PUBLIC FINANCE BULLETIN - Ministry of Finance javne finansije/bilten... · MINISTRY OF FINANCE...

90Belgrade, 2012.

Republic of SerbiaMINISTRY OF FINANCE

BULLETINPUBLIC FINANCE

February 2012.

Belgrade, May 2012

MINISTRY OF FINANCE


February 2012

Founder and publisherMinistry of Finance, Republic of Serbia

Belgrade, 20 Kneza Milosa St.www.mfin.gov.rsISSN 1452-0028

For the publisherJelena Rančić

Assistant Minister of [email protected]

EditorialJelena Rančić, Marinko Bošnjak,Ljubica Matić, Snežana Jovičić,

Vladimir Malbašić, Radovan Medić, Ognjen Jančić, Marko Lisica,

Branko Drčelić, Veselinka Kralj, Milica Jovanović, Aleksandar Stojković

Danilo Vukojičić

Editorial secretaryLjubica Matić

[email protected]

Design and printSlužbeni glasnik

Circulation 100 copies

The Bulletin is issued monthly

CONTENTS

41337456165717987Economic, Fiscal and Statistics of Public Debt

CURRENT MACROECONOMIC AND FISCAL DEVELOPMENTS

1. Current macroeconomic developments1.1. Economic activityIndustrial output. According to RSO data in Febru-ary 2012 physical scope of industrial production de-creased by 12.8% compared to same month of 2011 and by 20.2% compared to last year average produc-tion. Decline of production in all three sections was infl uenced by unfavorable weather conditions and consequently diffi cult supply of energy. Highest drop was registered in manufacturing section (-16.1%). Bi-ggest impact on industrial production decrease had decrease in manufacture of basic metals, non-me-tallic mineral products, refi ned petroleum products, beverages and basic pharmaceutical products and preparations. Decline of total industry production was eased by the growth of production of transport equipment, wearing apparel, electrical equipment and metal products. Production in the section of mining and quarrying declined by 13.5% and in section elec-tricity, gas steam and air conditioning supply by 2.8%.Increase of industrial production in February 2012 compared to same month of previous year was recor-ded in 9 areas which accounts for 36% of total indu-strial production, while decline recorded in 20 areas, which accounts for 64% of total industrial production.Seasonally adjusted rates indicate that total industrial production in February 2012 decreased by 14.6% com-pared to 2011 average production, while production of manufacturing sector decreased by 17%. Compared to previous month, seasonally adjusted index of total in-dustrial production decreased by 13%, while producti-on of manufacturing section decreased by 13.9%.

Seasonally adjusted indices of industrial output, average 2011 = 100

In the period January-February 2012 total industri-al production decreased by 7.9% compared to same

period of 2011. Observed by sections in this period manufacturing industry registered decline of 11.9%, mining and quarrying of 1.6%, while at the same time section of electricity, gas, steam and air conditioning supply increased by 1.8% compared to same period of 2011.Data on industrial production by destination groups in February 2012, compared to same month of previ-ous year, shows decrease in production. Highest decli-ne was registered in capital goods production (-24%).Finished goods inventories in February 2012 decre-ased by 7.8% compared to same month of 2011. In this month decrease in inventories was registered in all groups (biggest decline had capital goods, -19.6%), except inventories of non-durable consumer goods which increased compared to February 2011 by 1%.Transportation and telecommunication. In fourth qu-arter 2011 physical scope of transportation services eased up. Physical scope of transportation services in-creased by 2.9% compared to same period of 2010 as a result of increased scope of air and pipeline transport services by 18.1% and 10.8%, respectively. Scope of services of other forms of transports was lower com-pared to same period of 2010. Volume of passenger transport measured by the num-ber of passengers transported was decreasing in 2011 and in the last quarter decline amounted to 3.1%, compared to same period of 2010. However, measu-red by passenger kilometers traveled scope of pass-engers transportation were increasing from quarter to quarter and in last quarter increased by 0.8%. Sco-pe of freight transport services registered decline in third and fourth quarter with less transported goods (-16.5% and -7.2%, respectively) and in the number of kilometers covered measured in tons of goods (-5% and -6.4%, respectively).In fourth quarter of 2011 scope of services in postal activities increased by 1.8% compared to same quar-ter of 2010, while in the same period physical scope of telecommunication services increased by 17.9%.In 2011 physical scope of transportation services in-creased by 8.9% compared to 2010. At the same time, highest growth was achieved by air traffi c (22.4%). Postal activities and telecommunications registered growth of 1.4% and 14.9%, respectively.Construction. With aim of stopping the fall of construc-tion activity and stimulating of domestic construction industry Government adopt Program for emergency

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assistance to construction industry as well as Law on encouraging construction industry. Applying of these measures contributed to recovery of construction ac-tivity from second quarter of 2011. Aft er real growth of 22.6% in second quarter, value of construction wor-ks done compared to same period of previous year in third quarter increased in real terms by 22.9% and in fourth quarter by 19.6%. Construction of buildings was by 45.7% higher in last quarter of 2011 while ot-her construction works (roads, bridges, railways, air-port runways, and pools) increased by 8.3% compared to same period of 2010. In this period number of em-ployed on construction sites increased by 0.2% compa-red to same period of 2010. Compared to 2010 average growth was 41.3%. In 2011 value of derived construction works increased by 17.4% in real terms compared to 2010. In this period value of works on construction of buildin-gs increased by 32.4% in real terms, while on other construction sites by 10.5%. Increase in value of con-structions done was followed by decreasing number of employed on construction sites by 0.6% compared to 2010, which indicates slight improvement in labor productivity in this section. Number of construction licenses issued increased by 11.8%, while number of issued licenses for construction of buildings increased by 6.9% (increase of 3.8% for new buildings), while other constructions registered increase of 31% (for new constructions 28.8%).Retail trade turnover. In February 2012 unfavorable movements in retail trade continues. Yearly decline of real retail trade turnover was 5.8% and compared to 2011 average turnover decline totaled 19.8%. In peri-od January-February 2012 real retail trade turnover decreased by 4.7%, while retail trade turnover in no-minal terms increased by 1% compared to same peri-od of 2011.Tourism. In February 2012, total touristic turnover, measured by number of tourist visits and overnight stays decreased by 13.2% and 12.8%, respectively, compared to same month of 2011. Number of dome-stic tourist visits decreased by 15.8% and overnight stays by 14.7%. At the same time, number of foreign tourists visits and overnight stays decreased by 8.1% and 5.9%, respectively.In period January-February 2012 was registered a total of 228.2 thousand tourist visits and 811.2 thou-sands tourists overnight stays. Number of tourists vi-sits increased by 2%, while number of overnight stays decreased by 2% compared to same period of 2011. In this period number of domestic tourist visits de-creased by 4% and number of overnight stays by 9%, while number of visits and overnight stays of foreign tourists increased by 14.6% and 25%, respectively.

Privatization of enterprises. In February 2012 total of one socially owned enterprise were privatized on capital market and three enterprises with previously terminated contracts. Total revenue from privatizati-on of this enterprises amounted to EUR 2 million wit-hout contracted investments. in November amounted to EUR 2.9 million. By the sale of shares of 2 previ-ously privatized socially-owned enterprises on stock exchange market in this period was achieved revenue of EUR 0.1 million. Total revenue from privatization in February totaled EUR 2.1 million.In period January-February 2012 total of 1 socially owned enterprise were privatized on capital market as well as three enterprises with previously terminated contracts. By the sale of shares of fi ve previously pri-vatized socially-owned enterprises on stock exchange market in fi rst two months of 2012 was achieved re-venue of EUR 0.1 million. Total revenue from priva-tization in fi rst two months totaled EUR 2.2 million.1.2. External Trade, Balance of Payments and Exter-nal DebtIn February 2012 export of goods was by one fi ft h lower compared to same month of 2011. Th at is alon-gside growing import of goods of 3.4%, contributed to external trade defi cit increase by 40.4% compared to same month of 2011. Export of goods decreased by 19.7% and amounted to EUR 522.1 million which is lowest value from February 2010. At the same time im-port amounted to EUR 1.1 billion. External trade de-fi cit of EUR 570.3 million was higher of 2011 average defi cit in 2011. Yearly decrease of export and growth of import resulted in decreased coverage of import by export, from 61.5% in February 2011 to 47.8%.Seasonally adjusted series shows that in February 2012 compared to previous month export decreased by 16% and import by 2.3%.

Foreign trade, in million EUR

In period January-February 2012 value of goods ex-ported was EUR 1,074.5 million, which is by 9.9% decrease relative to same period of 2011. Import of goods amounted to EUR 2.1 billion and was higher by

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4.5% compared to fi rst two months of 2011. Exter-nal trade defi cit increased at the end of February by 24.8% compared to same period of previous year and amounted to EUR 1,048.4 million.Yearly decrease of export in fi rst two months was infl uenced by continued decrease of export of iron and steel, non ferrous metals, cereals and fruits and vegetables. Growth of import was infl uenced by in-creased import of chemical products, food and beve-rages and tobacco, which accounts for 21.6% of total imports.Positive trade balance was achieved by following sections: food and live animals, beverages and toba-cco, animal and vegetable oils and fats and miscella-neous manufactured articles (furniture, clothes and footwear).In period January-February 2012 largest external-trade partners were EU countries on which related 62.1% of total export and 52.9% of total import. Lar-gest volume of goods in this period was exported into Germany, Italy, Bosnia and Herzegovina, Russi-an Federation and Romania (47.2% of total export). Imports from Russian Federation, Germany, China and Italy accounted for 40.7% of total import. In external trade with Bosnia and Herzegovina, Mon-tenegro, Macedonia and Slovakia were achieved sur-plus of EUR 119.9 million.In January 2012 balance of payments current acco-unt defi cit were higher by EUR 46.3 million compa-red to same month of 2011, and amounted to EUR 286.6 million, as a result of negative goods balance of about EUR 44 million. Beside that on income side was registered defi cit of EUR 51.1 million, compared to surplus of EUR 10.5 million in January 2010. On the current transfer’s surplus increased by EUR 42.5 million, while net remittances increased by EUR 6.6 million. Surplus on fi nancial account increased by EUR 113.9 million, while capital account defi cit in-creased by EUR 0.7 million.Net capital infl ow and current account defi cit in

January 2012, million EUR

In January 2012 net outfl ow of foreign direct inves-tments was registered in amount of EUR 430 million above all based on repurchase of “Telekom Srbija”. Th at along with high external trade defi cit determi-ned overall balance of payments defi cit in amount of EUR 449.7 million, compared to surplus of EUR 17.6 million in same month of 2011. At the same time, net infl ow of portfolio investments increased from EUR 35.2 million in January 2011 to EUR 41.5 million.External debt. Overall external debt at the end of January 2012 amounted to EUR 24.3 billion, which is compared to end of previous year increase by EUR 212.7 million. At the same time public sector exter-nal debt decreased (EUR -79.2 million) and amoun-ted to EUR 10.7 billion, while private sector external debt increased (EUR 292.2 million) and amounted to EUR 13.6 billion. In structure of private sector external debt, banking sector debt totaled EUR 4.5 billion, while enterprises EUR 9.2 billion. Short term private sector external debt share in total private sec-tor external debt in January amounted to 4.9%, whi-ch is unchanged compared to end of previous year.1.3. Infl ationIn February 2012 consumer prices growth was acce-lerated compared to previous month and amounted to 0.8%. Seasonally infl uenced growth of food and vegetables prices of 7.7% compared to January de-termined more than half of total infl ation in Febru-ary. Beside that depreciation of dinar infl uenced to increase of non-food product and services prices by 0.5%, which is one quarter of total infl ation in Fe-bruary.Processed food prices slightly increased (0.2%), abo-ve all that which is not subject to applying limitation of highest total trade margin. Th at soft ens the im-pact of fruit and vegetables prices growth and prices of industrial non-food products and services on to-tal infl ation.In February there were not signifi cant changes in re-gulated prices.

Yearly growth of consumer prices in February was

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4.9%, which is in line with infl ation target for that month. Prices of goods increased by 4.7%, while pri-ces of services by 5.6%. Compared to December 2011 consumer prices growth in February totaled 0.9% and was infl uenced by fruit and vegetables prices growth by 7.5%, which is half of total infl ation. Beside prices of fruits and vegetables also prices of oil derivatives increased by 1.7% and prices of non-food products and services by 1%. 1.4. Monetary and fi nancial market developmentsMonetary developments. Dinar reserve money in February increased by RSD 3.3 billion and at the end of month amounted to RSD 221 billion. Creation of reserve money was contributed by net eff ect of fo-reign exchange transactions and by state deposits within NBS developments, while operations on the open market sterilized increased dinar liquidity of banks. In February stock of sold NBS securities de-creased by RSD 180 million compared to previous month and amounted to RSD 133 billion.In February monetary aggregate M1 increased by RSD 11.1 billion and at the end of month amounted to RSD 286.3 billion. Currency in circulation and deposit money share in M1 structure registered insi-gnifi cant change and amounted to 38.8% and 61.2%, respectively.Compared to same month of previous year mone-tary aggregate M1 increased by 25.1% in nominal terms and by 19.3% in real terms. At the same time monetary aggregates M2 and M3 registered nomi-nal growth of 24.5% and 16.4%, and real growth of 18.6% and 10.9%, respectively.

