DOCSLIB.ORG

Public Finance Bulletin

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Public Finance Bulletin Republic of Serbia Ministry of Finance PUBLIC FINANCE BULLETIN 12/2020 Number 196 Belgrade, 2021 Founder and publisher Ministry of Finance, Republic of Serbia Belgrade, 20 Kneza Milosa St. www.mfin.gov.rs ISSN 1452-0028 For the publisher Milica Jovanović Assistant Minister of Finance [email protected] Editorial Ljubica Matić, Vladimir Malbašić, Ognjen Jančić, Marko Lisica, Milica Jovanović, Aleksandar Stojković, Danilo Vukojičić, Jovana Đerić, Jelena Drašković, Ivan Krstić, Rade Ćirić, Danijela Domanović, Valentina Osmajlić, Ana Tripović Editorial secretary Ljubica Matić [email protected] Design and print Ministry of Finance, Republic of Serbia Circulation 500 copies The Bulletin is issued monthly CONTENTS CURRENT MACROECONOMIC AND FISCAL DEVELOPMENTS 4 I MACROECONOMIC TRENDS 10 II FISCAL TRENDS 35 Republic of Serbia Budget 44 Vojvodina Budget 60 Budget of Municipalities and Cities 64 Financial Plans of Social Security Organizations (SSO) 69 III PUBLIC DEBT 76 IV Methodological explanations 88 CURRENT MACROECONOMIC AND FISCAL DEVELOPMENTS In the period March-May, a state of emergency was declared in Serbia and a restriction of movement was introduced as a measure to combat the Covid-19 virus pandemic, and restrictions of various types and intensities continued in the following months, which caused disturbances in all spheres of social and economic life. The total amount of funds, which was made available to the economy and the population in 2020 through economic assistance measures, reached 12.7% of GDP. In addition to a set of economic measures, the Government of the Republic of Serbia also made decisions related to assistance to the health sector and pensioners, and the National Bank of Serbia adopted measures within its competence. In the coming period, the focus of fiscal policy will be ensuring of people's health and lives, and the second priority is supporting employment and liquidity of the economy. 1. Current macroeconomic developments 1.1. Economic activity contribution to the increase of industrial production came from the production of energy (growth of 2.2%), Industrial production. According to the Statistical Office due to the increase in manufacture of coke and refined of the Republic of Serbia (SORS) data, industrial petroleum products. The production of durable production in December 2020 has increased annually by consumer goods increased by 6.4%, due to the growth in 4.1%, while compared to the average industrial production of electrical equipment, while higher production in 2019 increased by 9.8%. The largest production of food industry influenced the growth of influence on industrial production growth in December non-durable consumer goods of 0.5%. Production of 2020 compared to December 2019 had the divisions of: capital goods decreased by 3.4%, due to the decrease in manufacture of fabricated metal products, except production of motor vehicles, trailers and semi-trailers. machinery and equipment, manufacture of rubber and A decrease in production of manufacture of basic metals plastic products, manufacture of electrical equipment, has influenced in a 0.6% fall of intermediate goods, manufacture of food products, as well as manufacture of except energy. other non-metallic mineral products. The seasonal adjustment of the industrial production Observed by NACE Rev. 2, in December 2020, annual index for December 2020, compared to November 2020, increase was recorded in manufacturing of 5.5% and indicates an increase of 3.5% of the overall industrial electricity, gas, steam and air conditioning supply of production and an increase of 6.5% of manufacturing. 0.5%, while decrease of 1.4% was registered in mining and quarrying. The largest increase in production was Indices of industrial output (2019=100) recorded in manufacture of fabricated metal products, except machinery and equipment (41.5%), while 120 manufacture of machinery and equipment n.e.c. has 110 decreased the most (-18.5%). The industrial production volume in December 2020, in 100 comparison to the same month in 2019, recorded an 90 increase within 14 divisions, which accounts for 71% of the total industrial production, while a decrease in 15 80 divisions, which accounts for 29% of the total industrial 70 production. Observed by the Main industrial groupings (MIGs), 60 jul jul jan jan oct oct jun jun feb feb apr apr sep sep dec dec aug aug nov nov mar mar may in December 2020, compared to December 2019, an may increase in the production was recorded in the 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 production of capital goods (14.8%), intermediate Original data Seasonally adjusted data Trend goods, except energy (8.2%), durable consumer