other taxes Transfers and
grants Other revenue Proceeds from borrowing
Priva za on proceeds
1 = 2 + 6 + 7 + 8 + 9 2=3+4+5 3 4 5 6 7 8 9
2005 Total 107.040,9 59.818,0 39.894,1 14.480,0 5.444,0 17.543,0 26.236,6 1.491,1 1.952,2
2006 Total 139.502,2 76.184,4 50.315,3 18.109,2 7.759,9 22.643,8 34.499,2 5.232,8 942,0
2007 Total 162.723,6 76.533,8 48.944,6 18.660,9 8.928,3 37.370,4 42.901,4 4.648,0 1.270,0
2008
January 13.291,1 5.800,1 3.749,7 1.438,6 611,8 3.176,5 3.825,4 409,5 79,6
February 15.618,6 7.508,9 4.472,6 2.203,8 832,5 4.000,0 3.392,1 379,8 337,8
March 13.795,4 6.602,6 4.519,4 1.224,2 859,0 3.080,4 3.849,1 174,3 89,0
April 16.222,5 6.790,8 4.776,0 1.164,3 850,5 4.517,5 4.248,1 575,0 91,1
May 15.385,9 7.530,6 4.588,7 2.092,1 849,8 3.457,1 4.013,3 208,5 176,4
June 14.759,5 6.943,9 4.686,3 1.413,0 844,6 3.607,8 3.799,8 198,7 209,3
July 15.281,0 7.031,9 4.777,7 1.408,1 846,1 3.286,9 4.294,0 549,0 119,2
August 15.835,7 7.572,6 4.630,1 2.059,8 882,7 3.264,2 3.907,3 1.022,2 69,4
September 15.223,9 6.772,5 4.684,2 1.205,6 882,7 3.296,5 4.866,0 177,6 111,3
October 15.031,8 7.072,6 4.921,7 1.305,8 845,1 3.181,1 4.379,9 313,9 84,3
November 14.994,5 7.367,7 4.673,2 1.922,3 772,2 3.720,5 3.487,9 389,0 29,4
December 20.765,2 9.536,3 6.612,5 1.830,6 1.093,2 4.354,6 4.858,7 1.799,4 216,2
2008 Total 186.205,1 86.530,5 57.092,1 19.268,2 10.170,2 42.943,1 48.921,6 6.196,9 1.613,0
2009
January 12.234,6 5.327,2 3.930,7 744,5 652,0 3.484,3 3.173,7 221,6 27,8
February 10.528,6 7.039,5 4.544,1 1.747,3 748,1 148,3 2.824,5 463,9 52,4
March 14.786,6 7.061,8 4.923,3 1.260,8 877,7 3.494,7 3.982,5 189,2 58,4
April 16.914,9 6.874,9 4.918,2 1.069,3 887,4 7.011,4 2.828,0 117,0 83,6
May 10.348,8 6.967,8 4.518,4 1.629,2 820,2 372,8 2.730,9 158,2 119,1
June 12.694,1 6.673,9 4.811,5 974,9 887,5 2.645,7 2.775,2 451,5 147,8
July 14.923,8 7.146,3 4.980,3 1.130,2 1.035,8 2.629,0 4.447,2 664,3 37,0
August 13.809,5 7.786,3 4.567,1 2.141,7 1.077,5 2.005,5 3.302,0 689,8 25,9
September 12.991,8 6.737,4 4.772,0 1.050,8 914,6 347,3 4.819,9 1.029,9 57,3
October 14.428,2 6.870,3 4.738,3 1.167,6 964,4 3.349,1 3.966,1 215,6 27,1
November 15.112,8 7.771,0 4.743,4 1.925,5 1.102,1 2.137,7 3.969,4 1.194,3 40,4
December 19.471,1 9.234,5 6.021,3 1.990,5 1.222,7 2.625,2 4.364,8 3.189,6 57,0
2009 Total 168.244,8 85.490,9 57.468,6 16.832,3 11.190,0 30.251,0 43.184,2 8.584,9 733,8
2010
January 10.262,4 5.426,5 3.888,0 885,6 652,9 2.187,8 2.323,8 301,0 23,3
February 13.777,4 7.507,6 4.557,2 2.124,5 825,9 2.522,9 3.233,5 503,0 10,4
March 14.470,1 7.616,2 5.011,9 1.532,4 1.071,9 2.627,2 3.080,8 1.075,2 70,7
April 12.981,3 6.923,4 5.022,9 850,4 1.050,1 2.570,0 2.939,2 525,8 22,9
May 14.451,4 8.305,1 4.659,2 2.401,8 1.244,1 2.458,3 3.432,6 186,5 68,9
June 15.064,3 7.837,0 4.864,2 1.557,4 1.415,4 2.813,4 3.464,8 900,6 48,5
July 15.691,3 7.556,7 5.004,9 1.218,9 1.332,9 2.512,3 3.996,0 1.618,5 7,8
August 16.941,3 8.382,5 4.831,6 2.327,1 1.223,8 2.742,9 3.554,3 2.248,2 13,4
September 15.106,0 6.985,8 4.781,3 1.272,2 932,3 2.522,5 3.648,0 1.933,6 16,1
October 15.651,8 6.880,6 4.809,9 1.085,5 985,2 2.666,5 5.221,1 834,8 48,8
November 17.874,5 8.882,5 5.024,4 2.372,2 1.485,9 2.943,3 4.520,9 1.485,0 42,8
December 30.768,7 10.459,8 6.625,8 2.334,5 1.499,5 6.089,1 10.050,4 4.109,7 59,7
2010 Total 193.040,5 92.763,7 59.081,3 19.962,5 13.719,9 34.656,2 49.465,4 15.721,9 433,3
2011January 10.836,3 5.586,2 4.138,3 706,9 741,0 2.740,5 2.417,1 73,5 19,0
February 15.558,9 8.528,3 4.986,4 2.349,3 1.192,6 3.034,9 3.088,2 894,5 13,0
2011 Total 26.395,2 14.114,5 9.124,7 3.056,2 1.933,6 5.775,4 5.505,3 968,0 32,0
57
February 2011
Table 2. Local government expendituresin mil. Dinars
Period Total expenditures
Current expenditures
Expenditures for employees
Purchase of goods and
services
Interest payment Subsidies Transfers
and grantsSocial
insuranceOther
expendituresCapital
expendituresDebt
repayment Net lending
1 = 2 + 10 + 11 + 12
2 = 3 + 4 + 5 + 6 + 7 + 8 + 9 3 4 5 6 7 8 9 10 11 12
2005 Total 100.553,5 84.075,0 22.196,5 19.051,7 276,3 22.959,7 11.250,9 2.601,1 5.738,8 15.487,8 815,3 175,4
2006 Total 134.307,4 103.212,1 26.930,5 28.660,5 488,3 21.423,0 16.051,3 3.250,0 6.408,5 29.192,7 1.736,6 166,0
2007 Total 166.501,8 126.074,3 31.691,6 34.429,6 927,5 26.880,0 20.289,3 4.240,4 7.615,9 38.757,5 1.533,1 136,9
2008
January 9.442,8 8.068,6 2.685,4 1.929,9 159,2 1.556,9 1.069,7 215,1 452,4 945,4 425,9 2,9
February 12.512,3 10.382,6 3.067,1 2.695,9 68,4 1.471,0 2.144,9 398,0 537,3 2.039,8 82,6 7,3
March 12.510,4 10.161,9 2.781,5 2.823,4 66,3 1.565,2 1.892,5 377,5 655,5 2.252,4 90,1 6,0
April 16.050,4 12.738,2 3.761,1 3.530,7 68,6 2.043,1 2.061,0 368,9 904,8 3.237,0 72,1 3,1
May 16.358,8 12.230,5 3.152,2 3.571,4 84,7 2.226,4 1.844,6 386,4 964,8 4.005,5 113,4 9,4
June 14.547,3 11.033,2 2.902,7 3.258,6 84,2 2.290,0 1.444,7 375,9 677,1 3.352,6 146,6 14,9
July 14.779,9 11.647,5 3.385,4 3.324,8 170,9 2.174,7 1.660,6 317,3 613,8 2.806,6 320,9 4,9
August 13.132,2 9.863,3 2.992,2 2.995,1 65,8 1.715,0 1.310,0 185,7 599,5 3.178,6 79,2 11,1
September 13.571,6 9.792,3 3.153,3 2.751,6 76,7 1.581,0 1.449,6 222,1 558,0 3.547,2 223,6 8,5
October 15.025,3 12.026,7 3.636,4 3.543,6 70,6 1.883,6 1.855,3 473,4 563,8 2.876,6 116,5 5,5
November 16.096,3 12.197,2 3.095,0 3.229,7 77,7 2.645,2 1.865,1 568,6 715,9 3.798,1 95,0 6,0
December 29.076,6 19.680,7 4.690,5 5.465,3 145,7 4.360,6 3.327,4 615,5 1.075,7 8.866,9 525,1 3,9
2008 Total 183.103,9 139.822,7 39.302,8 39.120,0 1.138,8 25.512,7 21.925,4 4.504,4 8.318,6 40.906,7 2.291,0 83,5
2009
January 10.222,9 8.428,5 3.135,8 2.030,1 231,0 1.203,0 1.210,1 199,4 419,1 1.404,9 370,6 18,9
February 11.478,3 9.424,8 2.926,0 2.522,1 56,0 1.333,8 1.298,1 710,7 578,1 1.967,4 84,0 2,1
March 13.046,1 10.907,3 3.380,7 3.189,5 82,1 1.365,3 1.834,4 384,3 671,0 2.005,4 132,4 1,0
April 15.042,9 12.237,2 4.435,7 3.181,5 79,3 1.373,5 1.901,6 452,4 813,2 2.660,1 136,0 9,6
May 12.335,4 9.797,5 2.744,6 2.885,4 73,9 1.349,9 1.364,6 677,7 701,4 2.452,3 83,5 2,1
June 12.646,9 9.950,0 3.693,3 2.726,8 98,4 1.317,3 1.213,2 277,6 623,4 2.518,0 177,4 1,5
July 15.435,2 10.936,6 3.610,8 2.933,2 241,8 1.482,8 1.321,0 606,6 740,4 4.105,0 387,0 6,6
August 14.686,6 10.901,8 3.319,5 3.135,3 59,5 1.838,1 1.491,7 379,4 678,3 3.616,0 158,3 10,5
September 14.231,7 10.309,4 3.057,4 3.100,3 61,9 1.550,3 1.301,0 629,9 608,6 3.781,9 138,2 2,2
October 15.366,8 11.506,7 3.796,2 3.441,6 74,2 1.376,8 1.709,8 368,6 739,5 3.675,4 164,6 20,1
November 15.721,8 10.951,5 3.357,8 3.276,4 67,9 1.879,8 1.498,2 295,3 576,1 4.574,7 185,7 9,9
December 26.214,4 18.310,4 4.174,9 6.047,6 120,2 3.396,4 2.367,8 1.186,0 1.017,5 7.580,3 289,5 34,2
2009 Total 176.429,0 133.661,7 41.632,7 38.469,8 1.246,2 19.467,0 18.511,5 6.167,9 8.166,6 40.341,4 2.307,2 118,7
2010
January 9.490,6 8.027,2 2.973,6 1.834,1 249,6 977,3 1.142,1 457,3 393,2 1.020,0 429,9 13,5
February 11.527,7 9.446,7 3.417,2 2.215,7 58,4 1.238,2 1.328,4 560,7 628,1 1.944,6 129,8 6,6
March 14.244,1 11.538,7 3.867,7 3.128,0 76,2 1.763,8 1.457,2 490,8 755,0 2.491,9 195,4 18,1
April 14.557,8 11.248,9 3.779,2 3.170,8 76,2 1.543,2 1.580,0 337,8 761,7 2.121,6 1.186,1 1,2
May 13.428,2 10.577,0 3.030,9 3.357,4 75,8 1.286,4 1.466,8 633,0 726,7 2.678,7 172,3 0,2
June 14.380,6 11.214,6 3.417,3 3.334,5 124,4 1.662,5 1.398,3 532,2 745,4 2.952,9 212,9 0,2
July 16.416,5 11.903,7 3.455,0 3.550,9 378,9 1.618,3 1.339,4 828,7 732,5 3.820,4 685,4 7,0
August 16.350,7 12.365,7 3.444,0 4.087,1 81,3 2.057,3 1.434,8 492,0 769,2 3.610,7 373,4 0,9