Monetary aggregates, annual real growth rates

Bank loans to economy and households decreased in real terms compared to previous month by 0.4% each, as well for same amount increased total loans to economy and households. Total bank loans to economy and households increased by 8.4% in real terms compared to the same month of 2011. At the same time loans to economy increased by 10.3% and to households by 5.1% in real terms.

Bank credits and cross-border, annual real growth rates

In structure of banks source of funds dominant sha-re came from borrowed sources. In February 2012 in total sources of funds borrowed sources participated with 80.9%, which is compared to previous month slight decrease (-0.2 percentage points), and for that amount own sources increased. Compared to same month of previous year share of both borrowed and own sources did not changed. In currency structure of funds foreign currency sources share was 54.2% which is compared to January 2012 increase by 0.5 percentage points while compared to same month of previous year decreased by 0.9 percentage points. National Bank of Serbia (NBS) has retained its key in-terest rate in February 2012 from previous month to a level of 9.50%. Key interest rate compared to same month of 2011 decreased by 2.5 percentage points. Banks in that period increased their liabilities in NBS securities by 193.3%, while bank loans to state trea-sury bills increased by 37%.NBS foreign exchange reserves decreased by EUR 429 million compared to the previous month and totaled EUR 11,175 million in February, while compared to the same month of previous year increased by EUR 1.1 billion. At the same time net foreign exchange re-serves1 amounted to EUR 6,347 million. Level of NBS foreign exchange reserves was suffi cient for coverage of 429% of M1 monetary aggregate, short-term debt of 1,663% and for coverage of more than 7 months of imports of goods and services.Household foreign currency savings compared to pre-vious month increased by EUR 21 million and totaled EUR 7,650 million, while compared to same month of previous year increased by EUR 440 million. Total household savings are dominated by foreign currency savings deposits.Developments on the foreign exchange market in Fe-

1 Defi ned as foreign exchange reserves less banks foreign ex-change balances on accounts with the NBS and drawings from the IMF.

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bruary 2012 compared to previous month were cha-racterized by nominal depreciation of dinar against Euro of 3.7% and real depreciation of 3.4%. Average daily variation from average exchange rate value in February amounted to RSD 1.6, which is higher com-pared to average variation of exchange rate in previ-ous month (RSD 0.69). In comparison to February 2011 foreign exchange rate recorded nominal depre-ciation of 6.3% and real depreciation of 4.3%. With the aim of stopping further depreciation of foreign exchange rate NBS in February intervened on the foreign exchange market with the sale of EUR 188.5 million, while on three months swop auctions sold to banks EUR 40 million and bought from banks EUR 29 million.Financial markets. In period January-February 2012 Belgrade stock exchange registered total turnover of securities in amount of RSD 3.4 billion, from which turnover of shares and Republic of Serbia bonds (RS bonds) totaled RSD 2.6 billion and RSD 840 million, respectively. In comparison to same period of 2011 total turnover decreased by 47.6%, while at the same time turnover of shares registered decline by 53.8% and RS bonds turnover by 10.8%.Total number of transactions decreased from 845,085 in period January-February 2011 to 88,667 in same period of 2012.In period January-February 2012 foreign investors share in total turnover accounted for 34.4% on ave-rage and decreased by 3.7 percentage points in com-parison to same period of 2011. Share of foreign inve-stors in turnover of shares increased by 1.2 percentage points and amounted to 44.2% on average, while sha-re in RS bonds turnover decreased by 4.4 percentage points and amounted to 4.3% on average.At the end of February 2012, value of BELEXline in-dex was 1,035.3 index points and compared to previo-us month increased by 6.7%, while value of BELEX15 index increased by 9.8% and amounted to 548.9 in-dex points. Compared to end of February 2011 index BELEXline decreased value by 27.5%, while BELEX15 decreased value by 28.1%.1.5. Employment and unemploymentAccording to Statistical Offi ce of the Republic of Ser-bia monthly data total number of employed persons in period January-February 2012 decreased by 2.5% compared to same period of 2011, while compared to previous month decreased by 0.1% and totaled 1,732 thousands.At the end of February 2012 according to National Employment Agency data number of persons actively looking for employment compared to previous mon-th increased by 1.7% while compared to same month

of previous year increased by 1.8% and amounted to 777 thousands.Registered unemployment rate of persons actively looking for employment in February 2012 totaled 31% (with insured farmers 28.4%). According to La-bor Force Survey data from November 2011, unem-ployment rate of population aged 15 and above in-creased by 4.5 percentage points compared to same period of 2010 and totaled 23.7%.

Unemployment developments

1.6. Salaries and pensionsAverage net salary in period January-February 2012 totaled RSD 38,290 which is increase by 4.7% in real terms compared to same period of 2011. Denomina-ted in Euros average net salaries amounted to EUR 359. Average net salaries in public sector amounted to RSD 43,399 and increased by 2.8% in real terms.In February 2012, average net salary registered incre-ase of 8.3% in real terms compared to previous mon-th. In public sector net salaries increased by 13.5% in real terms, which is result of usually higher increase in salaries in health section due to lower base from Ja-nuary, but also result of growth of real wages in public state owned enterprises of 14.8%.Average net salaries and average pensions, annual

real growth rates

Growth of average net salaries in real terms in period January-February 2012 compared to same period of previous year was recorded in all public sections: public state owned enterprises (2.6%), local public enterprises (3.1%), and all levels of administration (2.8%), educa-tion and culture (3.1%) and in health section (2.3%).

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Average paid pension2 in period January-February 2012 totaled RSD 21,766 which is increase by 1.6% in real terms compared to same period of 2011. Com-pared to previous month average paid pensions regi-stered decrease by 0.8% in real terms. Denominated in Euros average paid pension in period January-Fe-bruary amounted to EUR 204. Total number of pen-sion benefi ciaries in February 2012 increased by 0.7% compared to the same month of 2011. Ratio of regi-stered number of employees and number of pension benefi ciaries was 1.05:1. Average pension accounted for 54.4% of average net salary.2. Current fi scal developments 3

During January-February 2012 the growth of reve-nues of State Budget level was lower than the ave-rage infl ation rate. In January-February 2012, the total public revenues (incl. donations) have recor-ded a real decrease by 0.7%, compared to January-February 2011. Current revenues are 0.8% lower, in real terms, com-pared to January-February 2011. Capital revenues have achieved a real increase by 140.7% compared to January-February 2011, while donations dropped by 57.4%.Within the current revenues category, tax revenues have increased by 0.1% in January-February 2012, in comparison to January-February 2011, in real terms. Non tax revenues dropped by 7.8% in real terms, mostly due to one-off revenues that occurred during January 2011. All categories of revenues from taxes (excluding VAT, customs and other tax revenues) have recorded a real rise.Personal income tax. Th e level of personal income tax revenue achieved nominal growth by 10.4% and real rise by 4.9%, compared to January-February pre-vious year. Because most of the income tax is compri-sed from wage tax (approx. 79%), its dynamics pre-dominantly infl uences the overall personal income tax revenue. Within January-February 2012, nominal wages grew by 9.8%, compared with January-Febru-ary 2011, while nominal growth of wage tax revenue in the same period was 8.6%. Other types of personal income tax receipts (tax on revenue of self-employed persons, tax on royalties, annual income tax etc.) po-sted a 17.8% nominal rise in the observed period. Upon the entry into force of the amendment to the Local Finance Law, the redistribution of the tax reve-

2 Integrated data of employee fund, self-employed fund and farmer’s fund.3 Revenue, expense and result of the consolidated general government are presented in chapter II Fiscal Developments, Table 1.A more detailed overview of revenues and expense by governmental levels can also be found in tables in chapter II Fiscal Developments.

nues on wages collected has occurred. Th e amount of funds based on the 60:40 ratio (in favour of Republic Budget) has changed to 80:20 (in favour of Local Go-vernment Budget), starting from November the 1st, 2011. Th e estimated eff ect of the mentioned measure in 2012 is 45 billion RSD more for the Local Budget, yet less for the Republic Budget.Corporate income tax. In January-February 2012, in comparison to January-February previous year, the nominal increase of corporate profi t tax (which share in total is around 81%) was 16.4%, while the real in-crease in the same period was 10.6%. Revenue from other types of profi t tax recorded a nominal rise of 7.5%4, while the real rise was 2.2% compared to Janu-ary 2011.Value added tax. VAT revenues were by 7.2% lower in real terms in January-February 2012, relative to January-February 2011. Its nominal fall in the same period was 2.4%. Net domestic VAT nominally decreased by 4.9% and by 9.6% in real terms. Gross VAT collected was by 7.7% higher, nominally, and 2.4% higher in real terms, compared to January-February 2011, whereas the amount of VAT refunds was by 23.7% higher no-minally and by 17.6% in real terms. One of the rea-sons for these numbers is a carryover of refunds from end of 2011 to beginning of 2012.VAT on imported goods recorded a 0.1% nominal growth and 4.9% real fall. Excises. Excise revenues recorded both nominal and real growth in the observed period. Th e real amount of excise taxes collected was by 4% higher, compared with January-February previous year. Revenue from excise on oil derivatives fell by 10.2% nominally and by 14.7% in real terms. Revenue from excise on to-bacco products rose by 22.9% in real terms, and re-corded 29.3% nominal growth, while revenues from excises on alcoholic beverages increased by 11.4% in real terms. Revenues from other types of excises in the observed period were lower in real terms by 2.3% compared with the previous year. High level of excises collected in January 2012 is a consequence of higher than usual carryover of tobacco excises, which occures every January. However, during 2012 more signifi cant increase of tobacco excises vs. oil excises is expected, because oil excises changes are based on CPI for the second half of 2011 (only 0.2% within Ju-ly-December 2011), while tobacco excises increase is defi ned by Excise Law. Customs. Th e amount of customs duties revenues in

4 Other profi t taxes include tax on distributed profi t, tax on corporate profi t from interest, royalties and capital gains paid to non-residents and profi t tax from lease of movable and immovable property.

January-February 2012 was a consequence of imports patterns in the observed period and the further imple-mentation of the Interim Trade Agreement with the EU. Nominal and real decline in customs revenues in the observed period was 13.4% and 17.7 respectively. In January-February 2012 compared to the same period a year before imports increased by 6.3% expressed in RSD. Other tax revenue. Other tax revenues were by 7% lower in real terms in January-February 2012 com-pared with January-February previous year. Property tax, which is attributed to local authorities, accounts for the biggest share of other tax revenue. Property tax revenue was by 14.6% higher in real terms, while it increased nominally by 20.6%, relative to January-February previous year. Other tax revenue recorded real decrease of 17.6% and nominal decrease of 13.3% mainly due to abolition of mobile telephony tax, whi-ch occurred in January 2011.Social contributions. Th e real level of revenue from social contributions in January-February 2012 was by 5.9% higher relative to January-February previous year. Nominal growth in contributions revenue in the observed period was 11.5%. In January-February 2012 143.7 mil RSD have been transferred to Pension Fund due to exceptional payment of contributions by the Government decree (for the employees who lack the PIO fund contribu-tions for a certain amount of time). During 2010 and 2011 25.7 billion RSD and 12.3 billion RSD respectively have been transferred to Pension Fund on that matter. In January-February 2012, collected contributions paid by self-employed persons were by 8.6% higher nominally, while contributions paid for pension and disability insurance for farmers were nominally by 1.6% lower compared with the previous year. Reve-nues from contributions for pension and disability in-surance for employed persons increased nominally by the rate of 8.4%, while revenues from health security and unemployment insurance contributions grew no-minally by 10.4% and 14.9%, respectively. Since January 2012, contributions for military pensi-ons, once paid to military pension fund, are part of unifi ed Pension Fund. 808 mil dinars have been tran-sferred during January-February on that matter.During January-February 2012, the Government spending posted a nominal growth which was hi-gher in comparison to the average infl ation rate, so it consequently led to real increase in public ex-penditures. In the observed period total public ex-penditure posted a real rise by 9.7%, and it grew by 15.4%, nominally.If we take a look at the structure of the public con-sumption in January-February 2012, we may see its fa-

vorable movement, having in mind the slower current expenditures increase (excl. subsidies), in comparison to increase of capital expenditures, in real terms, com-pared to the same period a year before.Expenditures for employees. Th e real wage bill level in the general government was by 1.6% higher in the observed period. Nominal growth was 6.9%. Th e no-minal movements at particular levels of government were as follows: the Republic budget recorded a 11% nominal growth, while local governments recorded a 15.8% nominal growth. Increase in expenditures for employees depends on indexation of wages during the last year and employment itself. Infl ation move-ment during Q4 of 2011 and in the fi rst months of 2012 leads to conclusion that the indexation used for expenditures for employees will not exceed the limit, but these estimations are yet to be confi rmed by the end of April.Procurement of goods and services. Real increase of expenditure for procurement of goods and services in January-February was 13.5%, compared with the pre-vious year, while the nominal increase was 19.4%. It is a consequence of increase at local government level, Republican budget level and Health Fund (RFZO). Repayment of interest. Funds spent for the repayment of interest are by 62.8% higher in real terms compared to the January-February previous year. Movement of these expenditures is conditioned by the repayment plan for principal and interest on debt pay-off . Th e largest growth was recorded at the Republican bud-get level of interest payments on the basis of domestic debt. Subsidies. Subsidies paid in the observed period were 33.3% higher in real terms compared with the same period of the previous year. On the local level, expen-diture for subsidies posted a 66.9% nominal rise and 58.7% real rise. Subsidies paid from the Republican budget are nominally higher by 32.3%, while a real in-crease of 26.4% is recorded, which mostly belongs to subsidies in agriculture paid according to the Gover-nment program.Social assistance and other transfers to residents. Real level of transfers to residents was by 3.5% higher in January-February 2012 compared to a year before. In January-February 2012 expenditures for pensions recorded a real increase of 8.1% and nominal increase by 13.7% compared to the last year, which is mostly due to military pensions, now paid from the unifi ed Pension Fund. Nominal increase of expenditure for sick leave (58.4%) and nominal decrease for unemployment benefi ts (15.6%) is recorded. On the other hand, there is a nominal fall of 2.9% of other categories of transfers to residents and various forms of social assistance, transferred from the local and provincial level.5

5 Other transfers to residents include payments made by mandatory social insurance organizations for diff erent purposes: care for the elderly, funeral costs, medicinal aids etc.