goods (3.3%) and energy (1.6%), while a decrease was recorded in the production of non-durable consumer goods (-0.8%). In 2020 it was recorded an increase of industrial production of 0.4%. Observed by MIGs, the main 4 Public Finance Bulletin, December 2020 Ministry of Finance Indices of manufacturing industry (2019=100) Most of the tourists in December 2020 originated from Bosnia and Herzegovina, Russia, Montenegro, Other 120 non-european countries and Turkey (40.9% of the total number of foreign tourists’ visits and 46.4% of the total 110 overnight stays), while the largest annual growth was 100 registered in the tourists’ visits from India. In December, mountain resorts had the largest number of tourist 90 arrivals and overnight stays (28.2% of the total number of arrivals and 25.5% of the total number of overnight 80 stays). A higher number of domestic tourists compared 70 to foreign tourists was recorded in all places, except in the city of Belgrade, where most of the tourists were 60 foreigners (59.0% of the total number of visits). jul jul jan jan oct oct jun jun feb feb apr apr sep sep dec dec aug aug nov nov mar mar may may 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 In 2020, the number of tourists and their overnight stays Original data Seasonally adjusted data Trend totalled 1,820,021 and 6,201,290, respectively. The number of tourists’ visits decreased by 50.7%, while the According to the SORS data, in December 2020 stocks number of their overnight stays decreased by 38.4%, increased by 1.8% compared to December 2019. The compared to 2019. Also, it was registered decrease in the largest annual decrease in stocks in December was number of foreign tourists’ visits and their overnight recorded in the stocks of manufacture of textiles stays by 75.9% and 68.5%, respectively. At the same (-55.8%), while the largest growth was in the stocks of time, the number of domestic tourists’ visits decreased printing and reproduction of recorded media (197.7%). by 25.4%, while their overnight stays decreased by Retail trade turnover. Annual growth of the retail trade 18.6%. turnover in December 2020 decreased by 0.6% in 1.2. External Trade and Balance of Payments nominal and increased by 0.2% in real terms, compared to December 2019. Also, in December, turnover in real External trade. In December 2020, it was exported EUR terms, increased by 16.4% compared to the average 1,571 million of goods, which is higher by 16.6% monthly retail trade turnover in 2019, while compared compared to December 2019. The biggest contribution to the previous month, increased by 8.8%. to the growth of exports came from the exports of electrical equipment (4.2 pp), motor vehicles and trailers Annual growth of the category food, beverages and (3.1 pp) and metal products (2.4 pp). Import of goods tobacco was 2.5% in nominal terms, while in real terms amounted to EUR 2,131.2 mill, which is lower by 7% decreased by 0.1%. Category non-food products, except compared to the same month in previous year. automotive fuel increased in nominal and real terms by 3.4% and 2.2%, respectively. Motor fuel’s turnover Foreign trade deficit amounted to EUR 560.2 million, decreased by 16.1% in nominal terms and by 5.2% in which is lower by 40.6% compared to the same month real terms. in previous year, while 73.7% of the exports was covered by the imports. Observed by statistical territorial units, in December Srbija – Sever recorded a year-on-year decline in retail Seasonally adjusted series shows that in December 2020 trade turnover (a decline of 1.2% in current and 1.0% in in comparison to the previous month, export increased constant prices), while Region Vojvodine recorded an by 2.3%, while import decreased by 11.2%. increase in turnover in current and constant prices of 0.4% and 0.9%, respectively. Srbija – Jug also recorded an increase in retail trade turnover (0.4% in current and 2.1% in constant prices). In 2020, compared to 2019, the retail trade turnover increased by 3.9% in nominal and by 4.3% in real terms. Tourism. Annual fall in the number of tourists’ visits was registered in December 2020 (-67.1%). At the same time, the number of overnight stays decreased by 59.9% compared to the same month of the previous year. The number of domestic tourists’ visits decreased by 48.3%, while the number of their overnight stays decreased by 46.7%, compared to the same month in 2019. At the same time, the number of foreign tourists’ visits declined by 84.7%, while their overnight stays decreased by 75.6%. Share of the foreign tourists’ visits and their overnight stays was 24.0% and 27.9%, respectively. 5 Public Finance Bulletin, December 2020 Ministry of Finance telephones for network stations and laptops), Germany Foreign trade, mill. EUR and Turkey. Balance of payments1.