September 15.363,9 11.330,2 3.434,6 3.487,8 91,9 1.665,7 1.311,8 665,4 673,0 3.768,5 252,5 12,7
October 16.335,1 12.796,9 3.548,7 3.851,7 110,5 2.328,0 1.454,0 793,2 710,8 3.283,1 253,5 1,6
November 17.063,3 12.458,2 3.549,1 4.122,0 100,5 1.925,1 1.594,4 501,8 665,3 4.339,2 257,6 8,3
December 33.907,1 23.359,8 4.304,1 6.470,6 211,7 7.116,2 2.782,2 1.112,5 1.362,5 9.963,8 523,8 59,7
2010 Total 193.065,6 146.267,6 42.221,4 42.610,6 1.635,4 25.182,0 18.289,4 7.405,4 8.923,4 41.995,4 4.672,6 130,0
2011January 10.334,7 8.788,8 3.099,1 2.327,0 341,4 1.261,1 1.003,5 321,2 435,5 711,1 817,4 17,4
February 13.478,0 11.004,9 3.579,7 2.969,1 145,3 1.330,9 1.614,7 487,8 877,4 2.230,9 240,8 1,4
2011 Total 23.812,7 19.793,7 6.678,8 5.296,1 486,7 2.592,0 2.618,2 809,0 1.312,9 2.942,0 1.058,2 18,8
58
Ministry of Finance
13.2
91 15.6
1913
.795 16
.223
15.3
86
14.7
60
15.2
81
15.8
36
15.2
2415
.032
14.9
9520
.765
12.2
35
10.5
29
14.7
87 16.9
15
10.3
49 12.6
94 14.9
24
13.8
10
12.9
92 14.4
28
15.1
13
19.4
71
10.2
62
13.7
77
14.4
70
12.9
8114
.451
15.0
64
15.6
91
16.9
41
15.1
06
15.6
52 17.8
75
30.7
69
10.8
36
15.5
59
0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
2008 2009 2010 2011
inm
il.di
nars
Local government revenues, from 2008 to 20119.
443 12
.512
12.5
10
16.0
50
16.3
59
14.5
47
14.7
80
13.1
32
13.5
72 15.0
25
16.0
96
29.0
77
10.2
23
11.4
78 13.0
46 15.0
43
12.3
35
12.6
47
15.4
35
14.6
87
14.2
32
15.3
67
15.7
22
26.2
14
9.49
1 11.5
28
14.2
44
14.5
58
13.4
28
14.3
81 16.4
17
16.3
51
15.3
64
16.3
35
17.0
63
33.9
07
10.3
35
13.4
78
0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
Oct
ober
Nov
embe
r
Dec
embe
r
Janu
ary
Febr
uary
Mar
ch
April
May
June July
Augu
st
Sept
embe
r
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ober
Nov
embe
r
Dec
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r
Janu
ary
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uary
Mar
ch
April
May
June July
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st
Sept
embe
r
Oct
ober
Nov
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r
Dec
embe
r
Janu
ary
Febr
uary
2008 2009 2010 2011
inm
il.di
nars
Local government expenditures, from 2008 to 2011
59
February 2011
Municip35,4
Municipalit38,9%
palities4%
Structure
ties
Structure
e of revenue
of expendit
Cities30,3%
es of local go
tures of loca
overnment i
Cities31,9%
al governme
Belgrade34,3%
n 2011
Belgrade29,2%
ent in 2011
MIN
ISTR
Y O
F FI
NA
NCE
BULL
ETIN
FEB
RUA
RY 2
011
FINANCIAL PLANS OF SOCIAL SECURITYORGANIZATIONS (SSO)
Source: SSO
FISC
AL
TREN
DS
62
Ministry of Finance
Table 1. Revenues of Pension fundin mil. dinars
Period Total revenues Social contribu ons
Transfers and grants Other revenues Priva za on
proceeds
1 = 2 + 3 + 4 + 5 2 3 4 5
2005 Total 244.016,5 135.686,7 92.403,3 7.964,5 7.962,0 2006 Total 294.226,6 171.237,1 111.182,3 8.894,8 2.912,4 2007 Total 320.305,4 196.888,4 110.060,6 9.087,4 4.268,9
2008
January 24.716,6 15.118,0 7.609,5 857,7 1131,4February 29.996,8 17.996,9 9.676,3 696,6 1627,0March 31.959,6 17.934,2 11.797,2 703,7 1.524,5April 32.277,9 19.229,1 11.993,2 856,0 199,6May 29.536,2 17.677,6 10.771,7 727,3 359,6June 30.596,4 18.480,7 10.640,2 886,3 589,2July 31.655,6 19.587,7 10.736,7 897,9 433,3August 30.070,5 18.504,1 10.637,7 748,3 180,4September 32.231,3 19.071,0 10.620,8 784,3 1.755,2October 34.317,9 20.355,5 11.293,2 915,0 1.754,2November 37.798,0 18.580,7 16.962,8 702,8 1.551,7December 43.381,4 25.591,9 15.050,9 857,6 1.881,0
2008 Total 388.538,2 228.127,4 137.790,2 9.633,5 12.987,1
2009
January 32.640,7 16.125,4 14.344,1 714,6 1.456,6February 37.610,4 18.397,2 18.381,1 705,2 126,9March 38.052,3 19.713,4 17.416,4 779,1 143,4April 41.177,2 21.059,5 18.828,6 999,3 289,8May 38.080,0 18.637,5 18.257,2 911,8 273,5June 38.695,5 19.618,4 17.962,1 797,3 317,7July 38.004,6 22.025,6 14.887,8 987,5 103,7August 38.706,8 18.503,2 19.226,8 886,4 90,4September 37.595,9 18.715,1 17.961,4 838,2 81,2October 38.947,8 19.203,2 18.803,6 854,4 86,6November 37.578,6 18.816,9 17.741,4 890,3 130,0December 45.599,8 24.593,0 19.957,9 949,2 99,7
2009 Total 462.689,6 235.408,4 213.768,4 10.313,3 3.199,5
2010
January 33.598,6 15.856,9 16.936,5 755,7 49,5February 38.625,7 18.511,5 19.186,8 886,0 41,4March 39.319,0 20.208,8 18.114,8 831,5 163,9April 40.535,9 20.801,2 18.736,0 928,4 70,3May 36.937,2 18.147,8 17.602,6 1.026,5 160,3June 38.671,0 19.392,9 18.096,9 1.067,5 113,7July 39.183,8 19.665,0 18.493,1 992,0 33,7August 38.241,7 19.517,0 17.711,0 953,4 60,3September 39.388,7 19.311,9 19.056,1 975,5 45,2October 39.049,6 19.360,9 18.552,5 1.003,3 132,9November 39.329,3 19.977,4 18.243,0 983,3 125,6December 44.673,9 25.250,4 18.421,1 944,7 57,7
2010 Total 467.554,4 236.001,7 219.150,4 11.347,8 1.054,5
2011January 34.552,4 16.625,7 17.166,0 727,1 33,6February 41.362,7 20.004,5 20.561,1 780,7 16,4
2011 Total 75.915,1 36.630,2 37.727,1 1.507,8 50,0Note: priva za on proceeds include proceeds from borrowing of Employees pension fund revenues fund in 2003, 2004 and 2005
63
February 2011
Table 2. Expenditures of Pension fundin mil. dinars
Period Total expenditures
Current expenditures
Expenditures for employees
Purchase of goods and
services
Interest payment
Transfers and grants
Social insurance benefi ts
Other current expenditures
Capital expenditures
Debt repayment Net lending
1 = 2 + 9 + 10 + 11
2 = 3 + 4 + 5 + 6 + 7 + 8 3 4 5 6 7 8 9 10 11
2005 Total 238.675,1 235.497,4 2.075,0 1.831,5 5.255,5 0,0 226.235,8 99,6 379,9 702,0 2.095,8
2006 Total 285.471,0 283.930,4 2.440,1 2.267,5 8.902,2 0,0 270.200,2 120,4 387,1 1.080,9 72,6
2007 Total 310.807,9 308.169,8 3.063,9 2.421,0 392,2 0,0 302.054,6 238,0 414,0 29,0 2.195,2
2008
January 26.821,5 26.765,4 7,4 144,8 30,0 0,0 26.572,5 10,7 2,3 1,9 51,9
February 30.579,5 30.550,5 248,6 163,4 1,0 0,0 30.135,4 2,1 23,1 0,0 5,9
March 30.889,3 30.275,2 273,4 234,4 4,3 0,0 29.760,2 2,9 49,0 0,2 564,9
April 32.096,1 31.813,3 303,6 154,9 1,8 0,0 31.322,2 30,8 89,1 0,0 193,7
May 31.802,2 31.706,4 267,8 197,1 0,1 0,0 31.239,2 2,2 56,5 0,0 39,3
June 32.637,6 32.614,7 270,7 184,4 9,2 0,0 32.120,8 29,6 16,3 0,4 6,2
July 34.496,1 33.942,3 296,6 209,8 1,7 0,0 33.430,5 3,7 33,3 0,0 520,5
August 32.081,5 31.970,5 333,9 201,2 2,3 0,0 31.431,2 1,9 55,3 0,0 55,7
September 33.363,1 33.298,1 277,4 193,5 2,5 0,0 32.820,4 4,3 10,3 0,0 54,7
October 34.352,2 33.699,2 301,2 259,9 9,2 0,0 33.124,2 4,7 47,5 0,0 605,5
November 37.573,2 37.540,1 308,9 168,3 7,5 0,0 37.052,9 2,5 18,8 0,0 14,3
December 38.720,3 38.632,3 407,7 261,6 -1,0 0,0 37.959,9 4,1 30,1 0,0 57,9
2008 Total 395.412,6 392.808,0 3.297,2 2.373,3 68,6 0,0 386.969,4 99,5 431,6 2,5 2.170,5
2009
January 34.356,9 34.254,2 79,1 228,6 11,4 0,0 33.933,2 1,9 12,9 0,0 89,8
February 37.515,9 37.470,8 294,4 182,8 10,7 0,0 36.981,6 1,3 27,1 0,0 18,0
March 37.902,1 37.793,5 297,3 261,9 34,1 0,0 37.198,3 1,9 31,8 2,9 73,9
April 41.153,9 40.271,0 297,6 228,1 9,6 0,0 39.734,3 1,4 24,1 0,0 858,8
May 37.313,7 36.626,5 297,6 258,1 5,1 0,0 36.064,4 1,3 4,8 0,0 682,4
June 38.340,6 38.262,0 297,4 153,0 3,2 0,0 37.807,5 0,9 29,4 0,0 49,2
July 39.271,1 39.165,7 297,0 215,7 4,6 0,0 38.647,1 1,3 18,8 0,0 86,6
August 39.857,5 38.868,5 297,3 209,7 1,4 0,0 38.359,2 0,9 1,1 0,0 987,9
September 36.822,1 36.795,6 297,9 190,9 1,8 0,0 36.303,5 1,5 10,7 0,0 15,8
October 38.620,2 38.741,2 297,1 192,5 3,6 0,0 38.246,6 1,4 6,7 0,0 -127,7
November 37.898,2 38.129,7 295,0 203,9 2,8 0,0 37.626,4 1,6 26,5 0,0 -258,0
December 44.388,1 43.311,8 664,2 390,3 5,0 0,0 42.250,5 1,8 33,4 0,0 1.042,9
