Wednesday, July 14, 2010

Macedonia parliament approves revised budget

Macedonia's parliament on Wednesday approved a revised budget, cutting revenues and spending in order to keep the public deficit at 2.5 percent of gross domestic product (GDP).

The revised budget includes a 3.1 percent spending cut while revenues are predicted to be down 3.3 percent, Finance Minister Zoran Stavreski said.

The revision of the budget was aimed at "preserving fiscal stability during the crisis ... as well as social stability," said Stavreski, who is also a deputy prime minister.

Macedonia's economy shrank 0.7 percent last year but the country emerged from recession in the last quarter of 2009, the government said in March.

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