Central Bank of Bosnia and Herzegovina reveals Consolidated Fiscal Surplus

July 29, 2020 8:00 PM

 

The consolidated fiscal surplus in 2019, at the level of entire Bosnia and Herzegovina, amounts to 672 million BAM, or about 1.9% of Gross Domestic Product (GDP), according to regular annual government finance statistics published by the Central Bank of Bosnia and Herzegovina (CBBH), which includes budgets at all levels of government, all off-budget funds in BH and road directorates.

Compared to 2018, the fiscal surplus was reduced by 65 million BAM, with the fiscal position remaining very stable and reflecting good public finance management. Current expenditures in 2019 amounted to around KM 13.3 billion and grew at an annual rate of 4.7%, which was followed by an increase in consolidated current revenues at a similar annual rate of 4.4%, amounting in 2019 to 15.0 billion BAM.

In the total expenditures, the largest share of 39% refers to social benefits, followed by salaries of employees accounting for 28%, and the procurement of goods and services accounting for 19%. The total interest payments amounted to 241 million BAM, staying actually at the same level as in 2018. Current expenditures do not include the expenditures related to projects financed by foreign donations.

In the public investment area, a significant increase of 13% was recorded compared to 2018, and they reached the amount of one billion BAM, this being the highest amount in the last five years.

As part of its statistical activities and through cooperation with more than 50 reporting units at all levels of government, the CBBH produces statistics in line with the International Monetary Fund (IMF) standards on consolidated government finance in Bosnia and Herzegovina. These reports are submitted to international institutions that use them to assess the country’s overall fiscal position. In addition, similar statistics based on EU standards (ESA2010 and EDP) has been introduced recently, with the reports monitored and evaluated by Eurostat.

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