Bugarash
07-29-2012, 12:14 AM
Serbia,the country that once flew so high and fell so low....in just 20 years....and it keeps digging the bottom.
Serbia's April Jobless Rate Rises to 25.5% - Stats Office
BELGRADE (Serbia), June 29 (SeeNews) – Serbia’s unemployment rate rose to 25.5% in April from 22.2% a year earlier, the country’s statistics office said on Friday.
The country's jobless rate was 23.7% at the end of November, the statistics office said in a statement.
GDP declines 1.3 percent in first quarter of 2012
BELGRADE – The Serbian Statistics Office Friday stated that Serbia’s GDP in the first quarter of 2012 dropped 1.3 percent in real terms, compared with the same period last year.
Observed by activities, the largest growth in real terms was recorded in the construction sector (7.8 percent) and the information and communication sector (7.4 percent).
The greatest fall was recorded in transportation (5.1 percent), supply of electricity, gas and steam (3.4 percent), trade (3.2 percent) and the processing industry (3.1 percent).
A seasonal adjustment of data shows a 0.2 percent drop in GDP in the first quarter of 2012, against the previous quarter, the statement adds.
Public debt at EUR 14.84 billion at end of April
BELGRADE - Serbia's public debt at the end of April stood at EUR 14.84 billion, meaning that it went up by around EUR 225 million during the month, the Ministry of Finance has stated.
The ministry did not cite the share of the debt in the country's GDP at the end of April, and the data from the end of February says that it was EUR 14.35 billion then, or around 44.5 percent of GDP. The law on the budget system limits the public debt at 45 percent of GDP.
Serbia's total direct obligations at the end of April were at around EUR 12.6 billion, with internal debt totalling EUR 5.42 and external EUR 7.18 billion. The indirect obligations at the end of April stood at EUR 2.24 billion, the ministry said. The public debt was EUR 14.47 billion at the end of 2011, which was 45.1 percent of GDP.
The debt at the end of 2010 was EUR 12.16 billion, or 42.9 percent of GDP. At the end of 2009, the public debt was EUR 9.85 billion, or 34.8 percent of GDP, and at the end of 2008, it was EUR 8.78 billion, equal to 29.2 percent of GDP.
Budget deficit RSD 78.9 billion in five months
BELGRADE - Serbia's budget deficit in the first five months of 2012 reached RSD 78.93 billion, of which the revenues were RSD 285.66 billion, and expenditures RSD 364.59 billion, the Ministry of Finance has released.
From January to May 2012, the largest revenue was achieved from the payment of VAT - RSD 143.3 billion, excise duties - RSD 62.45 billion, and corporate income tax - RSD 26.9 billion. The biggest items regarding expenditures in the first five months were transfers to social security funds - RSD 115.87, expenditures for employees - RSD 93.89 billion, and social assistance from the budget - RSD 35.59 billion.
In May, the RSD 5.8 billion budget deficit was achieved since budget expenditures in that month reached RSD 66.9 billion, and revenues RSD 61.1 billion. The largest part of tax revenues refers to the VAT payment in the amount of RSD 32 billion. Unlike the VAT revenues in April when quarterly obligations were paid, in May such a high amount is the result of payment of the import VAT.
Revenues from excise duties amounted to RSD 13 billion, and are lower than the ones in April because of the reimbursement of funds to farmers for the procurement of fuel. Other forms of tax revenues were collected according to expectations for May. Higher non-tax revenues are the result of profit tax of the National Bank of Serbia totalling RSD 2.8 billion.
Significantly lower expenditures in May compared to April is largely the consequence of lower interest rates, subsidies and budget loans. Other categories of expenditures are executed according to the usual dynamic for this period.
The biggest items are the payment of salaries and transfers to organizations of compulsory social insurance - the Fund for Pension and Disability Insurance (PIO), Serbian Health Insurance Office (RZZO), and National Employment Service, the largest amount of which is allocated for pensions. Serbia's consolidated budget deficit which, in addition to the republic budget, encompasses local governments, Autonomous Province of Vojvodina and organizations of mandatory social insurance, was planned to be RSD 152 billion for the whole year.
Brefort: Serbia unable to pay debts from October
BELGRADE - If Serbia does not implement severe austerity measures immediately, the first signs of inability to repay foreign debts will surface in October, and next year will definitely be very problematic, warned Loup Brefort, the World Bank country manager for Serbia.
It is bad that the loans are being used for current spending. Serbia must find a way to do more with less money, business in general needs to operate better and the private sector in particular requires assistance, Brefort told the daily Blic.
This year, Serbia will need to pay back one billion euros to foreign creditors, 60 percent more than last year. In 2013, the country will need to come up with as much as EUR 1.5 billion, writes the paper.
Serbia's public debt total is close to EUR 10 billion - around EUR 8 billion was directly borrowed by the government, and EUR 1.7 billion are guarantees given for loans to state companies.
Vuckovic warns of risk of growing deficit, debt
MOKRA GORA – Member of the Fiscal Council Vladimir Vuckovic said Friday that there is a danger that Serbia's public debt by the end of the year will reach up to 60 percent, and budget deficit exceed five percent of gross domestic product (GDP).
He warned that if this happens, there is a real danger that the state will falls into public debt crisis.
Serbia does not have the fiscal space for deepening budget deficit, and in the short term will not be able to reduce the budget deficit to the planned 4.25 percent of GDP with no severe austerity measures, Vuckovic said at the summer Vivaldi Forum in Mokra Gora (western Serbia), in the panel on top 10 concrete measures to be taken by the new government.
Fiscal reform must therefore be implemented as soon as possible, with an increase in the VAT and reducing the tax burden for employers to encourage new employment, Vuckovic said.