Capital expense. Capital spending in the observed period was higher by 61.8% in real terms compared with the year before. Nominal increase of this expen-se has been recorded at both Republican and local le-vel. Nominal decrease has been recorded at the Road Fund level.Net lending. Th ese expenses have shown a nominal and real rise, compared to the previous year. Some forms of incentive measures for the economy and the households are also included within this category.In January-February 2012, the general government posted an RSD 37.9 billion defi cit. A consolidated defi cit of RSD 32.3 billion was created in February 2012. Republican budget posted a RSD 44.6 billion defi cit, Pension Fund RSD 2.2 billion defi cit, and Unem-ployment Fund RSD 0.4 billion defi cit, while Health Fund posted a RSD 3.7 billion surplus. Local Gover-nment (Cities and Municipalities) posted a RSD 4.7 billion surplus, while AP Vojvodina posted a RSD 1.3 billion surplus. Road Fund posted a RSD 0.5 billion defi cit.Central Government posted a RSD 44 billion defi cit, while Local Government posted a RSD 6.1 billion surplus.

MIN

ISTR

Y O

F FI

NA

NCE

BULL

ETIN

FEB

RUA

RY 2

012

MACROECONOMICTRENDS

I

14

Ministry of Finance

Table 1. Basic macroeconomic and fi scal indicatorsprevious year = 100

2001 2002 2003 2004 2005 2006 2007 2008

Gross domes c product, current prices, in billion dinars 762,2 972,6 1.125,8 1.380,7 1.683,5 1.962,1 2.276,91 2.661,41

Gross domes c product, in millions EUR 12.820,9 16.028,4 17.305,9 19.026,2 20.305,6 23.304,9 28.467,91 32.668,21

Gross domes c product, per capita, EUR 1.708,7 2.137,1 2.313,4 2.549,4 2.729,0 3.144,4 3.856,61 4.444,51

Gross domes c product, real growth, in %1 5,3 4,3 2,5 9,3 5,4 3,6 5,4 3,8

Economy, growth rates

Industrial produc on, physical scope 0,1 1,8 -2,8 6,5 0,6 4,2 3,7 1,1Agriculture, physical scope 18,6 -3,4 -7,2 19,5 -5,0 -0,3 -8,0 8,5

Forestry, physical scope -17,6 6,9 5,6 3,1 -2,2 6,1 -4,2 13,9

Construc on

- value of construc on works, constant prices -13,1 76,8 19,7 31,3 13,7 10,9 18,9 4,3

Transport, volume of services 9,6 6,9 5,0 4,7 4,6 5,6 6,9 0,4Post ac vi es and telecommunica ons, volume of

services 25,1 3,6 24,1 23,1 34,1 75,1 43,4 39,0

Turnover in retail trade, real terms2 100,4 22,8 13,5 17,9 21,,5 8,3 22,0 6,7

Tourism, overnight stays -6,5 0,2 -7,2 -0,6 -2,2 1,4 11,2 0,1Prices, growth rates

Retail prices, end of period 40,7 14,8 7,8 13,7 17,7 6,6 10,1 6,8Retail prices, period average 91,8 19,5 11,7 10,1 16,5 12,7 6,8 10,9

Producers prices of manufactured goods, period average 87,7 8,8 4,6 9,1 14,2 13,3 5,9 12,4

Cost of living, period average 93,3 16,6 9,9 11,4 16,2 11,7 7,0 13,5Foreign trade and Balance of payments, in million EUR3

Export of goods 1.922,2 2.201,7 2.441,3 2.831,6 3.608,3 5.102,4 6.431,9 7.428,9Export of goods, % 14,5 10,9 16,0 27,4 41,4 26,1 15,5

European Union 892,4 960,7 1.202,3 1.456,5 2.117,6 2.942,9 3.602,7 4.028,5

Import of goods 4.759,2 5.956,8 6.585,5 8.623,3 8.439,2 10.462,6 13.951,0 16.478,1

Import of goods, % 25,2 10,6 30,9 -2,1 24,0 33,3 18,1

Capital goods4 - - - 2.495,3 1.971,6 2.429,8 3.495,9 2.965,1

Intermediate good4 - - - 2.830,6 3.027,6 3.781,4 4.892,1 4.631,5

Foreign trade defi cit -2.837,0 -3.755,1 -4.144,3 -5.791,7 -4.831,0 -5.360,1 -7.519,1 -9.049,2Balance of payments

Current account defi cit (before grants)5,6 -370 -1.190 -1.770 -3.001 -2.046 -2.541 -5.219 -7.217Current account defi cit (before grants), as % of GDP -2,9 -7,4 -10,2 -15,8 -10,1 -10,9 -18,3 -22,1

Balance of payments, total5,6 562 996 827 343 1.647 4.269 742 -1.687

Foreign direct investments, net, in million EUR 184 500 1.194 774 1.250 3.323 1.821 1.824

External debt, in million EUR, end of period7 10.968 9.402 9.678 9.466 12.196 14.182 17.139 21.088Gross fi xed capital forma on

Gross fi xed capital forma on, in billion dinars 81,3 120,5 188,9 265,7 319,9 412,8 552,3 632,4Gross fi xed capital forma on as a % of GDP 10,7 12,4 16,8 19,2 19,0 21,0 24,31 23,81

Fiscal indicators8

Consolidated public revenues, in million dinars - - - - 724.526,7 867.681,6 1.002.047,5 1.143.603,2Consolidated public expenditures, in million dinars - - - - 706.844,2 899.287,0 1.046.848,3 1.214.026,4

Consolidated defi cite/surplus, in million dinars - - - - 17.682,5 -31.605,4 -44.800,8 -70.423,2

Public debt, end of period, in million dinars 802.138 709.283 752.995 763.324 879.171 738.808 703.249 778.039Monetary and Foreign Exchange Indicators, end of period

Dinar reserve money, in million dinars 41.643 69.543 72.267 82.383 100.341 143.409 169.020 319.781Money supply М1, in million dinars 58.233 93.815 99.303 111.258 144.949 200.090 248.873 240.744

Money supply М3, in million dinars 125.414 191.491 244.731 322.876 458.870 634.470 903.871 992.151Total domes c credits to economic organiza ons and households, in million dinars 253.106 169.782 226.855 331.002 502.921 585.066 814.134 1.092.667

Credit to economic organiza ons, in million dinars 247.829 153.643 197.319 264.488 370.775 381.435 508.167 663.984

Credit to households, in million dinars 5.277 16.139 29.536 66.514 132.146 203.631 305.967 428.683

Foreign exchange reserves of NBS, in million EUR 1.325 2.186 2.836 3.104 4.921 9.020 9.634 8.162

Key policy rate - - - - - 14,00 10,00 17,75

Value of EUR against dinar 59,7 61,5 68,3 78,9 85,5 79,0 79,2 88,6

Foreign currency savings, million EUR, end of period 330 755 1.038 1.425 2.239 3.346 4.903 4.775

Dinar savings, million EUR, end of period - 58 62 40 36 68 125 119Employment, salaries and pension benefi ts

Employment level, average (thousands) 2.102 2.067 2.041 2.051 2.069 2.026 2.002 1.999Employment level, average, % -1,7 -1,2 0,5 0,9 -2,1 -1,1 -0,1

Unemployment level, end of period (thousands) - - - - 896 916 785 728

Unemployment rate, ILO defi ni on - - - 18,5 20,8 20,9 18,1 14,0

Net salaries, period average, in dinars 6.078 9.208 11.500 14.108 17.443 21.707 27.759 32.746

- real growth rates 16,5 29,9 13,6 10,1 6,4 11,4 19,5 3,9

Gross salaries, period average, in dinars 8.691 13.260 16.612 20.555 25.514 31.745 38.744 45.674

- real growth rates 16,0 30,0 14,0 11,1 6,8 11,4 14,1 3,9

Pension benefi ts, period average, in dinars 4.505 6.134 7.393 8.725 10.568 12.151 13.612 17.660- real growth rates 17,9 16,8 9,7 5,9 4,2 2,9 4,7 14,3

Priva za on proceeds socialy owned enterprises, in million EUR 318,8 839,7 154,1 338,0 231,0 372,0 245,7

Source: MOF, RSO, NBS, NEA, PF and Priva za on Agency1Since January 2011 methodology for the GDP sta s cs has been changed. 2 Including turnover generated by legal en es and entrepreneurs. 3 Data for foreign trade with Montenegro included in 2006. 4 New classifi ca on in order from 2004. 5 For precalcula ons from USD to EUR for 2001-2006. was used average rela on of USD to EUR for those years. Data for 2007. and 2008. are from NBS. 6 New metodology. 7 Since September 2010 methodology for the external debt sta s cs has been changed. 8 GFS-1986 metodology.

15

February 2012

Table 1. (con nued) Basic macroeconomic and fi scal indicatorsprevious year = 100

2009 2010 2011 2012

Gross domes c product, current prices, in billion dinars 2.713,21 2.986,62 3.358,83 3.550,83

Gross domes c product, in millions EUR 28.883,41 29.023,82 32.9933 33.741,33

Gross domes c product, per capita, EUR 3.9451 3.9812 4.5433 4.6653

Gross domes c product, real growth, in % -3,51 1,02 1,93 1,53

Economy, growth rates January-FebruaryIndustrial produc on, physical scope -12,1 2,5 2,1 -7,9Agriculture, physical scope 1,0 -0,6 0,82 -Forestry, physical scope -9,0 5,0 2,3 -Construc on

- value of construc on works, constant prices -19,9 -6,4 17,4 -Transport, volume of services -14,8 7,8 8,9 -Post ac vi es and telecommunica ons, volume of services

- post ac vi es -4,2 3,6 1,4 - - telecommunica ons 28,5 6,34 14,9 -

Turnover in retail trade, real terms -14,96 0,55 -16,76 -4,76

Tourism, overnight stays -7,8 -5,1 3,6 -2,0Prices, growth rates January-February

Consumer prices, end of period 6,6 10,3 7,0 0,9Consumer prices, period average 8,4 6,5 11,0 5,2Producers prices of industrial products for domes c market, period average 5,6 12,7 14,2 6,3Export producers prices, period average 12,1 17,3 7,1 2,9Producers prices of manufactured goods (Total)7, period average - 13,7 12,7 5,5Cost of living, period average 8,6 6,8 -

Foreign trade and Balance of payments8, in million EUR January-FebruaryExport of goods 5.961,3 7.393,4 8.439,4 1.074,5Export of goods, % -19,8 24,0 14,1 -9,9

European Union 3.195,5 4.235,2 4.867,5 667,0Import of goods 11.504,7 12.622,0 14.449,0 2.122,9Import of goods, % -30,2 9,7 14,5 4,5

Capital goods 2.038,6 1.886,6 2.795,8 379,0 Intermediate good 3.410,5 4.082,2 5.017,6 681,1

Foreign trade defi cit -5.543,4 -5.228,6 -6.010,3 -1.048,4Balance of payments JanuaryCurrent account defi cit -2.084,4 -2.082,2 -2.967,8 -268,6

Current account defi cit , as % of GDP -7,2 -7,2 -9,0 -Current account defi cit (before grants) -2.281,9 -2.275,3 -3.174,0 -275,9

Current account defi cit (before grants), as % of GDP -7,9 -7,8 -9,6 -Balance of payments, total 2.363,5 -928,7 1.801,5 -449,7Foreign direct investments, net, in million EUR 1.372,5 860,1 1.826,9 -430,0

JanuaryExternal debt, in million EUR, end of period9 22.487 23.786 24.125 24.338Gross fi xed capital forma on Gross fi xed capital forma on, in billion dinars 510,2 - - -Gross fi xed capital forma on as a % of GDP 18,8 - - -Fiscal indicators10 January-February

Consolidated public revenues, in million dinars 1.146.510 1.223.403 1.302.508 194.217Consolidated public expenditures, in million dinars 1.267.905 1.359.872 1.460.883 232.106Consolidated defi cite/surplus, in million dinars -121.395 -136.470 -158.375 -37.889Public debt, end of period, in million dinars 944.442 1.282.536 1.513.796 1.580.964