2009 Total 463.440,3 459.690,5 3.711,9 2.715,5 93,3 0,0 453.152,6 17,2 227,3 2,9 3.519,6
2010
January 34.069,5 33.998,4 54,8 162,2 4,5 0,0 33.775,6 1,3 6,0 0,0 65,1
February 38.680,8 38.636,7 417,8 120,2 2,2 0,0 38.095,4 1,1 0,4 0,0 43,7
March 40.287,4 40.091,3 283,1 184,6 2,6 0,0 39.616,3 4,7 9,3 0,0 186,8
April 39.604,2 39.596,3 275,3 227,8 2,2 0,0 39.088,6 2,4 4,7 0,0 3,2
May 38.657,6 38.649,2 264,3 129,9 3,9 0,0 38.250,2 0,9 6,6 0,0 1,8
June 37.297,0 37.293,4 263,5 183,4 3,1 0,0 36.839,2 4,2 0,9 0,0 2,7
July 39.151,3 39.136,4 260,8 188,1 5,3 0,0 38.680,8 1,4 8,2 0,0 6,7
August 39.838,7 39.754,9 310,5 169,8 3,3 0,0 39.270,0 1,3 41,4 0,0 42,4
September 38.971,1 38.949,1 329,0 229,8 5,8 0,0 38.382,1 2,4 6,1 0,0 15,9
October 37.996,6 37.971,7 269,8 206,3 9,7 0,0 37.484,0 1,9 24,4 0,0 0,5
November 39.409,8 39.400,9 264,7 263,0 2,7 4,9 38.863,0 2,6 4,7 0,0 4,2
December 43.556,5 43.381,9 533,4 463,7 3,5 0,8 42.376,5 4,0 166,8 0,0 7,8
2010 Total 467.520,5 466.860,2 3.527,0 2.528,8 48,8 5,7 460.721,7 28,2 279,5 0,0 380,8
2011January 37.023,2 36.841,0 57,9 114,2 2,1 0,8 36.663,6 2,4 4,0 0,0 178,2
February 39.996,2 39.983,9 301,3 200,6 2,3 0,9 39.476,9 1,9 8,9 0,0 3,4
2011 Total 77.019,4 76.824,9 359,2 314,8 4,4 1,7 76.140,5 4,3 12,9 0,0 181,6
64
Ministry of Finance
Table 3. Revenues of Health fundin mil. dinars
Period Total revenues Social contribu ons
Transfers and grants Other revenues Proceeds from
borrowingPriva za on
proceeds
1 = 2 + 3 + 4 + 5 + 6 2 3 4 5 6
2005 Total 104.383,4 70.742,5 2.800,0 28.654,2 2.166,6 20,2 2006 Total 120.877,8 85.912,8 0,0 32.633,7 2.303,7 27,6 2007 Total 143.631,8 103.624,9 3.257,4 36.717,9 0,0 31,7
2008
January 11.204,5 7.963,6 0,0 3.240,9 0,0 0,0February 13.014,5 9.488,7 0,0 3.525,0 0,0 0,8March 13.179,8 9.246,2 1.000,0 2.933,5 0,0 0,1April 14.636,5 10.053,6 333,3 4.249,5 0,0 0,1May 12.813,5 9.505,1 333,3 2.974,1 0,0 1,0June 13.465,8 9.802,2 333,3 3.330,2 0,0 0,1July 15.612,1 10.314,0 587,5 4.710,5 0,0 0,1August 14.016,7 9.957,3 333,3 3.726,0 0,0 0,1September 13.622,6 10.194,9 333,3 3.094,3 0,0 0,1October 15.112,2 10.728,8 460,3 3.923,0 0,0 0,1November 14.760,5 9.881,6 473,6 4.405,1 0,0 0,2December 19.329,1 13.085,5 337,0 5.906,6 0,0 0,0
2008 Total 170.767,8 120.221,5 4.524,9 46.018,7 0,0 2,7
2009
January 10.745,0 8.498,5 0,0 2.246,4 0,0 0,1February 14.174,9 9.847,0 0,0 4.327,9 0,0 0,1March 15.009,7 10.057,1 588,4 4.364,1 0,0 0,1April 15.806,6 10.580,7 321,6 4.903,8 0,0 0,5May 13.442,9 9.451,3 0,0 3.991,5 0,0 0,1June 14.515,6 10.275,0 -321,6 4.562,1 0,0 0,1July 16.903,5 11.207,9 0,0 5.695,6 0,0 0,1August 14.124,6 10.021,5 0,0 4.103,0 0,0 0,1September 13.944,5 9.992,2 384,0 3.567,9 0,0 0,4October 15.444,8 10.286,7 0,0 5.158,1 0,0 0,1November 14.251,9 9.952,4 226,0 4.073,4 0,0 0,1December 20.615,6 12.574,1 1.446,5 6.594,9 0,0 0,1
2009 Total 178.979,5 122.744,3 2.644,9 53.588,7 0,0 1,6
2010
January 11.241,6 8.948,4 0,0 2.293,1 0,0 0,1February 14.530,3 10.099,1 0,0 4.431,2 0,0 0,1March 15.332,9 10.686,4 0,0 4.646,4 0,0 0,1April 17.050,3 10.838,4 0,0 6.211,9 0,0 0,1May 14.611,1 9.750,2 243,3 4.617,6 0,0 0,1June 13.800,5 10.467,8 129,0 3.203,6 0,0 0,1July 15.702,7 10.636,3 49,0 5.017,4 0,0 0,1August 15.819,7 10.269,7 86,0 5.464,0 0,0 0,1September 14.948,9 10.395,9 49,0 4.503,9 0,0 0,1October 14.058,8 10.556,3 49,0 3.453,4 0,0 0,1November 15.651,2 10.641,4 48,5 4.961,3 0,0 0,1December 19.728,1 13.488,2 102,0 6.137,8 0,0 0,1
2010 Total 182.476,2 126.777,9 755,7 54.941,6 0,0 0,9
2011January 13.034,5 8.904,2 0,0 4.130,2 0,0 0,1February 15.328,6 10.667,3 102,5 4.558,8 0,0 0,1
2011 Total 28.363,1 19.571,5 102,5 8.689,0 0,0 0,1
65
February 2011
Table 4. Expenditures of Health fundin mil. dinars
Period Total expenditures
Current expenditures
Expenditures for employees
Purchase of goods and
services
Interest payment
Transfers and grants
Social insurance benefi ts
Other current expenditures
Capital expenditures
Debt repayment Net lending
1 = 2 + 9 + 10 + 11
2 = 3 + 4 + 5 + 6 + 7 + 8 3 4 5 6 7 8 9 10 11
2005 Total 102.759,7 102.651,7 1.009,1 458,6 1.710,0 0,0 99.389,2 84,8 62,6 0,0 45,5
2006 Total 115.585,7 115.469,1 1.363,4 526,9 120,2 0,0 113.392,2 66,5 87,3 0,0 29,3
2007 Total 144.249,4 143.806,5 2.048,4 736,2 232,7 0,0 140.584,2 204,9 442,9 0,0 0,0
2008
January 7.309,9 7.242,1 118,4 49,5 22,5 0,0 7.043,3 8,4 67,8 0,0 0,0
February 12.783,3 12.769,6 149,8 60,3 0,2 0,0 12.491,2 68,1 13,7 0,0 0,0
March 13.538,8 13.490,5 185,4 64,8 3,2 0,0 13.230,5 6,6 48,3 0,0 0,0
April 13.167,2 13.101,3 333,8 71,5 0,0 0,0 12.692,7 3,3 65,9 0,0 0,0
May 13.553,0 13.465,0 192,0 56,8 0,5 0,0 13.192,8 22,9 88,0 0,0 0,0
June 13.690,1 13.598,1 197,1 105,1 9,2 0,0 13.232,7 54,0 92,0 0,0 0,0
July 14.946,9 14.844,4 200,4 54,7 0,3 0,0 14.588,0 1,0 102,5 0,0 0,0
August 13.862,0 13.810,7 204,5 48,7 0,1 0,0 13.555,9 1,5 51,3 0,0 0,0
September 13.022,0 12.967,5 202,4 61,1 0,1 0,0 12.654,9 49,0 54,5 0,0 0,0
October 17.925,4 17.907,1 339,5 66,8 0,3 0,0 17.495,5 5,0 18,3 0,0 0,0
November 11.811,7 11.774,1 104,6 73,0 0,2 0,0 11.588,3 8,0 37,6 0,0 0,0
December 24.304,2 24.142,8 381,5 105,9 1,3 0,1 23.646,0 8,0 159,0 2,4 0,0
2008 Total 169.914,5 169.113,2 2.609,4 818,2 37,9 0,1 165.411,8 235,8 798,9 2,4 0,0
2009
January 7.729,8 7.706,0 101,4 55,6 3,0 0,0 7.542,1 3,9 23,8 0,0 0,0
February 14.262,6 14.248,1 212,3 66,7 0,2 0,0 13.966,0 2,9 14,5 0,0 0,0
March 15.156,8 15.146,1 218,76 85,3 0,1 0,0 14.828,8 13,1 10,7 0,0 0,0
April 14.904,7 14.838,8 231,15 69,7 0,0 0,0 14.531,9 6,0 66,0 0,0 0,0
May 14.788,2 14.764,0 227,5 52,8 0,9 0,0 14.478,0 4,8 24,2 0,0 0,0
June 14.381,9 14.357,0 207,9 56,5 0,2 0,0 14.090,3 2,2 25,0 0,0 0,0
July 15.590,3 15.505,1 219,5 70,3 0,7 0,0 15.211,1 3,5 85,2 0,0 0,0
August 15.027,2 15.026,7 226,7 49,7 0,0 0,0 14.749,1 1,2 0,0 0,0 0,5
September 14.798,8 14.742,1 223,4 58,5 1,5 0,0 14.456,0 2,6 56,8 0,0 0,0
October 15.441,1 15.411,8 223,5 57,9 0,3 0,0 15.127,4 2,7 29,4 0,0 0,0
November 14.169,7 14.126,1 225,7 68,7 0,7 0,0 13.827,8 3,2 43,7 0,0 0,0
December 21.059,8 20.972,2 574,6 89,9 -1,1 2,0 20.303,1 3,6 87,6 0,0 0,0
2009 Total 177.310,9 176.843,7 2.892,4 781,5 6,5 2,0 173.111,6 49,7 466,7 0,0 0,5
2010
January 10.514,0 10.510,6 89,4 60,7 415,9 0,0 9.943,8 0,9 3,4 0,0 0,0
February 14.516,5 14.513,5 189,6 67,2 176,9 0,0 14.078,8 1,1 3,0 0,0 0,0
March 15.346,8 15.334,6 217,5 65,7 56,1 0,2 14.991,5 3,5 12,3 0,0 0,0
April 15.308,1 15.296,5 214,2 75,7 0,0 0,0 15.003,8 2,8 11,6 0,0 0,0
May 14.569,1 14.557,9 213,7 71,7 2,7 0,0 14.267,6 2,2 11,2 0,0 0,0
June 15.238,7 15.228,5 202,6 77,9 0,2 0,0 14.946,1 1,7 10,2 0,0 0,0
July 15.402,9 15.373,2 207,4 74,5 0,0 0,0 15.090,2 1,1 29,7 0,0 0,0
August 15.196,0 15.194,4 208,3 65,4 0,0 0,0 14.918,6 2,1 1,6 0,0 0,0
September 14.943,5 14.880,9 211,5 65,1 -8,3 0,0 14.608,7 3,9 2,9 59,8 0,0
October 15.290,2 15.281,7 212,7 69,6 11,1 0,0 14.987,3 1,1 8,5 0,0 0,0
November 15.026,4 15.025,7 212,2 70,0 0,1 0,0 14.740,0 3,5 0,7 0,0 0,0
December 21.672,4 21.657,7 367,9 94,9 21,7 4,5 21.161,5 7,1 14,7 0,0 0,0
2010 Total 183.024,5 182.855,1 2.547,0 858,4 676,4 4,7 178.737,7 31,0 109,7 59,8 0,0
2011January 9.961,7 9.958,2 93,4 58,1 0,0 0,8 9.803,1 2,8 3,4 0,0 0,0
February 14.547,1 14.545,6 207,5 65,2 2,5 0,8 14.265,7 3,9 1,5 0,0 0,0
2011 Total 24.508,7 24.503,8 300,9 123,3 2,5 1,6 24.068,8 6,7 4,9 0,0 0,0
66
Ministry of Finance
Table 5. Revenues of Na onal employment agencyin mil. dinars
Period Total revenues Social contribu ons Transfers and grants Other revenues
1 = 2 + 3 + 4 2 3 4
2005 Total 17.364,4 8.461,8 8.820,7 81,9 2006 Total 21.338,3 10.404,9 10.812,0 121,4 2007 Total 26.467,3 12.422,8 13.782,2 262,3