He noted that in this and next year, at least one billion euros should be saved in the public sector, but analyses show that it will not be possible to achieve.
Serbia's April Jobless Rate Rises to 25.5% - Stats Office
BELGRADE (Serbia), June 29 (SeeNews) – Serbia’s unemployment rate rose to 25.5% in April from 22.2% a year earlier, the country’s statistics office said on Friday.
The country's jobless rate was 23.7% at the end of November, the statistics office said in a statement.
GDP declines 1.3 percent in first quarter of 2012
BELGRADE – The Serbian Statistics Office Friday stated that Serbia’s GDP in the first quarter of 2012 dropped 1.3 percent in real terms, compared with the same period last year.
Observed by activities, the largest growth in real terms was recorded in the construction sector (7.8 percent) and the information and communication sector (7.4 percent).
The greatest fall was recorded in transportation (5.1 percent), supply of electricity, gas and steam (3.4 percent), trade (3.2 percent) and the processing industry (3.1 percent).
A seasonal adjustment of data shows a 0.2 percent drop in GDP in the first quarter of 2012, against the previous quarter, the statement adds.
Public debt at EUR 14.84 billion at end of April
BELGRADE - Serbia's public debt at the end of April stood at EUR 14.84 billion, meaning that it went up by around EUR 225 million during the month, the Ministry of Finance has stated.
The ministry did not cite the share of the debt in the country's GDP at the end of April, and the data from the end of February says that it was EUR 14.35 billion then, or around 44.5 percent of GDP. The law on the budget system limits the public debt at 45 percent of GDP.
Serbia's total direct obligations at the end of April were at around EUR 12.6 billion, with internal debt totalling EUR 5.42 and external EUR 7.18 billion. The indirect obligations at the end of April stood at EUR 2.24 billion, the ministry said. The public debt was EUR 14.47 billion at the end of 2011, which was 45.1 percent of GDP.
The debt at the end of 2010 was EUR 12.16 billion, or 42.9 percent of GDP. At the end of 2009, the public debt was EUR 9.85 billion, or 34.8 percent of GDP, and at the end of 2008, it was EUR 8.78 billion, equal to 29.2 percent of GDP.
Budget deficit RSD 78.9 billion in five months
BELGRADE - Serbia's budget deficit in the first five months of 2012 reached RSD 78.93 billion, of which the revenues were RSD 285.66 billion, and expenditures RSD 364.59 billion, the Ministry of Finance has released.
From January to May 2012, the largest revenue was achieved from the payment of VAT - RSD 143.3 billion, excise duties - RSD 62.45 billion, and corporate income tax - RSD 26.9 billion. The biggest items regarding expenditures in the first five months were transfers to social security funds - RSD 115.87, expenditures for employees - RSD 93.89 billion, and social assistance from the budget - RSD 35.59 billion.
In May, the RSD 5.8 billion budget deficit was achieved since budget expenditures in that month reached RSD 66.9 billion, and revenues RSD 61.1 billion. The largest part of tax revenues refers to the VAT payment in the amount of RSD 32 billion. Unlike the VAT revenues in April when quarterly obligations were paid, in May such a high amount is the result of payment of the import VAT.
Revenues from excise duties amounted to RSD 13 billion, and are lower than the ones in April because of the reimbursement of funds to farmers for the procurement of fuel. Other forms of tax revenues were collected according to expectations for May. Higher non-tax revenues are the result of profit tax of the National Bank of Serbia totalling RSD 2.8 billion.
Significantly lower expenditures in May compared to April is largely the consequence of lower interest rates, subsidies and budget loans. Other categories of expenditures are executed according to the usual dynamic for this period.
The biggest items are the payment of salaries and transfers to organizations of compulsory social insurance - the Fund for Pension and Disability Insurance (PIO), Serbian Health Insurance Office (RZZO), and National Employment Service, the largest amount of which is allocated for pensions. Serbia's consolidated budget deficit which, in addition to the republic budget, encompasses local governments, Autonomous Province of Vojvodina and organizations of mandatory social insurance, was planned to be RSD 152 billion for the whole year.
Brefort: Serbia unable to pay debts from October
BELGRADE - If Serbia does not implement severe austerity measures immediately, the first signs of inability to repay foreign debts will surface in October, and next year will definitely be very problematic, warned Loup Brefort, the World Bank country manager for Serbia.
It is bad that the loans are being used for current spending. Serbia must find a way to do more with less money, business in general needs to operate better and the private sector in particular requires assistance, Brefort told the daily Blic.
This year, Serbia will need to pay back one billion euros to foreign creditors, 60 percent more than last year. In 2013, the country will need to come up with as much as EUR 1.5 billion, writes the paper.
Serbia's public debt total is close to EUR 10 billion - around EUR 8 billion was directly borrowed by the government, and EUR 1.7 billion are guarantees given for loans to state companies.
Vuckovic warns of risk of growing deficit, debt
MOKRA GORA – Member of the Fiscal Council Vladimir Vuckovic said Friday that there is a danger that Serbia's public debt by the end of the year will reach up to 60 percent, and budget deficit exceed five percent of gross domestic product (GDP).
He warned that if this happens, there is a real danger that the state will falls into public debt crisis.
Serbia does not have the fiscal space for deepening budget deficit, and in the short term will not be able to reduce the budget deficit to the planned 4.25 percent of GDP with no severe austerity measures, Vuckovic said at the summer Vivaldi Forum in Mokra Gora (western Serbia), in the panel on top 10 concrete measures to be taken by the new government.
Fiscal reform must therefore be implemented as soon as possible, with an increase in the VAT and reducing the tax burden for employers to encourage new employment, Vuckovic said.
He noted that in this and next year, at least one billion euros should be saved in the public sector, but analyses show that it will not be possible to achieve.