CRO: The budget deficit next year 5.5 percent of GDP

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next year will cause an increase in the budget deficit to around 1.06 billion euros  and thereby the expenditures will equal the amount of 17.3 billion, and the budget deficit will amount to 2.3 billion euros, or 5 5 percent of GDP, said at the today’s meeting  the Government Finance Minister Slavko Linic, while stressing that he would not give up the policy of austerity.

Presenting the Economic and Fiscal Policy for the time from 2016. year, Linic said in  2014. expenditures for interest on existing public debt will increase  about 328 million euros, and the costs of EU membership for 617 million euros. There is  about 92 thousand euros  spent on subsidies and wages,thereby everything leads to 1.05 billion euros higher budget deficit compared to this year. This would increase the budget deficit from this year's planned 3.5 percent  of GDP to 5.5 percent of GDP  of next year.

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The level of deficit of 5.5 percent of GDP should be reduced in the 2015 and 2016, primarily due to the expected economic growth,said Linic.According to  guidelines, it is expected  that after 0.2 percent growth from this year, an increase of Croatian GDP in 2014 will  amount to 1.3 percent, 2.2 percent in 2015, and in  2016 the growth of 2.5 percent is planned.

Deputy Prime Minister Branko Grcic recalled that Croatia will join the excessive budget deficit procedure, because the deficit will exceed the ‘golden rule’ of 3 percent of GDP.

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