Load more

Recommended publications
  • Casopis-Zeleznice-Br.-1-2017-1.Pdf
    . IZDAJE Uvodna reč glavnog urednika ........................................................................ 5 Intervju sa generalnim direktorom „Železnica Srbije” ad ..................... 6 Uvodna reč predsednika Društva diplomiranih inženjera železničkog saobraćaja Srbije (DIŽS) ..................................................... 8 Društvo diplomiranih inženjera železničkog saobraćaja Srbije (DIŽS) ORIGINALNI NAUČNI RAD OdgovornoBeograd, Nemanjina lice izdavača 6 Danko Trninić Miroslav Pejić, Sanjin Milinković, Slavko Vesković Simulacioni modeli za analizu organizacije saobraćaja , dipl. inž. saob. vozova na industrijskoj železnici „TENT“ ............................................ 10 REDAKCIJApredsednik Glavni urednik PREGLEDNI RADOVI Prof. dr Milan Marković Nenad Kecman, Života Đorđević Odgovorni urednik, dipl. inž. saob. Restrukturiranje Železnica Srbije ad ........................................................ 21 Vesna Gojić Vučićević Rajko Ković Tehnički urednik, dipl. nov. Organizacija projektnog portfolija u firmama železnice ............. 31 Miodrag Ivanović Lektor, dipl. inž. saob. PRETHODNA SAOPŠTENJA Ksenija Petrović Snežana Mladenović, Slavko Vesković, Slađana Janković, Dizajn korica, dipl. fil. Slaviša Aćimović, Irina Branović mr Nenad Vojičić, akad. slik. Softver za rešavanje poremećaja u železničkom redu vožnje ............. 41 TIRAŽ Željko Stević, Marko Vasiljević, Gordan Stojić, Ilija Tanackov Integrisani Fazi model za rešavanje lokacijskog problema .............. 49 300 primeraka ŠTAMPA STRUČNI RADOVI Života
    [Show full text]
  • Restructuring of Serbian Railways Jsc
    pregledni rAD NENAD KECMAN1, ŽIVOTA ĐORĐEVIĆ2 RESTRUKTURIRANJE ŽELEZNICA SRBIJE AD RESTRUCTURING OF SERBIAN RAILWAYS JSC Datum prijema rada: 15.6.2016. god. UDK: 656.2:330.342(497.11) 338.47:656.2(497.11) REZIME Proces restrukturiranja „Železnica Srbije“ ad započet je 1991. godine i zbog različitih razloga nije realizovan do 2015. godine. Posle 25 godina „pripreme“ realizovan je na način koji će samo formalno zadovoljiti Vladu, Svetsku banku, MMF i EU - a suštinski će kompaniju dovesti u još veću neizvesnost i borbu za opstanak. U poslednjih 25 godina železnica je od strane Države bila zapostavljena i zaboravljena. Cilj je bio samo da se obezbedi socijalni mir i namire partijski kadrovi. U zadnje četiri godine se vrše značajnija ulaganja, ali kompanija nije pripremljena da se taj kapital oplemeni i valorizuje na transportnom tržištu. Ključne reči: „Železnice Srbije“ ad, Vlada Srbije, MMF, Svetska banka, Evropska unija, restrukturiranje. SUMMARY The restructuring process of „Serbian Railways“ JSC (SR) was launched in 1991 and due to various reasons has not been implemented until 2015. After 25 years of „preparation“ restructuring process was carried out in a way that only formally satisfy the government, World Bank, IMF and the EU and essentially will lead the Company to even greate run certainty ands truggle for survival.During the last 25 years, the railways has been neglected and forgotten by the State. The aim was only to ensure social peace and the settlement of party cadres. In the last two years significant investments are going on, however the Company is not prepared to enrich the capital and valorizes it on the transport market.