Monetary and Foreign Exchange Indicators, end of period FebruaryDinar reserve money, in million dinars 254.268 188.161 227.067 220.908Money supply М1, in million dinars 258.427 253.286 293.694 286.334Money supply М3, in million dinars 1.205.570 1.360.777 1.500.444 1.522.822Total domes c credits to economic organiza ons and households, in million dinars 1.269.778 1.602.703 1.718.067 1.805.666

Credit to economic organiza ons, in million dinars 806.807 1.030.757 1.115.437 1.183.355Credit to households, in million dinars 462.971 571.946 602.630 622.311

Foreign exchange reserves of NBS, in million EUR 10.602 10.002 12.058 11.175Key policy rate 9,50 11,50 9,75 9,50Value of EUR against dinar 95,89 105,50 104,64 110,19Foreign currency savings, million EUR, end of period 6.014 7.106 7.611 7.650Dinar savings, million EUR, end of period 129 127 185 191Employment, salaries and pension benefi ts January-FebruaryEmployment level, average (thousands)11 1.889 1.796 1.746 1.732Employment level, average, %11 -5,5 -4,9 -2,8 -2,5Unemployment level, end of period (thousands) 730 730 745 777Unemployment rate, ILO defi ni on14 16,6 19,2 23,7 23,713

Net salaries, period average, in dinars13 31.733 34.142 37.976 38.290- real growth rates 0,2 0,7 0,2 4,7

Gross salaries, period average, in dinars13 44.147 47.450 52.733 53.124- real growth rates 0,2 0,6 0,1 4,4

Pension benefi ts, period average, in dinars 19.788 19.890 21.285 21.766- real growth rates 3,3 -5,9 -3,6 1,6

January-FebruaryPriva za on proceeds socialy owned enterprises, in million EUR 48,8 18,8 19,0 2,2

Source: MOF, RSO, NBS, NEA, PF and Priva za on Agency Source: MOF, RSO, NBS, NEA, PF and Priva za on Agency 1 Since January 2011 methodology for the GDP sta s cs has been changed. 2 RSO es ma on. 3 MFO es ma on, Fiscal Strategy Report for 2012 with projec ons for 2013 and 2014, which Government of Republic of Serbia adopted on 14 December 2011. 4 From 01/01/2010 Telekom Srbija, Joint Stock Company ceased to observe impulses in fi xed network domes c traffi c and started to present the subject sevices in minutes. 5 Including turnover generated by legal en es and entrepreneurs. 6 Including turnover generated by legal en es. 7 Index shall be accounted according to the data compiled for producer’s price index for industrial products in domes c market and producer’s export price index for industrial products. 8 Since January 1st 2010 general trade system has been introduced. Data for 2007, 2008 and 2009 changed according to new Methodoogy. 9 Since September 2010 methodology for the external debt sta s cs has been changed. 10 GFS-1986 metodology. 11 RSO corrected the data on the number of employees from March 2009. 12 Labour force survey - November 2011. 13 New methodology for salaries, RSO applied from 2009. 14 Popula on aged 15 and above.

16

Ministry of Finance

Table 2. Real growth rates of GDP, chain-linked volume measures∆, compared with the same quarter in the previous year, %

2002 2003 2004 2005 2006 2007 2008 2009 20101 20111

I quarter -0,6 6,1 8,4 3,4 6,1 7,4 7,5 -4,0 -0,2 3,7II quarter 4,4 5,2 5,1 7,7 3,9 6,9 4,2 -4,6 0,5 2,5III quarter 7,6 -0,6 9,0 7,1 3,1 4,0 3,9 -3,0 1,6 0,5IV quarter 5,2 0,5 14,1 3,5 1,8 3,8 0,4 -2,6 1,7 -

∆, compared with the previous year, %

TOTAL 4,3 2,5 9,3 5,4 3,6 5,4 3,8 -3,5 1,0 -1 RSO es ma on

Source: RSO

10,0

5,0

0,0

5,0

10,0

15,0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Real growth rates of GDP, %

GDP, compared to the same quarter of the previous year Seasonal adjustment GDP, compared to the previous quarter

70

80

90

100

110

120

130

Jan

Mar

May July

Sept

Nov Ja

nM

arM

ay July

Sept

Nov Ja

nM

arM

ay July

Sept

Nov Ja

nM

arM

ay July

Sept

Nov Ja

nM

arM

ay July

Sept

Nov Ja

nM

arM

ay July

Sept

Nov Ja

nM

arM

ay July

Sept

Nov Ja

nM

arM

ay July

Sept

Nov Ja

nM

arM

ay July

Sept

Nov Ja

nM

arM

ay July

Sept

Nov Ja

nM

arM

ay July

Sept

Nov Ja

n

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Indices, Ø 2011=100Industrial production

Trend

17

February 2012

Table 3. Consumer pricesIndices

Total Food and non-alcoholicbeverages Housing Transport

Structure (in 2012), % 100,0 38,76 16,45 10,49

20071) 111,0 118,4 107,4 108,720081) 108,6 113,8 111,6 97,2

20091) 106,6 100,8 106,8 121,1

20101) 110,3 110,7 113,8 109,520111) 107,0 106,4 109,6 109,4

20092)

January 102,1 100,5 103,4 103,1February 101,2 100,7 100,4 106,3

March 100,4 100,6 100,1 100,4

April 100,9 100,7 100,4 101,3

May 102,1 103,8 100,3 103,6

June 100,0 99,0 99,9 101,7

July 99,1 96,8 100,9 99,9

August 99,9 99,0 100,1 100,7

September 100,3 100,2 100,6 100,5

October 99,8 99,4 100,2 99,5

November 100,8 101,2 100,1 102,2December 99,8 99,0 100,2 100,2

20102)


March 101,2 100,5 105,3 101,1

April 100,6 100,6 100,1 101,5

May 101,5 102,8 100,0 102,0

June 100,4 100,1 100,8 100,5

July 100,0 98,8 100,9 100,9

August 101,4 102,6 100,6 100,1

September 101,3 102,0 100,9 100,3

October 101,0 101,4 100,9 100,5


20112)


March 102,6 105,3 100,5 100,5

April 101,1 100,0 105,7 101,5

May 100,4 100,4 100,0 100,7

June 99,7 98,9 100,2 100,6

July 99,5 98,3 100,2 100,8

August 100,0 98,7 100,2 100,4

September 100,2 100,0 100,4 100,4

October 100,4 100,4 100,4 100,4


20122)


1) End of period2) Previous month=100Source: RSO

18

Ministry of Finance

Table 4. Consumer prices

Structure%

Dec 2010Dec 2009

Dec 2011Dec 2010

Indices, previous month=100

2011 2012 Febr 2012Dec 2011Sept Oct Nov Dec. January February

TOTAL 100,00 110,3 107,0 100,2 100,4 100,9 99,3 100,1 100,8 100,9

Core infl a on 66,45 108,6 107,0 100,3 100,2 100,4 99,9 99,7 100,4 100,2

Oil deriva ves 4,63 112,3 113,4 100,1 99,8 100,2 100,1 100,1 101,6 101,7

Fruits and vegetables 6,47 120,4 89,0 99,1 106,3 109,0 88,0 99,8 107,7 107,5

Administra ve prices 22,45 112,0 110,5 99,8 100,0 100,9 100,0 101,2 100,0 101,2

Electricity 7,17 111,5 113,5 100,0 100,0 100,0 100,0 100,0 100,0 100,0

Gas 0,85 100,0 110,3 100,0 100,0 110,3 100,0 100,0 100,0 100,0Housing, public-u li es

services2 3,25 122,9 110,1 100,0 100,2 104,0 100,3 101,0 100,2 101,2

Social security services 0,37 106,5 100,8 100,6 100,0 100,0 100,0 100,0 100,0 100,0

Transport services3 0,83 104,2 118,1 100,0 100,0 103,4 100,0 100,6 100,0 100,6

Postal services4 2,34 100,5 109,2 100,0 100,0 100,0 100,0 100,0 100,0 100,0

TV subscrip on 0,53 115,2 100,0 100,0 100,0 100,0 100,0 100,0 100,0 100,0

Tobacco 3,98 116,3 112,8 99,0 100,0 98,4 100,0 105,8 100,0 105,8

Medicines 2,38 110,2 104,0 99,9 100,0 100,0 99,8 99,9 100,2 100,2

Other 0,75 111,0 104,8 100,2 100,2 102,7 100,1 101,7 100,1 99,7

1 Star ng from 2011, core infl a on is calculated in line with the new methodology. Core infl a on since 2007 has therefore been adequately recalculated.2 Water for household, waste-water, taking out rubbish from fl at, central heathing.3 Bus city transport, monthly cket, railway passenger transport.4 Postal services and telephone services .Source: RSO

0,88

0,11 0,06

0,40

Core

infla

tion

Adm

inist

rativ

epr

ices

Oil

deriv

ativ

es

Frui

tsan

dve

geta

bles

0,0

0,2

0,4

0,6

0,8

1,0

Consumer prices in February 2011percentage points

0,28

0,01

0,08

0,46

0,0

0,1

0,2

0,3

0,4

0,5

Core

infla

tion

Adm

inist

rativ

epr

ices

Oil

deriv

ativ

es

Frui

tsan

dve

geta

bles

Consumer prices in February 2012percentage points

19

February 2012

Table 5. Indices of producers’ prices of industrial products for domes c market

Total Mining and quarrying Manufacturing

Electricity, gas, steam and air condi oning

supply

Water supply, sewerage, waste management and

remedia on ac vi es

20071 109,8 101,2 110,2 110,8 106,6

20081 109,0 152,7 102,1 117,2 105,9

20091 107,4 128,1 106,8 99,7 110,5

20101 116,2 141,4 114,0 111,4 127,1

20111 109,7 121,1 106,9 118,7 105,8

20092 January 98,4 96,7 100,1 93,7 100,2 February 101,8 104,6 101,5 101,4 100,9 March 100,9 101,9 100,0 104,5 100,5 April 101,0 104,0 100,7 100,0 105,3 May 101,4 104,2 101,5 100,3 101,3 June 102,1 110,6 101,3 100,1 100,4 July 99,7 95,1 100,3 100,0 101,5 August 101,1 109,1 100,3 100,3 100,0 September 99,5 94,4 100,2 100,0 100,0 October 99,8 99,9 99,8 99,9 100,0 November 101,3 106,5 100,7 100,3 100,0 December 100,1 99,5 100,2 99,5 100,0



20122 January 100,4 103,4 100,2 100,0 100,0 February 100,8 103,2 100,6 100,2 100,7

1 End of period2 Previous month=100Source: RSO

20

Ministry of Finance

Table 6. Indices of export producers prices

TOTAL Energy Intermediate goods Capital goods Durable

consumer goodsNon durable

consumer goods

20081 110,8 111,4 109,6 118,8 111,0 110,6 20091 110,0 109,6 111,5 108,5 112,0 107,4 20101 120,7 118,4 125,6 110,2 111,2 115,8 20111 99,0 116,6 98,0 97,2 95,8 99,9

20092 January 105,5 106,3 104,2 106,8 106,4 107,2 February 101,7 100,6 101,8 100,9 100,6 102,3 March 100,9 101,0 100,9 100,8 100,9 100,7 April 98,9 99,6 98,5 99,2 100,6 99,4 May 100,9 100,9 101,2 100,7 100,8 100,5 June 98,8 98,7 99,8 98,9 99,0 96,9 July 99,6 99,3 99,8 99,3 99,2 99,3 August 100,6 100,4 100,6 99,7 101,3 100,6 September 100,5 100,1 101,1 99,8 100,2 99,8 October 99,4 99,5 99,6 99,1 99,5 99,2 November 101,1 101,5 101,4 101,5 101,4 100,3 December 101,8 101,6 101,9 101,8 101,6 101,4



20122 January 103,6 103,3 104,1 103,3 103,3 102,9 February 104,6 104,1 105,5 104,3 104,1 103,1

1) End of period2) Previous month=100Source: RSO

21

February 2012

Table 8. External debt, end of period in mill. EUR1

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Jan. 2012

Stock of external debt

10.968 9.402 9.678 9.466 12.196 14.182 17.139 21.088 22.487 23.786 24.125 24.338

External debt/GDP 85,5 58,7 55,9 49,8 60,1 60,9 60,2 64,6 77,9 82,02 - -

Offi cial sector 10.257 8.628 8.527 7.283 7.892 6.592 6.285 6.521 7.764 9.076 10.773 10.694

Private sector 712 774 1.151 2.183 4.304 7.590 10.854 14.568 14.724 14.710 13.352 13.644

Banks 105 47 168 747 1.754 3.477 3.606 3.524 4.310 5.093 4.364 4.455

Enterprises 607 727 984 1.436 2.550 4.113 7.248 11.044 10.414 9.617 8.988 9.189

Source: NBS1 Since September 2010 methodology for the external debt sta s cs has been changed so that the external public debt includes obliga ons under the IMF SDR alloca on, which was used in December 2009, as well as capitalized interest to Paris Club creditors, while the loans concluded before December 20, 2000, under which the payments have not been eff ected, are excluded from the external debt of the private sector.2 Es ma on