2008
January 2.613,5 972,3 1.625,6 15,6February 2.716,9 1.144,0 1.558,2 14,7March 2.095,7 1.129,7 954,6 11,4April 2.423,3 1.243,4 1.171,7 8,2May 2.351,1 1.150,0 1.169,7 31,4June 2.549,8 1.193,5 1.334,8 21,5July 2.686,5 1.238,7 1.413,5 34,3August 2.552,6 1.203,0 1.330,6 19,0September 2.638,9 1.223,7 1.390,6 24,6October 2.611,6 1.307,5 1.280,8 23,3November 2.447,6 1.196,6 1.227,6 23,4December 3.249,6 1.624,2 1.597,9 27,5
2008 Total 30.937,1 14.626,6 16.055,6 254,9
2009
January 2.189,0 1.040,0 1.125,8 23,2February 2.464,0 1.197,2 1.242,6 24,2March 2.471,3 1.234,2 1.210,8 26,3April 2.936,0 1.285,4 1.625,5 25,1May 3.920,8 1.143,3 2.717,8 59,7June 2.888,1 1.247,4 1.600,0 40,7July 3.430,5 1.311,5 2.060,2 58,8August 2.736,9 1.194,2 1.519,8 22,9September 3.646,1 1.202,5 2.402,4 41,2October 2.829,5 1.238,8 1.553,6 37,1November 3.327,1 1.208,9 2.087,8 30,4December 3.706,9 1.485,3 2.186,5 35,1
2009 Total 36.546,2 14.788,7 21.332,8 424,7
2010
January 2.692,0 1.028,3 1.650,1 13,6February 2.936,8 1.204,6 1.713,9 18,3March 3.112,5 1.289,2 1.803,2 20,1April 3.465,5 1.320,0 2.105,2 40,3May 3.333,0 1.187,1 2.124,8 21,1June 3.628,4 1.267,0 2.341,0 20,4July 3.479,6 1.291,8 2.163,6 24,2August 3.631,7 1.248,5 2.363,5 19,7September 3.631,8 1.259,7 2.348,6 23,5October 3.479,0 1.270,8 2.183,9 24,3November 3.252,8 1.285,5 1.930,2 37,1December 3.113,9 1.614,5 1.470,0 29,4
2010 Total 39.757,0 15.267,0 24.198,0 292,0
2011January 2.517,9 1.094,9 1.402,9 20,1February 3.335,4 1.305,0 2.009,7 20,7
2011 Total 5.853,3 2.399,9 3.412,6 40,8
67
February 2011
Table 6. Expenditures of Na onal employment agencyin mil. dinars
Period Total expenditures
Current expenditures
Expenditures for employees
Purchase of goods and
services
Interest payment
Transfers and grants
Social insurance benefi ts
Other current expenditures
Capital expenditures
Debt repayment Net lending
1 = 2 + 9 + 10 + 11
2 = 3 + 4 + 5 + 6 + 7 + 8 3 4 5 6 7 8 9 10 11
2005 Total 17.057,5 16.848,6 920,0 512,5 0,0 0,0 15.409,8 6,3 132,7 0,0 76,2
2006 Total 21.168,6 21.051,7 1.106,4 723,3 0,0 0,0 19.212,9 9,1 116,9 0,0 0,0
2007 Total 26.702,9 26.519,7 1.623,4 762,1 0,0 0,0 24.116,4 17,8 183,2 0,0 0,0
2008
January 2.500,8 2.498,6 123,0 43,4 0,0 0,0 2.328,8 3,4 2,2 0,0 0,0
February 2.761,9 2.747,7 189,5 58,6 0,0 0,0 2.494,4 5,2 14,2 0,0 0,0
March 2.409,0 2.398,0 144,5 49,4 0,0 0,0 2.199,4 4,7 11,0 0,0 0,0
April 2.247,5 2.231,9 157,0 59,8 0,8 0,0 2.009,8 4,5 15,6 0,0 0,0
May 2.499,2 2.468,9 155,2 60,4 1,3 0,0 2.247,2 4,8 30,3 0,0 0,0
June 2.696,4 2.688,6 148,1 59,3 0,5 0,0 2.476,8 3,9 7,8 0,0 0,0
July 2.591,6 2.549,7 151,1 64,7 0,9 0,0 2.327,0 6,0 41,9 0,0 0,0
August 2.571,4 2.546,4 152,4 50,4 0,8 0,0 2.339,3 3,5 25,0 0,0 0,0
September 2.858,0 2.851,8 148,5 66,0 1,6 0,0 2.629,9 5,8 6,2 0,0 0,0
October 2.445,3 2.425,3 159,8 78,1 1,5 0,0 2.180,0 5,9 20,0 0,0 0,0
November 2.274,1 2.266,6 160,6 64,6 1,2 0,0 2.034,8 5,4 7,5 0,0 0,0
December 3.418,9 3.373,1 212,7 98,1 1,8 0,0 3.054,9 5,6 45,8 0,0 0,0
2008 Total 31.274,1 31.046,6 1.902,4 752,8 10,4 0,0 28.322,3 58,7 227,5 0,0 0,0
2009
January 2.182,3 2.178,5 163,0 66,0 0,3 0,0 1.945,1 4,1 3,8 0,0 0,0
February 2.283,1 2.270,8 163,4 57,2 3,8 0,0 2.039,2 7,2 12,3 0,0 0,0
March 2.631,9 2.615,7 163,0 71,2 0,8 0,0 2.376,7 4,0 16,2 0,0 0,0
April 2.823,2 2.807,0 162,7 81,5 1,0 0,0 2.558,7 3,1 16,2 0,0 0,0
May 2.914,0 2.865,7 219,6 88,8 0,8 0,0 2.553,5 3,0 48,3 0,0 0,0
June 2.793,8 2.793,8 170,6 80,9 0,6 0,0 2.538,6 3,1 0,0 0,0 0,0
July 3.258,2 3.242,7 162,3 77,6 0,9 0,0 2.998,7 3,2 15,5 0,0 0,0
August 3.174,6 3.157,1 157,8 81,3 0,0 0,0 2.916,4 1,6 17,5 0,0 0,0
September 3.601,2 3.593,9 155,2 71,2 0,2 0,0 3.364,8 2,5 7,3 0,0 0,0
October 3.297,3 3.287,3 156,8 74,5 0,1 0,0 3.052,5 3,4 10,0 0,0 0,0
November 3.223,8 3.217,6 155,6 79,5 0,0 0,0 2.978,1 4,4 6,2 0,0 0,0
December 3.390,8 3.362,1 207,0 107,3 0,2 0,0 3.042,7 4,9 28,7 0,0 0,0
2009 Total 35.574,2 35.392,2 2.037,0 937,0 8,7 0,0 32.365,0 44,5 182,0 0,0 0,0
2010
January 2.784,8 2.782,9 127,0 55,0 1,0 0,0 2.598,0 1,9 1,9 0,0 0,0
February 3.135,0 3.124,3 180,1 98,2 0,1 0,0 2.843,5 2,4 10,7 0,0 0,0
March 2.790,7 2.779,9 152,1 107,2 0,2 0,0 2.515,7 4,7 10,8 0,0 0,0
April 2.996,0 2.985,9 352,6 64,1 1,5 0,0 2.564,0 3,7 10,1 0,0 0,0
May 3.685,7 3.681,9 6,4 84,6 0,3 0,0 3.587,6 3,0 3,8 0,0 0,0
June 3.926,2 3.901,0 143,8 113,1 0,9 0,0 3.638,1 5,1 25,2 0,0 0,0
July 3.775,5 3.739,1 147,0 109,5 0,2 0,0 3.478,9 3,5 36,4 0,0 0,0
August 3.159,5 3.154,4 145,6 69,4 0,1 0,0 2.937,3 2,0 5,1 0,0 0,0
September 3.398,5 3.368,4 149,5 94,6 1,2 0,0 3.120,9 2,2 30,1 0,0 0,0
October 3.510,8 3.497,9 148,1 81,9 0,5 0,0 3.264,3 3,1 12,9 0,0 0,0
November 3.366,7 3.346,3 145,3 93,5 0,2 0,0 3.104,2 3,1 20,4 0,0 0,0
2010 Total 39.878,3 39.674,5 1.945,1 1.153,9 6,5 0,0 36.530,0 39,0 203,8 0,0 0,0
2011January 2.313,7 2.303,8 92,7 50,9 0,3 0,0 2.157,9 2,0 9,9 0,0 0,0
February 2.544,6 2.526,6 152,1 91,7 1,8 0,0 2.278,9 2,1 18,0 0,0 0,0
2011 Total 44.736,6 44.504,9 2.189,9 1.296,5 8,6 0,0 40.966,8 43,1 231,7 0,0 0,0
MIN
ISTR
Y O
F FI
NA
NCE
BULL
ETIN
FEB
RUA
RY 2
011
PUBLIC DEBT
III
70
Ministry of Finance
PUBLIC DEBT OF THE REPUBLIC OF SERBIAANALYSIS OF DEBT STOCK OF THE REPUBLIC OF SERBIA IN THE PERIOD 2000 - FEBRUARY 28, 2011
in million EUR
А. DIRECT LIABILITIES in million
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. 31.12.2008. 31.12.2009. 31.12.2010. 28.2.2011
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 3.161,6 4.050,6 4.571,79 5.139,79
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 4.691,2 4.406,4 5.872,70 5.821,79
TOTAL DIRECT LIABILITIES 14.167,1 13.431,7 11.382,0 10.803,2 9.331,4 9.619,6 8.582,6 8.029,1 7.852,7 8.457,0 10.444,5 10.961,6
B. CONTINGENT LIABILITIES
INTERNAL DEBT 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 135,0 339,97 335,69
EXTERNAL DEBT 0,0 2,2 147,2 220,0 344,4 663,1 769,5 846,2 928,7 1.257,4 1.372,49 1.378,19
TOTAL CONTINGENT
LIABILITIES0,0 2,2 147,2 220,0 344,4 663,1 769,5 846,2 928,7 1.392,4 1.712,5 1.713,9
TOTAL A+B 14.167,1 13.433,9 11.529,3 11.023,2 9.675,8 10.282,7 9.352,0 8.875,3 8.781,4 9.849,3 12.156,9 12.675,5
PUBLIC DEBT REPAYMENTS OF THE REPUBLIC OF SERBIA IN THE PERIOD 2000 - FEBRUARY 28, 2011
in million EUR
А. DIRECT LIABILITIES Principal/Interest 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011*
INTERNAL DEBT
Principal 0,00 3,72 122,81 194,16 215,31 301,64 469,92 502,88 291,64 1.395,66 2.059,64 282,93
Interest 0,00 2,01 1,67 2,50 8,25 35,78 43,46 40,10 23,79 56,01 107,88 16,06
TOTAL 0,00 5,72 124,49 196,66 223,56 337,42 513,38 542,98 315,44 1.451,66 2.167,51 298,98Frozen Foreign Currency
Bonds Principal+Interest 0,00 0,00 119,17 190,77 207,18 235,04 223,07 220,78 198,81 234,03 154,14 2,39
Internal debt - others Principal+Interest 0,00 5,72 5,31 5,89 16,38 102,38 290,32 322,20 116,62 1.215,11 2.013,38 296,59
EXTERNAL DEBT
Principal 0,00 0,00 1,72 1,78 2,20 20,70 206,00 54,35 65,53 88,58 170,09 5,84
Interest 0,00 0,00 92,97 127,48 156,17 165,33 365,51 133,97 130,11 123,54 188,12 8,06
TOTAL 0,00 0,00 94,69 129,26 158,37 186,03 571,51 188,33 195,64 212,12 358,21 13,90
TOTAL DIRECT LIABILITIES
Principal 0,00 3,72 124,54 195,93 217,51 322,34 675,93 557,23 357,17 1.484,24 2.229,73 288,77
Interest 0,00 2,01 94,64 129,98 164,42 201,11 408,97 174,07 153,91 179,54 296,00 24,12
TOTAL 0,00 5,72 219,18 325,92 381,92 523,45 1.084,89 731,30 511,07 1.663,78 2.525,73 312,89B. CONTINGENT LIABILITIES
INTERNAL DEBT
Principal 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 16,53 4,28
Interest 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 2,23 7,90 3,45
