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Tax revenues increased by 12.5% in January 2019

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BM.GE
28.02.19 22:46
661
Tax revenues increased by 12.5% YoY in January 2019. Growth of tax revenues had slowing tendency in 2018 mostly due to the stronger growth of market GDP in 2017 reflecting cyclical recovery, weaker private consumption growth and lower inflation. 

Total spending went up by 11.9% YoY on the back of current spending growth of +15.5% YoY, while capital expenditures declined by 6.2% YoY.

Consolidated budget posted a surplus of 199 mln in January 2019 - almost unchanged from the same month in previous year. Although there is a seasonal surplus in January, this level is still quite high.

Sharp increase of fiscal deficit in December 2018, mostly reflecting advance payments, is likely to have had some positive impact on economic growth in January 2019. However, significant impact of December 2018 deficit on growth will be more visible over the coming months with the strongest effect likely from Q2 2019.

Source - TBC Research