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Ekonomia

Budget revenues in 2023, in relation to GDP, increased with the "help" of subsidies

Budget revenues in 2023, in relation to GDP, increased with the "help"

The country's economy has accelerated growth rates after the pandemic, but the capacities for collecting budget revenues are not moving at the same pace. Official data from the Finances show that in 2023 revenues in relation to GDP reached 27.8% of GDP, an increase of 1 percentage point compared to 2022, but almost all of the increase came from foreign aid and insurance contributions, while revenues from taxes and customs in relation to GDP remained unchanged.

Despite the contribution that aid had, budget revenues in relation to GDP, after several years of decline, reached the level of 2017. Income from foreign aid in the form of budget support reached 22.2 billion ALL in 2023, equivalent to 1% of GDP this year. This item in relation to our GDP was at the highest level since 2016. On the other hand, tax revenues reached 25.9% of GDP with an annual increase of 0.7 percentage points, influenced by the good performance of contributions , as a result of the salary increase

Revenues from taxes and customs in relation to GDP remained unchanged, only 18.3 percent. On the other hand, the growth rates of the economy after the pandemic have accelerated. In 2021 GDP increased by 8.9%, in 2022 by 4.9%, and this year expectations are at 3.5%. The GDP results show that in the 9th month of 2023 the economy grew by 3.2%. Before the pandemic in 2018-2019 the economy expanded by an average of 3% per year.

As the economy has accelerated its growth rates, tax revenue collections have not followed the same trajectory, which in relation to GDP have remained stagnant. So the income from taxes and customs in relation to the GDP was 18.3%, the lower level than the 19% result of 2008, a record in the history of the transition.

Inflation and Albania's economy are growing at faster rates than the last decade, but the country has fallen into the trap of informality as budget revenues compared to the Gross Domestic Product are expected to decline in the medium-term period 2024-2027 according to forecasts in Medium-Term Economic and Fiscal Framework.

The Ministry of Finance predicts that the country's economy will grow by approximately 4% in the period 2025-2027, while inflation is expected to be at least 3 percent. But on the other hand, income in relation to GDP is expected to come down. Finance expects budget revenues to reach 28 percent of GDP this year, but they are not expected to be more than 27.8 percent of GDP in 2027./Monitor

Source: Ministry of Finance