    [Show full text]
  • Analysis of the Process Related to the Operations Management of the Rail Traction Vehicles in Jsc "Serbian Railways"
    JOURNAL OF ENGINEERING MANAGEMENT AND COMPETITIVENESS (JEMC) VOL . 6, NO. 2, 2016, 111-119 ANALYSIS OF THE PROCESS RELATED TO THE OPERATIONS MANAGEMENT OF THE RAIL TRACTION VEHICLES IN JSC "SERBIAN RAILWAYS" UDC: 625.1(497.11) Original Scientific Paper Vojislav VUKADINOVI Ć1, Cariša BEŠI Ć2, Snežana BEŠI Ć3 1Srbija Voz a.d., 11000 Belgrade, Nemanjina 6, Republic of Serbia 2University of Kragujevac, Faculty of Technical Sciences in Čačak, 32000 Čačak, Svetog Save 65, Republic of Serbia E-mail: [email protected] 3Higher Education Railway School of Professional Studies, 11000 Beograd, Zdravka Čelara 14, Republic of Serbia Paper received: 14.11.2016.; Paper accepted: 28.11.2016. In the study, issues related to the operations management in railway were elaborated, with special emphasis on the operations management of rail vehicles and main parameters in its activities and in the railway functioning. The analysis of the current status, operation and functioning of the Serbian Railways was also provided, with a special focus on the study of the technical condition regarding exploitation, reliability, and availability of traction vehicles operation which is always actual and particularly important for ensuring the regular and safe functioning of train traffic in all railways in the world as well as in the railway of Serbia. The issue related to the exploitation reliability and availability regarding traction vehicles operation is also being analyzed which is reflected in development of the concept and creation of the methodology for assessment of the technical condition and indicators for determining the level of exploitation reliability, availability of the traction vehicle operation as well as functioning of train traffic and the models related to the operations management of rail traction vehicles.
    [Show full text]
  • Serbian Rail Cargo Study
    Serbian rail cargo transport market Final report 10 June 2020 Preface This study was prepared by the consortium of Compass Lexecon and Karanović & Partners on behalf of the World Bank Group and the Commission for Protection of Competition of the Republic of Serbia. The study is a part of the Serbia Investment Climate Program. The Serbia Investment Climate Program is implemented by the IFC in partnership with the UK Good Governance Fund and the British Embassy in Belgrade. The study was written by Gregor Langus, Vilen Lipatov and Guido Paolini (Compass Lexecon), Bojan Vučković, Leonid Ristev, Srđan Dabetić, Igor Radovanović and Stefan Savić (Karanović & Partners). A team comprised of Maciej Drozd, Igor Nikolić, Eugeniu Osmochescu, Olga Šipka (World Bank Group). Representatives from the Commission for Protection of Competition supervised and reviewed the draft. Representatives from the Ministry of Construction, Transport and Infrastructure and the Railways Directorate also provided comments on the study. Acknowledgement We would like to thank for cooperation and support to Vida Jerković, Miloš Stanojević, Lazar Radaković and Misela Nikolić from the Ministry of Construction, Transport and Infrastructure; Zorica Radović from Railways Directorate; representatives of Serbia Cargo and Serbian Railways Infrastructure for supplying necessary information for the market analysis and for participating in interviews; representatives of Kombinovani prevoz, Eurorail and Milšped for cooperation and interviews; all market participants that provided responses
    [Show full text]
  • World Bank Document
    OFFICIAL L DOCUMENTS Public Disclosure Authorized LOAN NUMBER 8694-YF Loan Agreement (First Public Expenditure and Public Utilities Development Policy Loan) Public Disclosure Authorized between REPUBLIC OF SERBIA and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Public Disclosure Authorized Dated JPi-fQ 2 , 2017 Public Disclosure Authorized LOAN NUMBER 8694-YF LOAN AGREEMENT Agreement dated pt4i ') 2 , 2017, entered into between REPUBLIC OF SERBIA ("Borrower") and INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT ("Bank") for the purpose of providing financing in support of the Program (as defined in the Appendix to this Agreement). The Bank has decided to provide this financing on the basis, inter alia, of (i) the actions that the Borrower has already taken under the Program and that are described in Section I of Schedule 1 to this Agreement, and (ii) the Borrower's maintenance of an adequate macroeconomic policy framework. The Borrower and the Bank, therefore, hereby agree as follows: ARTICLE I - GENERAL CONDITIONS; DEFINITIONS 1.01. The General Conditions (as defined in the Appendix to this Agreement) constitute an integral part of this Agreement. 1.02. Unless the context requires otherwise, the capitalized terms used in this Agreement have the meanings ascribed to them in the General Conditions or in the Appendix to this Agreement. ARTICLE II - LOAN 2.01. The Bank agrees to lend to the Borrower, on the terms and conditions set forth or referred to in this Agreement, the amount of one hundred eighty-two million six hundred thousand Euros (EUR 182,600,000), as such amount may be converted from time to time through a Currency Conversion in accordance with the provisions of Section 2.08 of this Agreement ("Loan").