2005 Febr; 242,5

2006 Febr; 325,7

2007 Febr; 432,9

2008 Febr; 581,2

2009 Febr; 410,1

2010 Febr; 473,8

2011 Febr; 650,1

2012 Febr; 522,1

100

200

300

400

500

600

700

800

900

Febr

April

June Au

g

Oct

Dec

Febr

April

June Au

g

Oct

Dec

Febr

April

June Au

g

Oct

Dec

Febr

April

June Au

g

Oct

Dec

Febr

April

June Au

g

Oct

Dec

Febr

April

June Au

g

Oct

Dec

Febr

April

June Au

g

Oct

Dec

Febr

2005 2006 2007 2008 2009 2010 2011 2012

In million EUR Export

721

111

429

781 831

656

127

211

643

251

113

366

284

136 176265 307

259

661600

430600

400

200

0

200

400

600

800

1.000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 January

2007 2008 2009 2010 2011 2012

In million EUR Foreign direct investments, net

Table 7. Indices of average prices of external trade, by current exchange rate, EUR

Exports Imports

2009 2010 2011 2011 2012 2009 2010 2011 2011 2012

Q2 Q3 Q4 January Q2 Q3 Q4 January

Value 77,5 123,6 116,7 116,0 115,2 102,5 102,4 69,4 109,8 113,5 113,1 111,5 111,9 112,9

Unit value 88,4 106,0 109,8 109,0 107,1 102,6 100,8 87,7 106,6 110,7 106,6 107,1 109,7 94,5

Physical volume 87,7 116,6 106,3 106,5 107,6 99,9 101,8 79,2 103,0 102,5 106,1 104,1 102,0 119,5

Source: RSO

MIN

ISTR

Y O

F FI

NA

NCE

BULL

ETIN

FEB

RUA

RY 2

012

23

February 2012

Table 9. Balance of Payments of the Republic of Serbia1 Mil. EUR

2007 2008 2009 2010 2011

I. CURRENT ACCOUNT -5.052,5 -7.054,2 -2.084,4 -2.082,2 -2.967,8

CURRENT ACCOUNT, as % of GDP -17,7 -21,6 -7,2 -7,2 -9,0

CURRENT ACCOUNT (before grants) -5.218,9 -7.216,8 -2.281,9 -2.275,3 -3.174,0

CURRENT ACCOUNT (before grants), as % of GDP -18,3 -22,1 -7,9 -7,8 -9,6

1. Goods (1.1-1.2.)2 -7.068,7 -8.501,2 -5.118,5 -4.773,6 -5.513,8

1.1. Export, f.o.b. 6.382,5 7.416,0 5.977,8 7.402,4 8.437,8

1.2. Import, f.o.b. -13.451,3 -15.917,2 -11.096,3 -12.176,0 -13.951,5

2. Services (2.1.-2.2.) -261,1 -184,7 18,3 5,3 160,7

2.1. Export 2.304,0 2.741,4 2.500,0 2.667,1 3.032,3

2.2. Import -2.565,1 -2.926,1 -2.481,7 -2.661,8 -2.871,6

3. Goods and services (3.1.-3.2.) -7.329,9 -8.685,9 -5.100,2 -4.768,3 -5.353,0

3.1. Export 8.686,5 10.157,3 8.477,7 10.069,5 11.470,1

3.2. Import -16.016,4 -18.843,2 -13.577,9 -14.837,8 -16.823,1

4. Income -598,7 -921,8 -502,5 -669,9 -757,9

4.1. Receipts 516,9 558,1 499,7 437,7 428,2

4.2. Payments -1.115,6 -1.479,9 -1.002,1 -1.107,5 -1.186,2

5. Current transfers 2.876,1 2.553,6 3.518,2 3.356,0 3.143,1

5.1. Receipts 3.104,7 2.828,3 3.762,0 3.624,0 3.494,2

5.2. Payments -228,6 -274,7 -243,8 -268,0 -351,0

II. CAPITAL ACCOUNT -313,9 13,2 1,6 0,9 -2,5

1. Receipts 14,9 16,5 5,5 3,0 2,7

2. Payments -328,8 -3,3 -3,9 -2,1 -5,2

III. FINANCIAL ACCOUNT 5.175,6 7.133,3 2.206,9 1.985,5 2.751,7

1. Direct investment, net 1.820,8 1.824,4 1.372,5 860,1 1.826,9

2. Por olio investment, net 678,2 -90,9 -51,0 38,8 1.619,1

3. Other investment 3.418,7 3.713,2 3.248,9 158,0 1.107,1

4. Reserves3 -742,1 1.686,6 -2.363,5 928,7 -1.801,5

IV ERRORS AND OMISSIONS, net 190,8 -92,3 -124,1 95,7 218,6

V OVERALL BALANCE 742,1 -1.686,6 2.363,5 -928,7 1.801,5

Source: NBS1 According to IMF motodology.2 Since January 1st 2010 and in accordance with UN Sta s cal Commission recommenda ons, general trade system has been introduced, presen ng broader exports and imports concept and involving overall goods that enter or exit the economic territory of the country, except the transit goods. Besides transit, excluded are also the temporary commodity transac ons (fairs, test samples, etc.). According to general trade system, goods are imported, i.e. exported into: а) free circula ng area, rooms for internal processing or industrial free zones; b) customs storage places. General trade system provides be er adjustment to measures and criteria of the System of Na onal Accounts and Balance of Payment. From January 1st 2010, new version of Standard Interna onal Trade Classifi ca on - SITC Rev 4 has been used. 3 Gross foreign reserves of NBS (Reserve assets) and commercial banks (Currency and deposits) without exchanges rate adjustments.

24

Ministry of Finance

Table 10. Balance of Payments of the Republic of Serbia1

February March April May June

2010 2011 2010 2011 2010 2011 2010 2011 2010 2011

I. CURRENT ACCOUNT -306,8 -231,4 -313,0 -307,0 -139,2 -170,6 -188,0 -280,9 -288,1 -169,2

CURRENT ACCOUNT (before grants) -319,3 -237,6 -324,2 -341,5 -141,6 -186,8 -194,9 -293,9 -298,9 -181,2

1. Goods (1.1-1.2.)2 -414,3 -373,4 -465,2 -536,8 -381,2 -404,7 -361,7 -478,2 -428,3 -346,7

1.1. Export, f.o.b. 467,8 644,6 595,7 772,5 574,0 716,3 608,9 677,8 678,4 768,5

1.2. Import, f.o.b. -882,1 -1.018,0 -1.060,9 -1.309,2 -955,2 -1.121,0 -970,5 -1.155,9 -1.106,6 -1.115,2

2. Services (2.1.-2.2.) -8,2 12,8 -10,4 16,2 3,3 25,3 10,2 -2,9 -8,1 -10,4

2.1. Export 166,1 204,6 201,8 232,6 210,6 237,4 201,5 235,9 222,5 247,1

2.2. Import -174,3 -191,8 -212,2 -216,4 -207,3 -212,1 -191,3 -238,8 -230,6 -257,5

3. Goods and services (3.1.-3.2.) -422,5 -360,6 -475,6 -520,6 -377,9 -379,3 -351,4 -481,1 -436,4 -357,1

3.1. Export 634,0 849,2 797,5 1.005,1 784,7 953,7 810,4 913,7 900,9 1.015,6

3.2. Import -1.056,4 -1.209,9 -1.273,1 -1.525,7 -1.162,6 -1.333,1 -1.161,8 -1.394,8 -1.337,2 -1.372,7

4. Income -80,1 -45,4 -97,5 -77,4 -64,4 -101,4 -54,3 -67,7 -86,2 -83,3

4.1. Receipts 21,7 19,5 25,3 26,5 43,0 32,9 21,0 23,6 44,4 43,2

4.2. Payments -101,8 -65,0 -122,8 -103,9 -107,4 -134,3 -75,3 -91,3 -130,6 -126,4

5. Current transfers 195,8 174,7 260,1 291,0 303,1 310,1 217,8 267,8 234,5 271,2

5.1. Receipts 212,5 197,6 289,7 314,4 332,2 340,4 236,1 290,1 254,4 294,0

5.2. Payments -16,7 -23,0 -29,6 -23,5 -29,2 -30,3 -18,4 -22,3 -19,9 -22,8

II. CAPITAL ACCOUNT 0,0 0,1 0,8 -1,2 -0,1 0,0 -0,1 0,0 -0,1 0,1

1. Receipts 0,1 0,3 0,9 0,0 0,0 0,1 0,0 0,1 0,0 0,2

2. Payments 0,0 -0,2 -0,1 -1,3 -0,1 -0,1 -0,1 0,0 -0,1 -0,2

III. FINANCIAL ACCOUNT 282,0 217,1 286,2 306,5 80,7 123,1 222,9 327,4 292,8 115,9

1. Direct investment, net 29,3 42,4 131,1 219,1 75,2 112,9 34,8 66,2 25,9 80,4

2. Por olio investment, net -3,0 299,4 10,4 185,4 21,8 84,1 -2,5 96,2 15,4 65,8

3. Other investment 92,9 71,7 -25,1 -144,4 244,9 38,9 -94,3 144,0 -46,2 -89,5

4. Reserves3 162,8 -196,4 169,7 46,3 -261,1 -112,8 284,9 21,0 297,7 59,2

IV ERRORS AND OMISSIONS, net 24,8 14,2 26,0 1,8 58,5 47,6 -34,7 -46,5 -4,7 53,2

V OVERALL BALANCE -162,8 196,4 -169,7 -46,3 261,1 112,8 -284,9 -21,0 -297,7 -59,2

1 According to IMF motodology. 2 Since January 1st 2010 and in accordance with UN Sta s cal Commission recommenda ons, general trade system has been introduced, presen ng broader exports and imports concept and involving overall goods that enter or exit the economic territory of the country, except the transit goods. Besides transit, excluded are also the temporary commodity transac ons (fairs, test samples, etc.). According to general trade system, goods are imported, i.e. exported into: а) free circula ng area, rooms for internal processing or industrial free zones; b) customs storage places. General trade system provides be er adjustment to measures and criteria of the System of Na onal Accounts and Balance of Payment. From January 1st 2010, new version of Standard Interna onal Trade Classifi ca on - SITC Rev 4 has been used. 3 Gross foreign reserves of NBS (Reserve assets) and commercial banks (Currency and deposits) without exchanges rate adjustments. Source: NBS

25

February 2012

Mil. EUR

July August September October November December January-December January

2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2011 2012

-156,6 -208,3 -137,8 -150,5 -224,7 -324,2 -102,0 -255,1 155,9 -153,0 -241,9 -494,8 -2.082,2 -2.967,8 -222,3 -268,6

-170,9 -225,1 -145,3 -163,3 -237,4 -333,6 -118,4 -277,0 140,2 -179,9 -319,1 -523,3 -2.275,3 -3.174,0 -230,3 -275,9

-373,7 -440,7 -421,5 -350,0 -448,8 -480,1 -312,5 -461,6 -426,2 -570,5 -434,0 -666,7 -4.773,6 -5.513,8 -404,0 -447,6

649,7 740,2 601,8 718,1 687,0 710,7 687,6 722,1 715,8 725,1 726,0 703,9 7.402,4 8.437,8 538,3 546,2

-1.023,3 -1.180,9 -1.023,2 -1.068,2 -1.135,8 -1.190,8 -1.000,0 -1.183,7 -1.142,0 -1.295,6 -1.160,0 -1.370,7 -12.176,0 -13.951,5 -942,4 -993,8

14,9 9,3 -16,9 -11,2 0,5 14,1 27,5 21,2 1,9 46,7 -9,5 41,0 5,3 160,7 -1,5 15,0

265,0 288,2 240,3 280,9 232,1 246,5 230,7 251,3 242,0 292,7 285,7 321,0 2.667,1 3.032,3 194,2 223,2

-250,2 -278,9 -257,2 -292,0 -231,5 -232,4 -203,2 -230,1 -240,1 -246,0 -295,2 -279,9 -2.661,8 -2.871,6 -195,6 -208,2

-358,8 -431,4 -438,4 -361,2 -448,2 -465,9 -284,9 -440,4 -424,3 -523,7 -443,5 -625,7 -4.768,3 -5.353,0 -405,5 -432,6

914,7 1.028,4 842,1 999,0 919,1 957,2 918,2 973,4 957,8 1.017,8 1.011,7 1.024,9 10.069,5 11.470,1 732,5 769,4

-1.273,5 -1.459,8 -1.280,4 -1.360,2 -1.367,3 -1.423,2 -1.203,2 -1.413,8 -1.382,0 -1.541,6 -1.455,2 -1.650,6 -14.837,8 -16.823,1 -1.138,0 -1.202,0

-31,6 -61,6 -23,9 -43,5 -71,8 -90,3 -55,9 -41,8 -19,8 -33,5 -95,2 -122,6 -669,9 -757,9 10,6 -51,1

46,1 44,4 20,0 21,5 25,6 34,9 37,5 40,1 35,6 45,5 57,8 40,7 437,7 428,2 55,4 49,8

-77,7 -106,0 -43,9 -65,1 -97,4 -125,2 -93,4 -81,8 -55,4 -79,0 -153,0 -163,4 -1.107,5 -1.186,2 -44,8 -101,0

233,7 284,7 324,5 254,2 295,4 232,0 238,9 227,1 599,9 404,2 296,8 253,5 3.356,0 3.143,1 172,6 215,1

255,7 308,7 344,4 281,2 316,5 256,7 261,7 258,8 622,1 429,9 322,6 297,8 3.624,0 3.494,2 224,5 240,1

-22,0 -24,1 -19,9 -26,9 -21,1 -24,7 -22,8 -31,6 -22,2 -25,7 -25,8 -44,3 -268,0 -351,0 -51,9 -25,0