УКУПНО 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 2,23 24,43 7,74
EXTERNAL DEBT
Principal 0,00 0,00 4,47 4,70 7,78 12,90 23,92 32,22 39,30 62,52 85,80 13,35
Interest 0,00 0,00 14,08 17,58 19,10 22,77 25,15 36,10 43,74 45,16 41,40 10,56
УКУПНО 0,00 0,00 18,56 22,28 26,88 35,68 49,07 68,32 83,04 107,68 127,20 23,91
0,00
TOTAL CONTINGENT LIABILITIES
Principal 0,00 0,00 4,47 4,70 7,78 12,90 23,92 32,22 39,30 62,52 102,32 17,63
Interest 0,00 0,00 14,08 17,58 19,10 22,77 25,15 36,10 43,74 47,39 49,30 14,02
TOTAL 0,00 0,00 18,56 22,28 26,88 35,68 49,07 68,32 83,04 109,90 151,63 31,65
TOTAL A+B
Principal 0,00 3,72 129,01 200,64 225,28 335,24 699,85 589,45 396,47 1.546,76 2.332,06 306,40
Interest 0,00 2,01 108,72 147,56 183,51 223,88 434,11 210,17 197,64 226,93 345,30 38,13
TOTAL 0,00 5,72 237,73 348,20 408,80 559,12 1.133,96 799,62 594,11 1.773,69 2.677,35 344,53
* data for period 1st January - 28th February 2011
71
February 2011
* Estimate GDP for 2010. and Debt stock of December 31, 2010** Estimate GDP for 2011. and Debt stock of February 28, 2011
169,3
104,8
71,963,7
50,9 50,6
40,130,8
26,332,9
41,4 39,7
0
50
100
150
200
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010* 2011**
in %
Debt to GDP ratio in the period 2000 February 28,2011
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010* 2011**
169,3 104,8 71,9 63,7 50,9 50,6 40,1 30,8 26,3 32,9 41,4 39,7
DEBT GDP RATIO IN THE PERIOD 2000 FEBRUARY 28, 2011
YEAR
Public Debt/GDP (%)
72
Ministry of Finance
Public Debt Stock of the Republic of Serbia as of February 28, 2011Currency mix
Currency Amount in original currency Amount in RSD Share of outstanding debt, in %
RSD 211.329.508.463,72 211.329.508.463,72 16,15%
EUR 7.613.912.545,75 785.936.224.448,88 60,07%
USD 2.391.394.713,02 179.343.603.061,07 13,71%
CHF 264.974.123,92 21.433.756.884,16 1,64%
SDR 832.376.527,89 97.979.457.286,65 7,49%
Other * 12.384.394.601,84 0,95%
Total 1.308.406.944.746 100,00%
* GBP, JPY, CHF, DKK, SEK, NOK
16,2%
60,1%
13,7%1,6%7,5%
0,9%
RSD EUR USD CHF SDR Other *
73
February 2011
RSDTOTAL PUBLIC DEBT 1.308.406.944.746,27FIXED INTEREST RATES 883.054.861.796,05VARIABLE INTEREST RATES 425.352.082.950,23
EURIBOR 353.743.429.606,12LIBOR USD 49.875.128.939,62
LIBOR CHF 10.268.024.843,89
LIBOR GBP 767.343.235,53
LIBOR JPY 1.124.567.275,71
STIBOR 506.208.560,18
NIBOR 934.014.380,65
CIBOR 942.727.890,58
BELIBOR 1.250.000.000,00Аustrian market interest rate and other interes rates* 5.940.638.217,96
TOTAL PUBLIC DEBT 100,00%FIXED INTEREST RATES 67,49%VARIABLE INTEREST RATES 32,51%
EURIBOR 27,04%LIBOR USD 3,81%LIBOR CHF 0,78%LIBOR GBP 0,06%LIBOR JPY 0,09%STIBOR 0,04%NIBOR 0,07%CIBOR 0,07%BELIBOR 0,10%Аustrian market interest rate and other interest rates* 0,45%
EURIBOR and LIBOR EUR 83,16%LIBOR USD 11,73%LIBOR CHF 2,41%Other variable interest rates 2,70%TOTAL 100,00%
* other interes rates that forms depending on interest rates of Securi es (T-bills) of most developed countries
74
Ministry of Finance
67%
33%
Public Debt Stock of the Republic Serbia as ofFebruary 28, 2011 Interest rate mix
FIXED INTEREST RATES VARIABLE INTEREST RATES
83%
12%
2% 3%
Floating Interest Rate mix as of February28, 2011
EURIBOR and LIBOR EUR LIBOR USD LIBOR CHF Other variable interest rates
75
February 2011PUBLIC DEBT OF THE REPUBLIC OF SERBIA
DEBT STOCK OF THE REPUBLIC OF SERBIA AS OF FEBRUARY 28, 2011A. DIRECT LIABILITIES
1. INTERNAL DEBT (in 000)
No DEBT Currency CONTRACTED AMOUNT DEBT STOCK IN EUR FEBRUARY 28, 2011
DEBT STOCK IN USD FEBRUARY 28, 2011
1 Liabilities Based on Late Pensions to Farmers RSD 20.000.000 64.081 88.2012 Liabilities Based on Late Pensions to Employees RSD 23.500.000 7.059 9.7153 Commercial Bank a.d. Belgrade - to purchase the building of Embassy located at Brussels EUR 12.500 12.500 17.2054 Short-Term Securities (Tbills) RSD 155.837.348 1.509.705 2.077.9595 Frozen Foreign Currency Bonds - NBS RSD 525.844 3.256 4.4826 Frozen Foreign Currency Bonds - citizens EUR 4.200.000 2.384.344 3.281.8127 Frozen Foreign Currency Bonds - banks EUR 98.816 52.118 71.7358 Loan for Rehabilitation EUR 56.000 8.016 11.0339 HYPO-ALPE-ADRIA BANK a.d. Belgrade - Universiade 2009 in Belgrade RSD 1.500.000 12.110 16.66810 Long-Term Securities RSD 46.562.730 451.086 620.87411 53weeks Securities (T-bills) EUR 200.000 200.000 275.28012 15Y Securities (T-bonds) EUR 97.351 97.351 133.99413 Vojvodjanska Bank a.d. Novi Sad - Financing of budget defi cit/1 EUR 20.000 20.000 27.52814 Alpha Bank Serbia a.d. - Financing of budget defi cit EUR 30.000 30.000 41.29215 Piraeus Bank a.d. Belgrade - Financing of budget defi cit EUR 40.000 40.000 55.056
16 EUROBANK EFG a.d. Belgrade - Financing project management of nuclear facilities in Serbia USD 25.000 18.163 25.000
17 Vojvodjanska Bank a.d. Novi Sad - Financing of budget defi cit/2 EUR 20.000 20.000 27.52818 Banca Intesa a.d. Belgrade- Financing of budget defi cit EUR 38.892 38.892 53.53119 Raiffeisen Bank a.d. Belgrade-Financing of budget defi cit EUR 38.892 38.892 53.53120 Unicredit Bank a.d. Belgrade-Financing of budget defi cit EUR 46.662 46.662 64.22621 Societe Generale Bank a.d. Belgrade EUR 15.554 15.554 21.40922 Hypo Alpe Adria a.d. Belgrade-Financing of budget defi cit EUR 20.000 20.000 27.52823 Eurobank EFG a.d. Belgrade- Financing of budget defi cit EUR 20.000 20.000 27.528
24 Vojvodjanska Bank ad Novi Sad, Financing of budget defi cits-3 EUR 20.000 20.000 27.528
25 KBC Bank a.d. Belgrade-Financing of budget defi cit EUR 10.000 10.000 13.764TOTAL INTERNAL DEBT (direct liabilities) 5.139.788 7.074.407
2. EXTERNAL DEBT (in 000)
No DEBT Currency CONTRACTED AMOUNT DEBT STOCK IN EUR FEBRUARY 28, 2011
DEBT STOCK IN USD FEBRUARY 28, 2011
IBRD A EUR 477.430 394.357 542.793
IBRD B EUR 907.264 749.400 1.031.475IBRD -Additional Financing for the Serbia Energy effi ciency Project EUR 13.300 3.017 4.153IBRD - Delivery of Improved Local Services Project EUR 32.000 6.296 8.665IBRD - Bor regional development Project EUR 24.300 1.113 1.533IBRD - Irrigation & Drainage Rehabilitation Project EUR 36.800 4.589 6.316IBRD - Transitional Agriculture Reform Project EUR 12.500 3.448 4.746
IBRD - PFDPL EUR 34.900 34.900 48.036 IBRD - Corridor X Highway Project EUR 275.200 14.921 20.537 IBRD - Programmatic Private Financial Development Policy Loan 2 EUR 70.800 70.800 97.449 IBRD - Public Expenditure EUR 70.100 70.100 96.486 IBRD - Health Project EUR 10.500 1.418 1.952 IBRD -Additional Financing for the Transport Rehabilitation Project EUR 36.800 7.517 10.3461 TOTAL IBRD EUR 2.001.894 1.361.876 1.874.487 Structural adjustment credit SDR 55.500 63.289 87.111 Structural adjustment credit II SDR 30.100 34.324 47.244 Loan for private and banking sector development SDR 68.100 77.657 106.888 Second loan for private and banking sector development SDR 58.700 66.938 92.134 Social organization structural adjustment credit SDR 60.400 68.877 94.802 Credit for education system development SDR 7.306 8.331 11.467 Facilitate of Trade and Traffi c in South-east Europe SDR 4.345 4.955 6.820 Project for Faciltate of Export Financing SDR 8.345 9.516 13.098 Technical assistance in the process of privatization and restructuring of banking sector and
companies SDR 7.711 8.793 12.103 Employment Promotion Project SDR 1.780 2.030 2.794 Health Investment Project SDR 14.700 16.755 23.061 Catastar registration SDR 20.100 19.339 26.619 Serbian Energy Effi ciency Project SDR 14.100 16.079 22.131 Pension administration reform and consolidation of pension revenues SDR 16.600 8.560 11.782 Reviatlization of water irrigation system SDR 16.600 5.876 8.087
