SKOPJE, July 26 (Xinhua) -- North Macedonia experienced a modest year-on-year increase in its budget deficit during the first half of 2024, the Finance Ministry reported on Thursday.
The budget deficit reached 23.9 billion denars (420.9 million U.S. dollars) in the first half of 2024, up from 23.6 billion denars during the same period in 2023.
The primary reason for the landlocked Balkan country's deficit expansion was an increase in both budget revenues and expenditures.
The annual budget deficit rose from 35.5 billion denars in 2022 to 41.4 billion denars in 2023, and is projected to reach 44.7 billion denars (about 4.9 percent of the nation's gross domestic product) for 2024, according to ministry estimates. (1 denar = 0.018 U.S. dollar) ■