    [Show full text]
  • MONTHLY REPORT Public Debt Stock and Structure June 2019
    MONTHLY REPORT Public Debt Stock and Structure June 2019 www.ujd.gov.rs Bloomberg Page <RSMF> <GO> Belgrade, June 2019 # 87 Monthly report - June 2019 INTRODUCTION The PDA Monthly Report is published aiming at the improvement of The monthly report of the PDA is the report presenting a comprehensive analysis of the status, structure the activites of the Republic of Serbia in the field of public debt through and dynamics of the public debt of the Republic of Serbia, as well as the risk analysis related to the its informative contents, in accordance with internationally process of public debt management, aimed at raising the level of transparency and accurate and timely acknowledged standards and good business practice, as well as enabling awareness of investors, state institutions and other entities interested in the public debt of the Republic of stakeholders to grasp public debt, being the field of the public finance, Serbia. in an easy and accurate manner, i.e. the activities and goals of the PDA. INTRODUTORY WORD OF DIRECTOR Issuance program on domestic capital market represented the main funding source in past period. Fiscal consolidation measures implemented by the Government provided a significant contribution to the stabilization of the public finance of the Republic of Serbia. We continued to reduce the borrowing costs on the domestic financial market, regarding the issued dinar and euro-denominated Government Securities, while the volume of the secondary market trading became considerably increased. In 2018 the Republic of Serbia achieved volume of operations in terms of Government Securities on the domestic financial market amounting to 303.4 bn dinars with a permanent decrease in the borrowing costs.
    [Show full text]
  • MONTHLY REPORT Public Debt Stock and Structure December 2019
    MONTHLY REPORT Public Debt Stock and Structure December 2019 www.ujd.gov.rs Bloomberg Page <RSMF> <GO> Belgrade, December 2019 # 93 Monthly report - December 2019 INTRODUCTION The PDA Monthly Report is published aiming at the improvement of The monthly report of the PDA is the report presenting a comprehensive analysis of the status, structure the activites of the Republic of Serbia in the field of public debt and dynamics of the public debt of the Republic of Serbia, as well as the risk analysis related to the through its informative contents, in accordance with internationally process of public debt management, aimed at raising the level of transparency and accurate and timely acknowledged standards and good business practice, as well as awareness of investors, state institutions and other entities interested in the public debt of the Republic enabling stakeholders to grasp public debt, being the field of the public of Serbia. finance, in an easy and accurate manner, i.e. the activities and goals of the PDA. INTRODUTORY WORD OF DIRECTOR Issuance program on domestic capital market represented the main funding source in past period. Fiscal consolidation measures implemented by the Government provided a significant contribution to the stabilization of the public finance of the Republic of Serbia. We continued to reduce the borrowing costs on the domestic financial market, regarding the issued dinar and euro-denominated Government Securities, while the volume of the secondary market trading became considerably increased. In 2018 the Republic of Serbia achieved volume of operations in terms of Government Securities on the domestic financial market amounting to 303.4 bn dinars with a permanent decrease in the borrowing costs.