First loan for program development of policies in private and fi nancial sector SDR 38.000 43.333 59.644Traffi c Infrastructure Reconstruction SDR 37.500 40.378 55.577
Additional Financing for the Serbia Energy effi ciency Project SDR 6.600 1.658 2.282Bor regional development Project SDR 6.600 0 0
2 TOTAL IDA SDR 473.087 496.689 683.643 Hospital Renewal Project EUR 50.000 49.222 67.749 Schools Rehabilitation Project EUR 25.000 25.000 34.410 Apex Global 1 EUR 20.000 1.163 1.601
Apex Global 2 EUR 45.000 36.813 50.669Apex loan for SME EUR 250.000 242.924 334.361Municipal and Regional Infrastructure EUR 50.000 9.672 13.313Public sector research and development EUR 200.000 10.000 13.764Schools modernization project EUR 50.000 0 0Clinical Centres/A EUR 80.000 5.000 6.882
3 TOTAL EIB EUR 770.000 379.794 522.749 Corridor X EUR 150.000 1.500 2.0654 TOTAL EBRD EUR 150.000 1.500 2.065 CEB - lanslides II (restructuring and reconstruction of housing infrustructure) EUR 20.000 7.900 10.874 CEB - refuгее (the provision of durable hausing units) EUR 10.000 2.000 2.753 CEB - lanslides I (restructuring and reconstruction of housing infrustructure) EUR 10.000 9.000 12.388 CEB - reprogrammed loan EUR 27.739 3.030 4.170 CEB - rehabilitation and prevention of after fl oods consequences in Vojvodina EUR 9.600 9.600 13.2135 TOTAL CEB EUR 77.339 31.530 43.398 Government of the Russian Federation USD 200.000 145.307 200.000 Republic of Italy - Private sector development EUR 33.250 31.865 43.858 Export - Import Bank of China - reprogrammed loan USD 101.212 66.849 92.011 Export - Import Bank of China - Purchase a scanner USD 31.523 22.903 31.523 Other foreign government loans USD 375.715 272.969 375.715 Republic of France - Natixis EUR 11.185 2.231 3.0716 FOREIGN GOVERNMENT LOANS 542.123 746.178
EU 55 - Macroeconomic assistance EUR 49.500 49.500 68.132Paris club* USD 2.619.698 1.595.800 2.196.460London club USD 1.080.000 729.373 1.003.910KfW - rehabilitation of the District Heating Systems in Serbia - Phase III EUR 12.000 10.725 14.762KfW - Water and Sewerage Programme in Medium-Sized Municipalities in Serbia EUR 25.000 0 0Erste GCIB Finance I B.V. Amsterdam - Financing of budget defi cits EUR 40.000 40.000 55.056Marfi n Bank a.d. - Financing of budget defi cits EUR 100.000 100.000 137.640
Erste GCIB Finance I B.V. Amsterdam - Financing of budget defi cits EUR 30.000 30.000 41.292 NKB Maribor- Financing of budget defi cit EUR 10.000 10.000 13.764 IMF - funds allocation SDR 388.371 442.876 609.5757 TOTAL OTHER CREDITORS 3.008.275 4.140.592
TOTAL FOREIGN DEBT (direct liabilities) 5.821.787 8.013.111TOTAL DIRECT LIABILITIES (1 + 2) 10.961.576 15.087.518
76
Ministry of Finance
No DEBT Currency CONTRACTED AMOUNT DEBT STOCK IN EUR FEBRUARY 28, 2011
DEBT STOCK IN USD FEBRUARY 28, 2011
1 Roads Serbia - Liabilities to the UniCredit Bank a.d. Belgrade EUR 75.000 62.760 86.3832 Roads Serbia - Liabilities to the Marfi n Bank a.d. Belgrade EUR 60.000 51.429 70.7863 PE Srbijagas - Liabilities to the Banca Intesa a.d. Belgrade EUR 50.000 50.000 68.8204 PE Srbijagas - Liabilities to the Banca Intesa a.d. Belgrade EUR 120.000 120.000 165.1685 PE JAT Airways - Liabilities to the UniCredit Bank a.d. Belgrade EUR 20.000 20.000 27.5286 PE JAT Airways - Liabilities to the Societe Generale Bank a.d. Belgrade EUR 20.000 20.000 27.5287 PE JAT Airways - Liabilities to the UniCredit Bank a.d. Belgrade EUR 4.750 4.750 6.5388 PE JAT Airways - Liabilities to the Societe Generale Bank a.d. Belgrade EUR 4.750 4.750 6.5389 PE JAT Airways - Liabilities to the UniCredit Bank a.d. Belgrade EUR 1.000 1.000 1.37610 PE JAT Airways - Liabilities to the Societe Generale Bank a.d. Belgrade EUR 1.000 1.000 1.376
TOTAL INTERNAL DEBT (contingent liabilities) 335.689 462.042 2. EXTERNAL DEBT (in 000)
No DEBT Currency CONTRACTED AMOUNT DEBT STOCK IN EUR FEBRUARY 28, 2011
DEBT STOCK IN USD FEBRUARY 28, 2011
EPS - Urgent Reconstruction of Electric Energy Sector EUR 39.600 27.315 37.596EMS - Urgent Reconstruction of Electric Energy Sector EUR 34.150 20.559 28.298Railways Serbia - Reconstruction of Corridor X EUR 56.988 31.084 42.783Road Serbia - Corridor X EUR 76.000 44.909 61.813EPS - Urgent Reconstruction of Electric Energy Sector II EUR 60.000 48.495 66.749Nis - Improvement of Water Supply EUR 5.548 2.506 3.450Kragujevac - Improvement of water supply EUR 3.939 1.788 2.461Airtraffi c Control EUR 30.820 12.723 17.512Subotica - Reconstruction and modernization of municipal water network EUR 9.000 7.328 10.086Road Serbia - Highway Belgrade-Novi Sad and Bridge near Beska EUR 72.000 50.106 68.966Roads Serbia - Belgrade By-pass EUR 80.000 17.361 23.896Railways Serbia - Rolling Stock EUR 60.000 54.708 75.300Railways Serbia - Rolling Stock - Electric Multiple Units EUR 100.000 1.000 1.376PE Srbijagas - Refi nancing of Short-term Debt, Construction of an Underground Gas Storage Facility and Maintenance of its Gas Transmission and Distribution Networks EUR 150.000 50.000 68.820
1 TOTAL EBRD EUR 778.046 369.883 509.106
Railway Serbia - Railways Rehabilitation Project EUR 70.000 57.835 79.605Road Serbia - Reconstruction of Road Network EUR 95.000 89.425 123.085EMS - Reconstruction of Electric Energy System EUR 25.272 25.272 34.785Belgrade Center Reconstruction EUR 90.000 79.923 110.006Road Serbia - Urgent Traffi c Reconstruction EUR 37.000 28.242 38.872Airport “Nikola Tesla” Urgent Traffi c Reconstructionа EUR 13.000 11.385 15.670Road Serbia - Consolidated Reprogrammed Loans EUR 49.104 6.059 8.340Railway Serbia - Consolidated Reprogrammed Loans EUR 7.256 895 1.232EPS - Equipment for Electric Energy System EUR 22.000 21.733 29.914Road Serbia - Project Euroroad II EUR 120.000 87.640 120.628Nis - Urgent reconstruction of water supply system EUR 10.000 0 0Novi Sad - Urgent reconstruction of water supply system EUR 15.000 0 0Air Navigation Control EUR 31.280 25.599 35.234Railway Serbia - Railways Rehabilitation II Project EUR 80.000 32.000 44.045Roads Serbia - Gazela Bridge Rehabilitation EUR 33.000 18.000 24.775Roads Serbia -Roads and Bridgeds Rehabilitation B2 EUR 33.000 20.000 27.528Roads Serbia - Belgrade By-pass EUR 60.000 0 0
2 TOTAL EIB 790.912 504.009 693.718
EPS - Reconstruction of Kolubara Coal-Mine and Termo Power Plant Nikola Tesla EUR 51.129 14.203 19.548EPS - Procurement of equipment for Tamnava EUR 16.000 11.077 15.246ЕPS - Rehabilitation HPP Bajina Basta EUR 30.000 20.489 28.201
EPS - Environmental Measures in Lignite Fired Power Plants EUR 36.000 10.073 13.865 EPS - Revitalization HPP Zvornik EUR 70.000 0 03 TOTAL KfW 203.129 55.842 76.860
EPS - Reprogrammed EIB credit EUR 2.483 2.483 3.418Railway Serbia - Reprogrammed EIB credit EUR 35.769 35.769 49.232Road Serbia - Reprogrammed EIB credit EUR 185.545 185.545 255.384
4 TOTAL EU 225 EUR 223.797 223.797 308.034 EUROFIMA 2671 CHF 22.500 17.632 24.268 EUROFIMA 2534 CHF 17.000 13.322 18.336 EUROFIMA 2520 CHF 20.000 15.673 21.572 EUROFIMA 2771 CHF 43.000 6.689 9.207 EUROFIMA 2636 CHF 20.000 15.673 21.572 EUROFIMA 2599 CHF 7.500 5.877 8.089 EUROFIMA 2632 CHF 20.000 15.673 21.572 EUROFIMA 2653 CHF 11.000 8.620 11.865 EUROFIMA 2602 CHF 2.500 1.959 2.696 EUROFIMA 2666 CHF 9.000 7.053 9.7075 TOTAL EUROFIMA CHF 172.500 108.170 148.886 Republic of Poland - EPS - EPS Rehabilitation USD 49.997 25.224 34.718 IDA - 4090 - YF**SE Europe Energy Community Programm - Serbian project (EPS, EMS) SDR 13.900 9.630 13.254 Roads Serbia - Liabilities to the Societe Generale Bank Paris EUR 100.000 81.633 112.3596 TOTAL OTHER CREDITORS 116.486 160.332