-0,3 -1,4 0,1 0,6 1,2 -0,1 -0,2 -0,2 0,0 -0,2 -0,1 -0,1 0,9 -2,5 -0,1 -0,8

0,0 0,1 0,2 1,0 1,4 0,1 0,0 0,0 0,1 0,5 0,2 0,2 3,0 2,7 0,0 0,1

-0,3 -1,5 -0,1 -0,4 -0,3 -0,2 -0,2 -0,2 -0,1 -0,7 -0,3 -0,3 -2,1 -5,2 -0,1 -0,9

168,4 247,0 122,4 125,5 196,8 269,8 68,8 217,9 -164,2 180,7 299,2 500,6 1.985,5 2.751,7 120,3 234,2

100,2 419,6 43,9 119,6 31,5 122,0 59,4 347,9 107,7 -61,0 98,0 312,8 860,1 1.826,9 45,0 -430,0

4,5 131,0 -4,2 7,5 4,2 732,3 -1,9 -0,1 22,7 -19,0 -59,0 1,5 38,8 1.619,1 35,2 41,5

-93,4 -7,6 -150,5 -50,9 238,2 246,8 -67,5 -130,8 -529,3 217,6 646,4 753,6 158,0 1.107,1 57,7 173,0

157,2 -296,0 233,2 49,3 -77,2 -831,3 78,8 0,9 234,7 43,1 -386,1 -567,3 928,7 -1.801,5 -17,6 449,7

-11,5 -37,3 15,3 24,5 26,7 54,5 33,4 37,4 8,3 -27,5 -57,3 -5,7 95,7 218,6 102,1 35,2

-157,2 296,0 -233,2 -49,3 77,2 831,3 -78,8 -0,9 -234,7 -43,1 386,1 567,3 -928,7 1.801,5 17,6 -449,7

26

Ministry of Finance

Ta ble 11. Monetary Survey, in million dinars, end of period

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Net foreign assets -96.343 130.757 168.970 158.725 216.282 405.877 561.232 480.171 570.504 507.330 670.091

Foreign assets 506.371 195.490 256.344 311.210 489.279 769.311 874.805 843.463 1.184.607 1.287.386 1.396.207

NBS 423.250 141.526 196.758 246.233 422.241 713.426 763.656 723.556 1.022.842 1.063.062 1.269.777

Banks 83.121 53.964 59.586 64.977 67.039 55.885 111.149 119.907 161.765 224.324 126.430

Foreign liabili es (-) -602.714 -64.733 -87.373 -152.485 -272.997 -363.434 -313.573 -363.292 -614.104 -780.056 -726.116

NBS -394.740 -47.610 -64.093 -69.260 -81.873 -55.692 -13.805 -13.732 -114.558 -170.341 -178.429

Banks -207.974 -17.123 -23.280 -83.225 -191.124 -307.742 -299.769 -349.560 -499.546 -609.715 -547.687

Net domes c assets 389.979 204.800 276.319 407.031 554.969 569.782 795.536 1.121.805 1.364.810 1.749.771 1.834.764

Domes c credit 275.143 185.134 228.389 348.617 490.467 504.961 722.017 1.071.921 1.301.660 1.722.549 1.817.840

Net claims on government 7.961 3.851 -9.152 5.952 -27.832 -104.210 -112.229 -52.935 -4.419 65.644 29.538

Credit to government 23.320 35.192 32.256 44.001 40.105 34.897 19.203 20.368 119.124 193.983 199.356

Dinar credit 21.560 26.370 22.500 30.008 21.272 18.271 10.934 12.927 101.512 149.201 129.830

NBS 14.685 21.295 19.760 22.407 16.330 16.450 10.811 10.892 11.297 1.315 1.270

Banks 6.875 5.075 2.739 7.601 4.942 1.821 124 2.035 90.215 147.887 128.561

Foreign currency credit 1.760 8.822 9.756 13.993 18.834 16.626 8.269 7.441 17.612 44.782 69.525

NBS 1.479 1.509 0 0 181 0 0 21 3 4 5

Banks 281 7.313 9.756 13.993 18.653 16.626 8.269 7.420 17.609 44.777 69.520

Government deposits (-) -15.359 -31.341 -41.408 -38.050 -67.937 -139.107 -131.432 -73.303 -123.543 -128.339 -169.818

Dinar deposits -7.653 -15.508 -17.934 -24.484 -43.605 -31.197 -45.095 -27.002 -67.769 -58.060 -54.290

NBS -3.612 -5.009 -12.998 -22.966 -40.718 -19.678 -29.200 -19.702 -62.984 -54.016 -49.927

Banks -4.041 -10.499 -4.936 -1.518 -2.887 -11.519 -15.895 -7.300 -4.785 -4.044 -4.363

Foreign currency deposits -7.706 -15.833 -23.474 -13.565 -24.333 -107.910 -86.338 -46.301 -55.774 -70.279 -115.528

NBS -7.259 -6.159 -18.107 -9.990 -18.806 -103.443 -81.998 -40.725 -49.255 -53.695 -98.849

Banks -447 -9.674 -5.367 -3.575 -5.527 -4.467 -4.340 -5.576 -6.519 -16.584 -16.679

Credit to non-government sectors 267.182 181.283 237.541 342.665 518.298 609.171 834.246 1.124.856 1.306.079 1.656.905 1.788.303

Households 5.277 16.139 29.536 66.514 132.146 203.631 305.966 428.683 462.970 571.946 602.630

Economic organiza ons 247.829 153.643 197.319 264.487 370.775 381.435 508.167 663.984 806.807 1.030.757 1.115.437

Other fi nancial corpora ons 3.154 8.392 7.446 8.216 8.868 14.400 6.659 19.533 18.776 35.433 43.758

Local government 1.627 593 1.410 1.269 2.208 5.033 7.008 9.244 11.533 18.106 25.714

Non-profi t and other organiza ons 9.295 2.516 1.830 2.179 4.301 4.672 6.446 3.412 5.993 663 765

Other assets, net 114.836 19.666 47.930 58.414 64.502 64.821 73.520 49.884 63.150 27.222 16.924

Deposit, capital and provisioning 293.636 335.557 445.289 565.756 771.251 975.659 1.356.768 1.601.977 1.935.313 2.257.101 2.504.855

Money supply М3 125.414 191.492 244.732 322.876 458.870 634.470 903.872 992.151 1.205.570 1.360.777 1.500.444

Money supply М2 68.097 110.896 124.895 146.209 192.180 278.966 390.486 395.025 436.768 410.495 487.914

Money supply М1 58.233 93.815 99.303 111.258 144.949 200.090 248.873 240.744 258.427 253.286 293.694

Currency in circula on 25.266 43.719 42.980 45.165 53.650 68.461 77.000 90.075 95.519 91.750 114.190

Sight deposits 32.967 50.096 56.323 66.093 91.299 131.629 171.873 150.669 162.908 161.536 179.504

Dinar me an savings deposits 9.864 17.081 25.592 34.951 47.231 78.876 141.613 154.281 178.341 157.209 194.220

Foreign currency deposits 57.317 80.596 119.837 176.667 266.690 355.504 513.386 597.126 768.802 950.282 1.012.530

Capital accounts -140.560 83.099 113.187 137.654 175.923 237.141 351.445 491.669 582.895 722.026 778.539

NBS 8.090 6.992 12.817 28.481 35.601 2.341 1.904 59.313 123.187 202.334 208.575

Banks -148.650 76.107 100.370 109.173 140.322 234.800 349.541 432.356 459.708 519.692 569.964

Provisioning for losses 308.782 60.966 87.371 105.226 136.458 104.048 101.452 118.156 146.849 174.298 225.872

Anali cal items Net monetary eff ects of foreign currency transac ons -104.049 114.924 145.497 145.160 191.950 297.967 474.894 433.870 514.730 437.051 554.563 Net domes c assets excluding foreign currency government deposits

382.273 188.967 252.845 393.466 530.636 461.872 709.198 1.075.504 1.309.036 1.679.491 1.719.236

Net credit to non-government sectors 232.048 166.207 173.844 263.985 415.368 531.570 758.571 1.020.360 1.172.905 1.495.639 1.574.131

Annual growth rates

М3 92,3 52,7 27,8 31,9 42,1 38,3 42,5 9,8 21,5 12,9 10,3

М2 107,0 62,9 12,6 17,1 31,4 45,2 40,0 1,2 10,6 -6,0 18,9

М1 115,5 61,1 5,9 12,0 30,3 38,0 24,4 -3,3 7,4 -2,0 16,0

Domes c credit

Credit to government 82,7 50,9 -8,3 36,4 -8,9 -13,0 -45,0 6,1 484,9 62,8 2,8

Credit to households 85,2 205,8 83,0 125,2 98,7 54,1 50,3 40,1 8,0 23,5 5,4

Credit to economic organiza ons 15,7 -38,0 28,4 34,0 40,2 2,9 33,2 30,7 21,5 27,8 8,2

Source: NBS

27

February 2012

Tab le 12. Main monetary indicators, end of period, in mill RSD

Dinar reserve money

Money supply M1

Money supply M2

Money supply M3

Total domes c credits to economic

organiza ons and households

Credit to economic

organiza ons

Credit to households

2001 41.643 58.233 68.097 125.414 253.106 247.829 5.2772002 69.543 93.815 110.896 191.491 169.782 153.643 16.1392003 72.267 99.303 124.894 244.731 226.855 197.319 29.5362004 82.383 111.258 146.209 322.876 331.002 264.488 66.5142005 100.341 144.949 192.180 458.870 502.921 370.775 132.1462006 143.409 200.090 278.966 634.470 585.066 381.435 203.6312007 169.020 248.873 390.485 903.871 814.134 508.167 305.9672008 319.781 240.744 395.025 992.151 1.092.667 663.984 428.6832009 254.268 258.427 436.768 1.205.570 1.269.778 806.807 462.9712010 188.161 253.286 410.495 1.360.777 1.602.703 1.030.757 571.9462011 227.067 293.694 487.914 1.500.444 1.718.067 1.115.437 602.6302009

January 274.717 211.775 368.397 1.005.086 1.143.833 696.220 447.613February 299.145 227.176 387.788 1.026.130 1.157.271 712.909 444.362March 275.350 209.990 377.863 1.015.151 1.182.122 737.865 444.257April 287.842 215.850 388.243 1.036.744 1.194.306 748.039 446.267May 267.103 221.237 395.172 1.042.153 1.192.304 748.487 443.817June 255.374 222.938 400.874 1.061.425 1.185.688 746.675 439.013July 229.934 225.665 408.620 1.065.592 1.199.439 759.703 439.736August 229.292 232.237 419.267 1.081.084 1.206.773 765.665 441.108September 228.346 231.023 416.996 1.087.244 1.212.748 769.584 443.164October 218.347 228.058 418.045 1.099.559 1.225.386 777.692 447.694November 205.107 229.382 421.014 1.154.967 1.249.848 795.305 454.543December 254.268 258.427 436.768 1.205.570 1.269.778 806.807 462.971

2010 January 212.344 237.032 416.179 1.209.331 1.301.954 828.536 473.418February 228.716 234.301 409.728 1.216.615 1.324.007 844.876 479.131March 214.403 224.947 403.722 1.217.759 1.347.576 860.120 487.456April 194.890 229.446 410.771 1.226.461 1.362.915 871.728 491.187May 195.011 232.808 419.367 1.278.762 1.421.783 909.205 512.578June 187.226 234.003 417.948 1.296.183 1.474.564 938.727 535.837July 195.407 240.643 430.847 1.331.405 1.508.478 961.338 547.140August 187.673 238.309 396.711 1.288.858 1.512.793 958.232 554.561September 185.564 242.870 402.995 1.306.003 1.533.207 973.405 559.802October 195.829 248.944 412.160 1.330.165 1.565.254 998.873 566.381November 186.973 236.461 406.367 1.361.850 1.591.608 1.018.575 573.033December 188.161 253.286 410.495 1.360.777 1.602.703 1.030.757 571.946

2011 January 168.927 223.930 375.083 1.323.993 1.589.717 1.023.990 565.727February 180.950 228.810 378.554 1.308.787 1.579.582 1.018.612 560.970March 170.164 230.039 382.714 1.315.641 1.603.759 1.038.525 565.234April 190.145 233.023 387.007 1.287.216 1.576.790 1.023.625 553.165May 174.508 233.426 390.374 1.287.252 1.572.961 1.017.945 555.016June 182.513 236.881 401.970 1.344.773 1.640.860 1.056.828 584.032July 196.434 253.579 410.500 1.391.702 1.644.284 1.052.346 591.938August 185.518 256.054 429.364 1.405.830 1.649.592 1.058.997 590.595September 182.251 256.417 433.841 1.412.180 1.650.139 1.062.325 587.814October 185.203 255.533 438.015 1.412.047 1.639.368 1.050.527 588.841November 192.432 263.790 452.178 1.457.579 1.684.044 1.081.495 602.549December 227.067 293.694 487.914 1.500.444 1.718.067 1.115.437 602.630

2012 January 217.604 275.197 463.687 1.483.002 1.763.005 1.154.149 608.856February 220.908 286.334 471.140 1.522.822 1.805.666 1.183.355 622.311