    [Show full text]
  • Republic of Serbia Ministry of Construction, Transport and Infrastructure
    stra REPUBLIC OF SERBIA MINISTRY OF CONSTRUCTION, TRANSPORT AND INFRASTRUCTURE REPORT ON THE STRATEGIC ENVIRONMENTAL ASSESSMENT OF THE SPATIAL PLAN OF THE REPUBLIC OF SERBIA FOR THE PERIOD BETWEEN 2021 AND 2035 – Draft – Belgrade, March 2021 REPORT ON THE STRATEGIC ENVIRONMENTAL ASSESSMENT OF THE SPATIAL PLAN OF THE REPUBLIC OF SERBIA FOR THE PERIOD BETWEEN 2021 AND 2035 – Draft – Holder of the development: MINISTRY OF CONSTRUCION, TRANSPORT AND INFRASTRUCTURE Developers: INSTITUTE OF ARCHITECTURE AND URBAN AND SPATIAL PLANNING OF SERBIA Director __________________________________ Sasa Milijic, PhD, Scientific Adviser UNIVERSITY OF BELGRADE FACULTY OF GEOGRAPHY Dean _______________________________ Prof. Dejan Filipovic, PhD Work team: Bosko Josimovic, PhD, Spatial Planner (objectives and indicators, evaluation of planning solutions, protection measures, guidelines for the impact assessment on lower hierarchical levels, methodology, outline of decision-making) Prof. Dejan Filipovic, PhD, Spatial Planner (bases, monitoring) Marina Nenkovic-Riznic, PhD, Spatial Planner (objectives and indicators, evaluation of alternative solutions) Prof. Marina Ilic, PhD, Technology Engineer (objectives and indicators, evaluation of planning solutions, protection measures) Prof. Aleksandar Jovovic, PhD, Mechanical Engineer (evaluation of planning solutions, protection measures) Prof. Aleksandar Cvjetic, PhD, Mining Engineer (evaluation of planning solutions, protection measures) Milan Paunovic, PhD, Biologist (evaluation of planning solutions, protection measures) Ljubisa Bezbradica, MA in Forestry Engineering (evaluation of planning solutions, protection measures) 2 CONTENTS 1. BASIS OF THE STRATEGIC ENVIRONMENTAL ASSESSMENT…….. 5 1.1. Overview of the content and objectives of the Plan and its connection to other plans. 6 1.1.1. Overview of the content of the Spatial Plan………………………………………. 7 1.1.2. Description of the Plan’s objectives………………………………………….........
    [Show full text]
  • Public Finance Bulletin
    Republic of Serbia Ministry of Finance PUBLIC FINANCE BULLETIN 4/2021 Number 200 Belgrade, 2021 Founder and publisher Ministry of Finance, Republic of Serbia Belgrade, 20 Kneza Milosa St. www.mfin.gov.rs ISSN 1452-0028 For the publisher Milica Jovanović Assistant Minister of Finance [email protected] Editorial Ljubica Matić, Vladimir Malbašić, Ognjen Jančić, Marko Lisica, Milica Jovanović, Aleksandar Stojković, Danilo Vukojičić, Jovana Đerić, Danijela Domanović, Valentina Osmajlić, Ivan Krstić, Rade Ćirić, Ana Tripović Editorial secretary Ljubica Matić [email protected] Design and print Ministry of Finance, Republic of Serbia Circulation 500 copies The Bulletin is issued monthly CONTENTS CURRENT MACROECONOMIC AND FISCAL DEVELOPMENTS 4 I MACROECONOMIC TRENDS 11 II FISCAL TRENDS 38 Republic of Serbia Budget 47 Vojvodina Budget 63 Budget of Municipalities and Cities 67 Financial Plans of Social Security Organizations (SSO) 71 III PUBLIC DEBT 78 IV Methodological explanations 90 CURRENT MACROECONOMIC AND FISCAL DEVELOPMENTS 1. Current macroeconomic developments 1.1. Economic activity Contribution to the quarterly growth of the GDP in pp (expenditure side) Gross domestic products. In the first quarter of 2021, gross domestic product (GDP) recorded a real year-on- 15 year increase of 1.7%. Observed from the production side, the most significant positive impact provide sections 10 of construction and wholesale and retail trade and repair of motor vehicles, transportation and storage and 5 accommodation and food services with a positive contribution of 0.8 pp each and the industry section with 0 a contribution of 0.7 pp. The most significant negative contribution of 0.4 pp came from section of professional, -5 scientific and technical activities and administrative and support service activities, followed by the section of arts, -10 entertainment and recreation, other service activities and activities of households as employers with a negative 2016 2017 2018 2019 2020 2021 contribution of 0.3 pp.
    [Show full text]