Georgia's budget surplus at 11% of revenue in H1
TBILISI. July 31 (Interfax) - Georgia had a state budget surplus of GEL351.4 million ($212.5 million at current rate), or 11.1% of revenues in the first half of 2013, the Finance Ministry told Interfax.
The country's budget surplus in the first half of 2012, according to revised figures, was GEL324.4 million, or 9.8% of revenues.
Budget revenues slumped 3.8% year-on-year to GEL3.171 billion in the first half, and spending decreased by 1.8% to GEL2.819 billion. In the second quarter, revenues dropped 6.1% to GEL1.525 billion and spending was reduced by 4.3% to GEL1.464 billion.
Tax revenues edged up 0.6% to GEL2.982 billion in the first half, grants decreased by 57% to GEL72.1 million and other revenues were down 29.7% to GEL116.9 million.
Georgia, taking into account slight amendments to expenditures, is targeting of budget surplus of GEL174 million, or 0.6% of anticipated GDP in 2013, with revenue of GEL7.423 billion and spending of GEL7.249 billion.
Revised figures show that in 2012 Georgia essentially met its budget, with revenue of GEL7.115 billion, spending of GEL6.566 billion and a surplus of GEL549 million, or 2.1% of GDP (7.7% of revenue).
The official exchange rate for July 31 is GEL1.6540/$1.