TOTAL FOREIGN DEBT (contingent liabilities) 1.378.187 1.896.937TOTAL CONTINGENT LIABILITIES 1.713.875 2.358.979
TOTAL INTERNAL DEBT (direct and contingent liabilities) 5.475.477 7.536.449TOTAL EXTERNAL DEBT (direct and contingent liabilities) 7.199.974 9.910.048
TOTAL A + B 12.675.451 17.446.496
‘Remarks: Data for February 28th 2011 exchange rate list No. 38 issued on date February 28th 2011. *Paris club debt consists of following currencies: EUR, USD, GBP, CHF, JPY, DKK, SEK, NOK ** 1.660.000 SDRs belongs to EMS
B. CONTINGENT LIABILITIES
ECONOMIC, FISCAL AND STATISTICS OF PUBLIC DEBT
IV
1 Economic statistics (tables in Chapter I, Macr-oeconomic Developments) are based primarily on the statistical methodology and data provided by the Statistical Office of the Republic of Serbia, National Bank of Serbia, National Employment Agency, Priva-tization Agency, Belgrade Stock Exchange etc.
Economic Statistics contained in Chapter I includes: main indicators of macroeconomic and fiscal devel-opments in the annual dynamics from 2001 and in monthly dynamics for the current year; gross domes-tic product (GDP) in constant prices and its growth rates by quarters from 2001; trends in physical vol-ume of industrial production in monthly dynamics from 2001; retail price trends – overall, core inflation, regulated prices and prices of agricultural products in annual dynamics from 2001 and in monthly dynam-ics for the current and the previous two years; trends in regulated prices in the current year in monthly dy-namics; an overview of Serbian balance of payments in annual dynamics from 2001 and in monthly dy-namics for the current and the previous year; external debt in annual dynamics from 2001 and in the last month of the current year; export trends in monthly dynamics in the current and the previous two years; foreign direct investments by quarters in the current and the previous two years; monetary overview by years from 2001 and in the last month of the current year for which there are available data; an overview of overall private savings in December of the previ-ous year and in the last month of the current year for which there are data available and increment in savings in the current year relative to December of the previous year; an overview of private foreign ex-change savings by quarters since 2002; an overview of term structure of foreign exchange savings in the last month of the current year for which there are data available compared with December of the previous year; an overview of average net wages and number of persons employed in annual dynamics from 2001 and in monthly dynamics for the current year and the previous two years; trends in average net wages and pensions in the current year; trends in average net wages in the public sector in the current year; annual level of wages and pensions in euros since 2001 up till the last month of the current year for which there are data available; average gross and net wages in republic public enterprises in monthly dynamics for the cur-rent and the previous two years; an overview of priva-tization results in annual dynamics from 2002 and for
a specific period of the current year for which there are data available; an overview of trends of indices and market capitalization of Belgrade Stock Exchange; an overview of turnover of long-term securities on the stock exchange and share of foreign investments in turnover on the stock exchange; Belex Sentiment; an overview of auctions of Republic of Serbia treasury bills; developments in supply, demand and discount rate on auctions of treasury bills; an overview of debt balance related with issuance of treasury bills.
2. Fiscal statistics (tables in Chapter I Fiscal Devel-opments) is based on GFS methodology and data of the Ministry of Finance, Treasury Administration and Public Debt Administration.
Starting from Memorandum on the Budget and Economic and Fiscal Policy for 2009 with projections for 2010 and 2011, IMF methodology – Government Finance Statistics is used to present and create pro-jections for fiscal aggregates. All data in this bulletin have been computed by using the same methodologi-cal basis.
The main objectives of alignment with methodol-ogy of Government Finance Statistics is the possibil-ity to perceive macroeconomic implications of fiscal policy. It is particularly important to perceive the in-fluence of fiscal policy on domestic demand, hence every item of revenues and expenditure is considered from this aspect, regardless of its classification in ac-counting.
Here is a comparative overview of the previous and the new methodology of government finance statis-tics:
1. The level of observation is consolidated govern-ment sector that comprises the following levels of government: the central government – budget of the Republic of Serbia and Social Security Organizations; local government – budget of the Autonomous Prov-ince of Vojvodina and budgets of municipalities and towns; public road company Putevi Srbije. In previ-ous practice, Putevi Srbije road company was covered only for the part that was financed from revenues from excise on oil derivatives.
2. Coverage of data: beside budget resources, appli-cation of this methodology in computation of fiscal aggregates includes other sources of financing – a part of own resources of government bodies, donations, loans and privatization receipts. The previous cover-
ECONOMIC AND FISCAL STATISTICS
age included only budget resources and expenditure financed from budget resources.
3. The method of computation of results: The defi-cit or surplus of consolidated government sector is the difference between revenues and overall expense plus net budget borrowing. The category of net lending is treated as an expense in cases when the purpose of the spending is implementation of a government policy, while if expense is made in order to manage liquid-ity, it becomes a financing item, without any influence on the government’s result. Net lending, regardless of its purpose, used to be treated as part of financing – therefore, without influence on the result.
4. The difference in accounting and statistical cov-erage of particular items of expenditure: in view of the primary objective – gaining insight into macr-oeconomic implications of the fiscal policy, particu-lar items of the expenditure, e.g. repayment of debt to pensioners, which is treated in accounting as a part of repayment of debt – without influence on the result, statistically is treated as transfer to citizens and on that ground influences increase in domestic demand. Mobile telephony license, treated in accounting as current non-tax revenue, in view of its one-time char-acter is now treated as part of financing.
With advancement of accounting base – i.e. with transition to accrual basis in recording government transactions – conditions will be created for further enhancement of government finance statistics meth-odology and for alignment of the methodology with the EU (ESA 95).
The Ministry of Finance is responsible for collection and processing of fiscal statistics data. Fiscal statistics includes: consolidated balance of the general govern-ment sector and particular balances, i.e. budget of the Republic of Serbia (central government), budget of AP Vojvodina, budget of local authorities, financial plans of social security organizations and public road company Putevi Srbije.