Source: NBS

28

Ministry of Finance

Tabl e 13. Household savings and foreign exchange reserves, end of period, in mill EUR

Total household savings Dinar savings Foreign currency

savingsTotal foreign exchange

reservesNBS foreign exchange

reserves

2002 813 58 755 2.864 2.1862003 1.100 62 1.038 3.504 2.8362004 1.465 40 1.425 3.698 3.1042005 2.275 36 2.239 5.469 4.9212006 3.414 68 3.346 9.538 9.0202007 5.029 125 4.903 10.855 9.6342008 4.895 119 4.775 9.082 8.1622009 6.143 129 6.014 12.027 10.6022010 7.232 127 7.106 11.686 10.0022011 7.796 185 7.611 12.867 12.0582009

January 4.955 108 4.847 8.633 7.989February 5.022 107 4.915 8.981 8.230March 4.975 105 4.871 8.769 8.120April 4.988 103 4.885 8.629 8.106May 5.033 111 4.922 9.502 8.915June 5.168 117 5.051 9.515 8.878July 5.294 120 5.174 9.842 9.178August 5.363 120 5.244 10.581 9.555September 5.437 125 5.312 10.581 9.518October 5.496 123 5.373 10.747 9.716November 5.994 126 5.868 11.215 10.022December 6.143 129 6.014 12.027 10.602

2010 January 6.224 130 6.094 11.891 10.646February 6.278 129 6.149 11.865 10.575March 6.328 124 6.204 11.857 10.445April 6.403 127 6.276 11.759 10.768May 6.433 123 6.309 11.760 10.731June 6.514 119 6.395 11.596 10.493July 6.595 114 6.481 11.109 10.092August 6.669 112 6.558 11.232 10.014September 6.692 108 6.584 11.173 9.876October 6.710 102 6.608 11.332 9.721November 7.134 126 7.008 11.346 9.662December 7.232 127 7.106 11.686 10.002

2011 January 7.297 127 7.170 10.882 9.860February 7.339 129 7.210 11.052 10.061March 7.361 132 7.229 10.985 9.919April 7.411 140 7.271 11.025 9.952May 7.509 140 7.369 11.294 10.064June 7.561 133 7.429 11.144 9.967July 7.635 141 7.493 11.367 10.384August 7.671 147 7.524 11.457 10.420September 7.700 153 7.547 12.447 11.358October 7.678 154 7.524 12.431 11.272November 7.802 167 7.635 12.532 11.398December 7.796 185 7.611 12.867 12.058

2012 January 7.834 205 7.629 12.366 11.604February 7.841 191 7.650 11.927 11.175

Source: NBS

29

February 2012

Table 14. Total number of employed and unemployed

Avearge employment level1, 2

Avearge employment level in public sector1, 2, 3 Job seekers, end of period Unemployment level, end

of period

2001 2.101.668 - 780.541 -2002 2.066.721 505.740 904.494 -2003 2.041.395 506.315 944.939 -2004 2.050.854 508.427 969.888 859.7282005 2.068.964 506.023 990.669 895.6972006 2.025.627 479.823 1.011.139 916.2572007 2.002.344 475.985 850.802 785.0992008 1.999.476 481.335 794.000 727.6212009 1.889.085 475.883 812.350 730.3722010 1.795.774 470.660 802.840 729.5202011 1.746.138 469.006 833.268 745.1872009

January 1.983.139 486.311 803.000 739.213February 1.980.765 475.210 817.697 746.237March 1.910.913 478.303 830.392 758.387April 1.907.209 478.792 834.688 762.674May 1.899.596 478.092 841.265 767.547June 1.896.313 477.995 838.167 763.062July 1.893.156 477.197 832.343 756.662August 1.886.257 475.437 823.515 747.456September 1.867.256 473.462 816.057 737.160October 1.864.095 475.843 806.068 727.142November 1.861.362 475.673 803.171 723.350December 1.857.291 475.297 812.350 730.372

2010 January 1.850.871 473.703 835.476 751.590February 1.846.403 471.586 852.426 767.418March 1.816.959 471.764 865.892 778.505April 1.814.822 471.742 859.931 772.184May 1.812.985 472.150 850.954 762.592June 1.810.959 472.037 835.166 746.848July 1.808.408 471.498 825.272 737.048August 1.805.651 469.488 811.854 724.270September 1.774.589 469.555 809.595 721.043October 1.774.718 471.409 806.168 717.503November 1.774.807 471.456 801.339 722.142December 1.775.021 471.553 802.840 729.520

2011 January 1.775.193 469.407 820.179 750.726February 1.775.529 468.761 834.573 763.550March 1.754.691 468.820 846.699 773.896April 1.752.702 470.702 843.578 769.760May 1.750.891 470.075 839.021 764.122June 1.748.953 469.961 832.177 756.255July 1.746.714 469.584 825.645 749.100August 1.744.262 468.597 823.051 745.956September 1.737.585 469.191 820.876 742.576October 1.737.352 470.486 816.993 737.870November 1.736.091 470.675 823.390 735.053December 1.734.983 471.068 833.268 745.187

2012 January 1.732.857 471.180 853.430 764.166February 1.730.530 470.941 869.734 777.079

1 Without military and police 2 RSO corrected the data on the number of private entrepreneurs and employed by them from March 2009, inter alia, because of regula on of evidence of Republic ins tute for health insurance. Source: RSO

30

Ministry of Finance

Table 15. Average net salaries and average pension benefi ts, in RSD

Average net salaries1 Public sector

Public state owned

enterprises

Public local enterprises

Administra on, all levels

Educa on and culture

Health and social work2

Average pension benefi ts

2001 6.078 - - - - - - 4.505

2002 9.208 11.666 13.860 11.257 12.899 10.028 10.609 6.134

2003 11.500 14.757 16.868 15.456 16.591 13.304 13.037 7.393

2004 14.108 17.662 19.983 19.212 19.414 15.709 15.910 8.725

2005 17.443 20.876 23.165 22.746 23.692 19.235 18.426 10.568

2006 21.707 25.232 28.737 26.162 28.887 23.041 22.542 12.151

2007 27.759 32.392 37.081 30.448 35.606 29.468 31.020 13.612

2008 32.746 37.284 42.106 35.060 40.548 35.071 35.329 17.660

2009 31.733 38.885 44.555 37.065 41.592 36.518 36.901 19.788

2010 34.142 39.810 46.435 38.630 43.858 36.929 36.996 19.890

2011 37.976 43.506 53.614 40.982 48.327 39.262 40.121 21.285

2009

January 28.877 35.440 44.763 36.502 41.982 35.686 25.407 19.779

February 31.121 38.485 44.390 36.285 40.014 35.952 37.215 19.780

March 30.362 38.276 42.344 36.514 41.341 36.630 36.497 19.781

April 32.571 39.853 45.010 38.872 44.015 36.383 38.198 19.781

May 31.086 38.606 45.420 36.098 38.886 36.918 36.696 19.784

June 31.768 38.739 44.148 36.654 41.159 36.580 36.998 19.782

July 32.553 39.334 45.811 37.310 42.572 36.738 36.913 19.784

August 31.338 38.416 44.219 35.897 40.232 36.218 36.888 19.783

September 31.319 38.350 43.907 36.889 39.601 36.657 36.373 19.796

October 31.734 38.814 44.606 37.820 41.559 36.357 36.549 19.799

November 31.576 38.501 43.925 37.014 40.743 36.214 36.729 19.802

December 36.789 43.886 46.107 38.961 46.969 37.886 48.348 19.807

2010

January 29.929 35.201 48.038 35.725 37.864 35.723 25.415 19.821

February 32.336 39.077 45.608 36.541 42.973 36.334 36.776 19.832

March 33.508 40.198 47.047 39.934 42.946 36.845 37.840 19.836

April 34.952 40.834 48.247 39.539 48.306 36.774 37.126 19.839

May 33.463 39.199 46.873 37.603 39.784 36.710 37.089 19.848

June 34.161 39.757 47.885 37.142 42.592 37.345 36.709 19.853

July 34.591 39.545 43.576 39.347 44.037 37.165 37.260 19.856

August 33.955 39.486 44.936 39.011 43.444 36.903 36.866 19.859

September 34.570 39.915 46.615 38.975 43.511 37.162 37.025 19.873

October 34.422 39.408 45.122 37.787 44.293 36.703 36.843 19.880

November 34.444 39.855 45.936 39.992 44.451 36.881 36.771 19.889

December 39.580 45.265 47.308 41.990 52.171 38.604 48.110 20.292

2011

January 34.009 39.298 60.158 37.722 45.679 36.633 27.126 20.367

February 35.538 40.980 48.245 39.496 45.684 37.278 38.453 20.372

March 35.777 40.877 50.861 39.751 45.136 35.920 37.905 20.374

April 39.298 46.378 51.887 40.741 48.827 39.278 50.477 21.495

May 35.362 40.724 53.953 41.000 45.873 39.685 31.507 21.500

June 39.322 44.850 56.522 41.205 50.533 40.054 41.120 21.501

July 39.127 43.667 52.622 41.174 48.776 40.321 40.059 21.503

August 38.389 43.652 53.877 41.266 48.285 39.741 39.879 21.501

September 38.763 44.232 55.173 41.405 48.915 40.099 40.384 21.509

October 38.167 43.642 53.233 41.549 48.591 39.792 39.981 21.771

November 38.363 44.140 53.414 42.246 49.390 40.287 40.468 21.766

December 43.887 49.595 53.431 44.137 54.104 42.127 53.981 21.765

2012

January 36.639 40.488 54.212 42.008 47.250 39.963 29.236 21.766February 40.003 46.310 62.758 41.752 51.549 40.205 41.357 21.767

Source: RSO, PF 1 New methodology for salaries, which is applied from 2009. as RSO extended coverage of observa on units. In calcula on of average salaries, beside salaries paid to employees in enterprises, ins tu ons and organiza ons, into account are taken also salaries paid to enterpreneurs.

31

February 2012

Table 16. Average net salaries and average pension benefi ts, annual real growth rates

Average net salaries Public sector

Public state owned

enterprises

Public local enterprises

Administra on, all levels

Educa on and culture

Health and social work

Average pension benefi ts

2001 16,5 - - - - - - 17,9

2002 29,9 - - - - - - 16,8

2003 13,6 15,1 10,7 24,9 17,0 20,7 11,8 9,7

2004 10,1 7,4 6,3 11,6 5,0 6,0 9,5 5,9

2005 6,4 1,7 -0,2 1,9 5,0 5,4 -0,3 4,2

2006 11,4 8,2 11,1 3,0 9,2 7,2 9,5 2,9

2007 19,5 20,0 20,6 8,8 15,2 19,5 28,6 4,7

2008 3,9 1,4 0,0 1,5 0,3 4,9 0,3 14,3

2009 0,2 -4,0 -2,6 -2,7 -5,5 -4,1 -3,8 3,2

2010 0,7 -4,1 -2,4 -2,4 -1,3 -5,3 -6,1 -5,9

2011 0,2 -1,5 4,0 -4,4 -0,7 -4,2 -2,3 -3,6

2009

January 3,8 0,4 1,8 4,0 3,5 -3,2 -0,3 11,3

February 1,8 -2,2 -2,1 -1,5 -5,6 -2,9 1,0 10,6

March 1,6 -1,0 -3,4 0,8 2,2 0,7 -2,1 11,8

April 3,8 0,2 2,1 4,0 -5,1 -1,1 1,8 5,1

May 0,8 -3,8 -0,8 -3,2 -9,2 -1,9 -4,3 4,8

June 1,5 -2,0 -1,9 -1,1 -2,2 -2,6 -1,0 5,5

July 2,5 -3,0 0,5 -3,5 -4,4 -4,3 -2,8 5,3

August -1,4 -4,7 -3,7 -6,1 -8,1 -4,2 -2,7 5,8

September -0,8 -3,2 -2,1 -3,3 -6,0 -2,0 -2,8 6,5

October -1,0 -5,3 -1,3 -2,5 -8,7 -4,2 -7,9 -4,8

November -0,4 -5,3 -5,6 -2,7 -6,4 -6,4 -3,7 -5,5

December 0,5 -6,6 -4,8 -6,4 -5,7 -7,7 -7,3 -6,1

2010

January -1,1 -5,2 2,4 -6,6 -13,9 -4,5 -4,6 -4,4

February 0,3 -2,0 -0,8 -2,8 3,7 -2,4 -4,6 -3,5

March 5,7 0,6 6,4 4,8 -0,5 -3,7 -0,7 -4,2

April 3,1 -1,5 3,1 -2,2 5,5 -2,8 -6,5 -3,8

May 3,7 -2,2 -0,6 0,4 -1,4 -4,2 -2,6 -3,3

June 3,7 -1,0 4,6 -2,3 -0,2 -1,6 -4,3 -3,7

July 1,8 -3,7 -8,9 1,0 -0,9 -3,1 -3,3 -4,5

August 2,0 -3,3 -4,4 2,2 1,6 -4,1 -6,0 -5,8

September 3,0 -2,9 -1,0 -1,4 2,5 -5,4 -5,0 -6,8

October -0,1 -6,5 -6,9 -8,0 -1,9 -7,0 -7,2 -7,8

November -0,4 -5,5 -4,5 -1,3 -0,4 -7,0 -8,6 -8,4

December -2,5 -6,6 -7,1 -2,4 0,6 -7,7 -9,9 -7,1

2011

January 2,2 0,4 12,6 -5,0 8,5 -7,8 -4,0 -7,6

February -2,4 -6,9 -6,1 -4,0 -5,6 -8,9 -7,1 -8,8

March -6,4 -10,9 -5,3 -12,8 -7,9 -14,6 -12,2 -10,0

April -2,0 -1,0 -6,2 -10,2 -11,9 -6,9 18,5 -5,5

May -6,8 -8,4 1,5 -3,9 1,7 -4,7 -25,1 -4,5

June 2,1 0,1 4,7 -1,6 5,3 -4,8 -0,6 -3,9

July 0,9 -1,5 7,7 -6,7 -1,2 -3,2 -4,1 -3,4

August 2,4 0,0 8,5 -4,3 0,6 -2,5 -2,1 -2,0

September 2,6 1,4 8,3 -2,8 2,9 -1,3 -0,2 -1,0

October 2,0 1,9 8,5 1,2 0,9 -0,3 -0,2 0,7

November 3,1 2,5 7,6 -2,3 2,8 1,1 1,8 1,2

December 3,6 2,4 5,6 -1,8 -3,1 2,0 4,9 0,2

2012

January 2,0 -2,4 -14,7 5,5 -2,0 3,3 2,1 1,2

February 7,3 7,7 24,0 0,8 7,6 2,8 2,5 1,9

Source: RSO, PF

32

Ministry of Finance

Table 17. Average Salaries and Wages in State Owned Public U li es in dinars

Salaries and Wages Net Salaries and Wages*

2005 32.994 22.4632006 43.362 29.5232007 50.367 35.9272008 57.960 41.5852009 62.798 44.9462010 65.888 46.6152011 72.002 50.9812009

