According to the financial indicators of the Ministry of Finance, the country’s capital expenditure rose 6% year-on-year in 2023 or around 6.8 billion lek compared with 2022.

Overall public expenditures were estimated at 674.7 billion lek in 2023, representing 96.6% of the planned expenditures under the initial 2023 state budget and 95.6% of the annual plan revised under the Normative Act adopted by government in December 2023.

General public expenses are 3.6 percent higher or 23.7 billion lek more than 2022.

The data show that the deficit was 1.4% of GDP, down from 3.7% of GDP in 2022.

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According to the Ministry of Finance, the budget revenue collections slightly increased also compared to the first four months of 2023, when revenue collections expanded 10.2 %, driven mostly by improvement in tax revenue collections May totaling to 50.8 billion lek or 12.3 % more than compared to the same period of the previous year. State budget collections increased by 5.3 % only in April (real negative performance if indexed according to the inflation rate and economic growth).

The revenue collections from the personal income and corporate taxes account for the largest share of state budget revenue. Revenue collections from the corporate tax rose by 41 % mainly driven by the extraordinary profit tax levied on the energy production companies.

The total public expenditures were estimated at 221.7 billion lek, accounting for 90% of the planned spending in the first five months, recording a 3.5% increase or by 7.6 billion lek in expenditures compared to the same period of the previous year during this period.

Albania’s budget recorded a surplus of 36.2 billion lek in the first five months, up from a planned surplus of 7 billion lek.

The budget surplus is 19 billion lek more than during the same period of the previous year.

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