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Macedonia passes draft budget for 2017 foreseeing 3 pct growth

Xinhua, September 20, 2016 Adjust font size:

The government of Macedonia adopted a draft budget for 2017 and sent it to Parliament for approval, Macedonian Minister of Finance Kiril Minoski told reporters Tuesday.

The budget was drafted based on forecasts for an economic growth of 3 percent of gross domestic product (GDP) next year in Macedonia.

Minoski said said economic activity in 2017 will be driven by exports, which are projected to grow by 6 percent while imports are projected to grow by 4.7 percent.

The draft budget for 2017 also sees record level of capital investments which are expected to grow by 20 percent compared to last year.

He stressed that gross investments are expected to achieve real growth of 4.5 percent, private consumption by 2.1, while public consumption by about 1.3 percent.

Minoski announced the government would increase pensions by 5 percent.

According to the budget, total income is planned at a level of 187.6 billion denars (3.4 billion U.S. dollars), 7.6 percent more than in 2016, while total expenses are at 206.22 billion denars, or 4.5 percent more compared to current year. (1 U.S. dollar=55.89 MKD) Endit