General government. General government sector encompasses all levels of government in the country. Subsectors that form the general government include: central government – budget of the Republic of Ser-bia, provincial government – AP Vojvodina, local government – municipalities, towns, social security funds and public road company Putevi Srbije. Fiscal statistics, with regard to the individual state subsec-tors, is especially significant for the understanding of interrelation between different governmental levels, separation of functions as well as division of revenues. It is important to determine the amounts and the flow of transfers between governmental levels, which is
achievable only owing to the individual and separate balances of all governmental levels. However, only the data presenting the entire general government may provide the information concerning the amount of fiscal operations of the state, consumption of the state and its influence on aggregate demand and to-tal macroeconomic stability, reallocation of collected funds originating from other economic sectors, bur-den of taxation of the economy, tax structure etc.
Central government budget of the RoS. Central government comprises all the ministries, agencies, and other special organizations defined as direct or indirect republic budget beneficiaries.1 The Govern-ment may define and achieve set goals concerning economic policy at the level of the entire country, pri-marily through the implementation of certain meas-ures and programmes by the means of the budget of central government. Other governmental levels do not formulate objectives nor manage relevant economic policies concerning the national level. The more cen-tralized the country, the more significant are the data related to this level of governmen.2.
АP Vojvodina. Budget of AP Vojvodina comprises all governmental authorities and other special organi-zations defined as AP Vojvodina budget beneficiar-ies.
Local self-government. Data concerning local self-government relate to the data collected in all cities and municipalities constituting the local self-govern-ment system. The coverage of data at the level of cities or municipalities relate to all direct or indirect budget beneficiaries of a city or a municipality. The budget beneficiary of a city or a municipality is an institution primarily financed from the funds originating from the local government. Local government controls its business activities and it performs certain functions through the institution3. 1 Indirect republic budget benefi ciaries are primary and
secondary schools, faculties, scientifi c institutes, social welfare institutions, cultural institutions and other institutions partly fi nanced from the Republic budget.
2 Th e largest amount of tax revenues, apart from property taxes, pertains to the budget of the RS. Income tax is remitted in the legally defi ned percentage to the local self-government, whereas a part of the revenues collected from income taxes realised in the territory of Vojvodina pertains to the AP Vojvodina. Th is shows the importance of the central governmental level in the country.
3 Primary and secondary schools pertain to the central government as their fi nancing is mostly provided from that level. A part of material expenses of schools is fi nanced from local self-government funds but not in the extent suffi cient for pertaining of these institutions to the local government. Pre-school institutions are local budget benefi ciaries. When reviewing data regarding their revenues and expenditures, they are included in the local government level.
Social security organizations. Social security or-ganizations include the Pension and Disability Insur-ance Fund for the Employed, Republic Health Insur-ance Fund and National Employment Service.
Public road company Putevi Srbije. Revenues of Putevi Srbije have the character of public revenues (toll and a fraction of excise) to a considerable extent, and repayment of a large part of the company’s debt takes place from the Republic of Serbia budget, there-fore the company is treated as a part of the general government sector.
BASIC FISCAL AGGREGATESBasic fiscal aggregates are total public revenues, to-
tal public expenditures, and the result of the differ-ence between these two categories, which is defined as a surplus or deficit in the consolidated balance of general government or balances of individual govern-mental levels.
Total public revenues are divided into two basic categories: current revenues and yield on capital.
Current revenues are divided into tax and non-tax revenues.
The basic characteristics of tax revenues is their mandatory nature and non-existence of any direct reciprocal service for the payment of taxes. The state collects taxes and finances certain state functions from collected funds. The benefits related to certain func-tions cannot be directly connected to an individual who paid the tax.
Income tax comprises wage tax, as well as taxes on oth-er forms of earnings of individuals, beside the wages.
Corporate profit tax comprises, in addition to cor-porate profit tax in the narrow meaning of the term, also tax on dividends paid to the residents and non-residents, as well as the tax on interests, royalties and capital incomes realized by non- residents.
VAT comprises national VAT, import VAT, and the arrears of turnover taxes from the previous years.
Excise duties present consumption taxes concern-ing specific products such as oil, tobacco, coffee, alco-holic beverages etc.
Customs duties and other import duties comprise revenues from duties paid for import of goods and services, with the exception of the VAT on imported goods that is included in VAT revenues.
Other tax revenues comprise taxes on use, own-ership and carrying of goods, and other taxes. The
property tax of local government is included in the category of other tax revenues in the general govern-ment consolidated balance.
Non-tax revenues are heterogenic category of rev-enues including property revenues (collected interest, rental fees) compensations, taxes, fines and other rev-enues that cannot be classified. As opposed to tax rev-enues, non-tax revenues imply the existence of recip-rocal favor for the sum collected – e.g. the compensa-tion for the usage of natural resources. However, there are revenues that may by their characteristics be clas-sified as non-tax revenues, but without implying the reciprocal favor for the collection. Fines are a typical example of this sort of revenue.
Capital revenues comprise only revenues originat-ing from the sale of capital goods, as well as the capi-tal transfers from non-governmental institutions. The sale of capital goods imply the sale of non-financial assets, buildings, inventories and state-owned land.
Total expenditures in the Bulletin of Public Fi-nance are presented according to the economic clas-sification emphasizing the type of expenses, i.e. its economic characteristics and influence of state con-sumption on the market of goods and services, finan-cial market and reallocation of income. In addition to the economic classification of expenditure, there is also a functional classification emphasizing the func-tion the state performs by using the funds for specific purposes.4. The Bulletin of Public Finance does not contain expenditures classified in accordance with the functional classification.
Overall expenditure is divided into current expens-es, capital expenses and net budget borrowing.
Current expenses present final budget outflows, and are not intended for the procurement of non-fi-nancial assets.
Compensation of employees comprise (net) sala-ries of employees including income tax and contribu-tions paid by employees, contributions paid by em-ployers, as well as other fringe benefits (transport al-lowance, sick leave allowance for the period of up to 30 days etc.).
Procurement of goods and services comprise pay-ments related with coverage of business expenses (elec-tricity, phone bills etc.), business trips, services contracts, current maintenance and procurement of material.4 Division of expenditures according to the functional
classifi cation is the following: general public services, defence, internal security, economic aff airs, enviromental protection, housing construction and municipal services, healthcare, recreation, culture and religion, education and social welfare.
Repayment of interests is divided into repayment of interests on domestic debt, interests on external debt, interests based on activated guarantees and ac-companying borrowing expenses.
Subsidies comprise all the funds transferred to the economic sector (public enterprises, registered ag-ricultural holdings etc.) for coverage of running ex-penses or/and the grant intended for current business activities.
Social insurance and social welfare expenses in-clude payments to persons insured with social securi-ty organizations (pensions of beneficiaries of Pension and Disability Insurance Fund, sick leave benefits paid by the Republic Health Insurance Fund, unem-ployment benefits paid by the National Employment Service, repayment of debt to pensioners, children and family benefits, benefits for war-disabled persons, pregnancy leave benefits, housing benefits etc.
Other current expenses include grants to non-gov-ernmental organizations, mandatory levies and pen-alties imposed by one governmental level to another, fines and penalties imposed by courts and judicial bodies, injury compensations or compensations for damages incurred by natural disasters, and damages incurred by the public bodies.
Capital expenses comprise all the payments intend-ed for the procurement of non-financial assets, con-struction of buildings and infrastructure, procure-ment of equipment and inventories and the purchase of land.
Net lending are expenses for purchase of financial assets whose objective is implementation of a particu-lar government policy.
General government consolidated balance con-tains consolidated revenues and consolidated ex-penditure.
Consolidated revenues are aggregate revenues of individual governmental levels, but in the consolida-tion procedure, transfers received from other govern-mental levels are excluded. In the consolidation pro-cedure, benefits paid by general government in the function of employer are excluded from the revenues of mandatory social insurance organizations
Consolidated expenditure present aggregate ex-penditures of individual governmental levels, while in the consolidation procedure, the transfers provided from one governmental level to another are excluded. In the consolidation procedure, expenditures paid by general government in the function of employer are excluded from the expenditures.
Consolidated surplus/ deficit is a difference be-tween consolidated revenues and consolidated ex-penditure.
Balance surplus/ deficit of individual governmen-tal levels is a difference between total revenues and total expenditures, at a particular governmental level.
Earnings not included in the revenues of general government present earnings based on domestic and external borrowing and earnings based on the priva-tization of state-owned enterprises.
Expenses that are not included in general govern-ment expenses are those for repayment of principal of national and foreign debt and expenses for pur-chase of financial assets that cannot be classified as net lending.
3. Public Debt Statistics (Tables in Chapter III – Pub-lic Debt) is based on the data of the Republic of Serbia Treasury Administration. The public debt of the Re-public of Serbia consists of direct liabilities (received loans) and indirect liabilities (issued guarantees).
1. Direct Liabilities Direct Liabilities of the RoS are those incurred on
the basis of the loans taken. Direct liabilities, depend-ing on the creditor, constitute the following: (1) do-mestic debt and (2) foreign debt.
Domestic Debt consists of liabilities carried over from the past, and liabilities stemming from short-term treasury notes. The largest share in the domestic debt is the one of the frozen foreign exchange savings, which also constitutes the largest individual debt in the public debt of the RoS.
Foreign Debt consists of (1) rescheduled old debt and (2) new borrowing.
The rescheduled debt consists of: (1) the debt to-wards International Bank for Reconstruction and De-velopment (IBRD, A, B, C), (2) debt towards the Paris Club of Creditors, (3) debt towards the London Club of Creditors, (4) debt towards Council of Europe De-velopment Bank (CEB).
2. Indirect Liabilities Indirect liabilities of the RoS are those incurred on
the basis of the issued guaranties. Due to the fact that the guarantees that have been issued up to date were related with loans taken from foreign creditors, total indirect liabilities fall under the category of foreign debt.
RATIO BETWEEN THE PUBLIC DEBT AND GROSS DOMESTIC PRODUCT
The ratio between the public debt and gross domes-tic product, as the most important indicator of the public debt sustainability and one of the convergence criteria for joining the EMU, has been decreasing constantly in the last five years.
In 2004, the ratio between the public debt and GDP fell down to 60%, and went below 35% in 2006.
STRUCTURE OF INTEREST RATESThe ratio between the fixed and variable interest
rates in the public debt of Serbia is distinctly favo-rable. High share of the fixed interest rates provides high level of predictability of future liabilities arising from the interest and thus the Republic of Serbia is not exposed to a high interest rate risk.
CURRENCY STRUCTURE OF THE PUBLIC DEBT
The public debt consists of different currencies. The largest share, however, is the debt denominated in Eu-ros and US Dollars
