4 Aug 2009 18:24

Georgian budget deficit totals 8.5% of expenditures in H1

TBILISI. Aug 4 (Interfax) - Georgia had a budget deficit of 207.8 million lari in the first half of 2009, or 8.5% of total expenditures for the period, the Finance Ministry told Interfax.

Budget revenue totaled 2.22 billion lari in the half, down by 319.7 million lari, or 12.5%, from the same period of 2008. Budget expenditures amounted to 2.427 billion lari, down by 302.6 million lari, or 11.1%.

Tax revenue totaled 2.024 billion lari in January-June, down 11.1% from the first half of 2008, while grants totaled 85 million lari, up 82%.

Factoring in the amendments made in July, the budget is to have revenue of 5.138 billion lari in 2009, expenditures of 5.527 billion lari and a deficit of 389.7 million lari, or 2.08% of GDP.

The official exchange rate on August 4 was 1.6756 lari/$1.