January 64.987 44.608February 59.198 40.509March 62.031 44.092April 64.485 45.660May 61.793 43.967June 62.005 44.084July 65.263 48.091August 61.166 45.273September 62.278 46.128October 61.659 45.578November 60.341 42.896December 68.365 48.462

2010 January 64.059 45.167February 62.553 44.263March 66.054 46.856April 67.289 47.619May 63.235 44.773June 62.585 44.425July 63.883 45.288August 62.723 44.498September 63.859 45.280October 61.581 43.685November 64.368 45.630December 88.462 61.898

2011 January 68.681 48.495February 65.720 46.558March 70.486 50.023April 71.866 50.853May 75.083 53.076June 72.475 51.385July 71.170 50.403August 74.779 52.977September 73.047 51.741October 72.283 51.137November 74.051 52.449December 74.362 52.660

2012 January 84.603 59.871February 85.830 62.202

*Calcula on based on Ministry of Labor and Social Policy methodologySource: MOF

33

February 2012Ta

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3434

Ministry of Finance

0200400600800

1.0001.2001.4001.6001.800

Jan

Feb

Mar Ap

rM

ay Jun Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar Ap

rM

ay Jun Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar Ap

rM

ay Jun Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2009 2010 2011 2012

Development on Belgrade Stock Exchange, indices

BELEXline BELEX15

0

200

400

600

800

1.000

1.200

Jan

Feb

Mar Ap

rM

ay Jun Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar Ap

rM

ay Jun Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar Ap

rM

ay Jun Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2009 2010 2011 2012

Market Capitalization on Belgrade Stock Exchange, in bill. dinars

RS Bonds Shares

0102030405060708090

Jan

Feb

Mar Ap

rM

ay Jun Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar Ap

rM

ay Jun Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar Ap

rM

ay Jun Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

2009 2010 2011 2012

%

FIT Foreign Investors Participation in Total TurnoverFIS Foreign Investors Participation in Total Turnover of BondsFIB Foreign Investors Participation in Total Turnover of Shares

Foreign Investors Participation in Total Turnover on Belgrade Stock Exchange

35

February 2012

0

50.000

100.000

150.000

200.000

250.000

300.000

Jan

Feb

Mar Ap

rM

ay Jun Jul

Aug

Sep

Oct

Nov De

cJa

nFe

bM

ar Apr

May Jun Jul

Aug

Sep

Oct

Nov De

cJa

nFe

bM

ar Apr

May Jun Jul

Aug

Sep

Oct

Nov De

cJa

nFe

b

2009 2010 2011 2012

State of Debt on Issuance of Treasury Bills, in mill. dinars

9,4%

37,8%

26,2%

17,3%

8,4% 1,0%Structure of debt on Issued Treasury Bills, February 2012

6 months

53W

18 months

24 months

36M

5Y bonds

Table 19. Turnover of Securi es on Belgrade Stock Exchange

Number of transac ons In mill. dinars Growth rates of

turnover

I-II 2011 I-II 2012 I-II 2011 I-II 2012 II 2012XII 2011

II 2012II 2011

I-II 2012I-II 2011

Total turnover 845.085 88.667 6.493 3.403 -62,1% -64,9% -47,6%

RS Bonds 811 646 941 840 -81,5% -48,1% -10,8%

Shares 844.274 88.021 5.552 2.564 -39,5% -68,6% -53,8%Source: Belgrade Stock Exchange

36

Ministry of Finance

Table 20. Auc on of State Treasury Bills

Three months Six months Twelve months

Amount Off ered

Submi ed Bids

Average Discount

Rate

Amount Off ered

Submi ed Bids

Average Discount

Rate

Amount Off ered

Submi ed Bids

Average Discount

RateIn mill. dinars In mill. dinars In mill. dinars

2004 15.500 15.555 21,26% 2004 2.700 2.374 21,84% - - - -

2005 24.900 40.598 17,03% 2005 2.980 5.756 18,26% - - - -

2006 19.200 26.982 13,42% 2006 - - - - - - -

2007 16.100 20.720 6,39% 2007 - - - - - - -

2008 10.740 9.420 5,19% 2008 - - - - - - -

2009 148.000 216.542 13,40% 2009 64.000 89.261 11,90% 2009 18.000 29.724 11,80%

2010 71.000 80.649 10,68% 2010 145.000 158.726 10,80% 2010 89.000 97.452 11,30%

2011 53.000 76.305 12,73% 2011 66.000 101.898 12,58% 2011 11.000 27.970 14,24%

2012 2012 2012

- - - - 05.01.2012 6.000 9.021 10,59% - - - -

02.02.2012 6.000 4.764 10,48%

Fi y-three weeks Eighteen months Twenty-four months

Amount Off ered

Submi ed Bids

Average Discount

Rate

Amount Off ered

Submi ed Bids

Average Discount

Rate

Amount Off ered

Submi ed Bids

Average Discount


- - - - 2010 24.000 33.554 11,80% 2010 15.000 6.315 13,60%

2011 120.974 136.709 12,89% 2011 103.582 106.948 13,19% 2011 70.613 55.298 13,22%

2012 2012 2012

10.01.2012 10.000 19.739 12,69% 17.01.2012 5.304 11.875 12,79% 31.01.2012 10.000 8.857 13,09%

06.02.2012 10.000 10.771 12,59% 08.02.2012 10.000 4.953 13,00%

Thirty-six months Five-year bonds Six months - EUR indexed

Amount Off ered

Submi ed Bids

Average Discount

Rate

Amount Off ered

Submi ed Bids

Average Discount

Rate

Amount Off ered

Submi ed Bids

Average Discount


- - - - - - - - 2010 21.000 31.928 5,25%

2011 98.645 18.693 14,48% - - - - 2011 - - -

2012 2012 2012

28.02.2012 20.000 9.074 14,70% 24.01.2012 3.000 4.908 14,70% - - - -

Source: MOF

FISCAL TRENDS

II

38

Ministry of Finance

Table 1. Consolidated general government, from 2005 to 2012

2005 2006 2007 2008 2009 2010

Total Total Total Total Total Total

I PUBLIC REVENUES 724.526,7 867.681,6 1.002.047,5 1.143.437,7 1.146.509,5 1.223.402,7

1. Current revenues 721.509,3 865.526,4 995.415,2 1.140.370,0 1.139.849,2 1.214.582,9

1.1.Tax revenues 637.913,2 755.968,9 870.036,0 1.000.368,0 1.000.321,2 1.056.460,3

Personal income tax 94.282,5 118.591,0 115.772,0 136.450,8 133.481,8 139.051,5

Corporate income tax 10.307,9 18.313,4 29.686,4 39.006,9 31.213,1 32.593,0

Value added tax 215.938,5 225.137,2 265.464,7 301.689,5 296.927,2 319.369,4

Excises 71.275,2 86.850,1 98.600,6 110.137,0 134.781,1 152.166,6

Customs 38.964,7 45.375,0 57.380,9 64.784,3 48.039,8 44.285,5

Other tax revenue 24.192,0 30.282,7 32.820,0 35.567,7 37.072,2 45.979,6

Social contribu ons 182.952,3 231.419,5 270.311,4 312.731,8 318.806,1 323.014,8

1.2.Non-tax revenue 83.596,1 109.557,5 125.379,2 140.002,0 139.528,0 158.122,7

2. Capital revenues 160,3 277,4 5.330,4 1.538,2 187,0 1.430,1

3. Grants 2.857,1 1.877,8 1.301,9 1.529,6 6.473,3 7.389,6

II PUBLIC EXPENDITURES 706.844,2 899.287,0 1.046.848,4 1.213.888,8 1.267.905,9 1.359.872,3

1. Current expenditures 653.189,3 807.018,2 919.453,6 1.088.803,2 1.154.157,0 1.224.773,2

Expenditure for employees 170.016,1 204.398,2 238.325,3 293.132,5 301.846,3 308.051,2

Purchase of goods and services 107.217,7 135.873,8 168.130,3 181.075,5 186.412,0 202.544,6

Interest payment 17.658,9 30.210,7 17.893,5 16.324,3 22.378,8 34.193,0

Subsidies 54.880,0 55.554,9 63.697,5 77.984,4 63.075,9 77.858,6

Social assistance and insurance 285.650,3 360.442,1 409.284,3 496.805,4 555.632,2 579.184,2

of which: Pensions 186.115,4 227.735,4 259.858,2 331.027,9 387.306,0 394.035,4

Unemployment benefi ts 9.575,7 11.889,1 14.694,1 16.718,5 19.348,5 21.865,1

Sick leave 6.815,5 6.897,2 4.997,4 6.070,7 6.767,0 6.770,1

Other transfers to households 83.143,7 113.920,4 129.734,6 142.988,3 142.210,8 156.513,6

Other current expenditure 17.766,3 20.538,5 22.122,6 23.481,0 24.811,8 22.941,7

2. Capital expenditures 45.866,4 81.337,0 112.061,0 105.906,3 93.270,8 105.105,1

3. Net lending 7.788,5 10.931,8 15.333,8 19.179,3 20.478,0 29.993,9

III CONSOLIDATED BALANCE (I - II) 17.682,5 -31.605,4 -44.800,9 -70.451,1 -121.396,4 -136.469,6

Financing

IV OTHER PROCEEDS 64.431,6 195.671,2 61.654,3 70.716,3 330.643,4 383.180,1

1. Priva za on proceeds 43.509,2 157.836,1 49.682,9 37.527,4 37.925,9 6.492,5

2. Receipts from repayment of loans 53,9 55,3 78,1 11.534,5 1.907,3 1.287,2

2. Domes c borrowing** 9.066,8 27.149,2 5.683,8 15.475,8 243.196,7 304.777,5

3. Foreign borrowing 11.801,7 10.630,6 6.209,5 6.178,6 6.725,1 70.623,0

4. IMF resources 0,0 0,0 0,0 0,0 40.888,4 0,0

V OTHER EXPENSES 32.449,4 58.185,6 38.779,4 44.784,7 171.708,2 256.595,2

1. Debt repayment to domes c creditors* 30.411,9 27.109,3 32.964,1 32.533,9 155.348,1 229.912,0

2. Debt repayment to foreign creditors 2.037,5 31.076,3 5.694,2 9.000,8 12.807,1 25.683,2

3. Aqusi on of fi nancial assets 0,0 0,0 121,1 3.250,0 3.553,0 1.000,0

* Including repayments of Old foreign currency savings and Loan for economic recovery (Rehabilita on loan)Note: Excise revenues include excises from oil derivates, that belong to the Public Enterprise “Serbian Roads”, from 01 Jan-Febuary 2006.Note: Methodological explana ons can be found in the end of bulle n** 16.9 of 39.5 bilion RSD debt in July 2009 belongs to PE ‘’Serbian Roads’’ used for repayment of debt to creditors

39

February 2012

in mil. dinar

2011 2012 Nominal growth Jan-Feb 2012 /Jan-Feb 2011

Real growth Jan-Feb 2012 /Jan-Feb 2011January-February Total January February January-February

185.986,5 1.302.508,3 104.153,5 90.063,3 194.216,8 104,4 99,3

185.539,8 1.297.847,2 103.954,9 89.730,3 193.685,3 104,4 99,2

164.494,2 1.130.946,1 92.555,3 80.715,9 173.271,1 105,3 100,1

20.810,2 150.824,4 10.957,7 12.013,0 22.970,6 110,4 104,9

5.098,7 37.806,0 2.831,4 3.003,5 5.834,9 114,4 108,8

52.968,7 342.445,7 29.547,4 22.176,5 51.723,9 97,6 92,8

24.058,5 170.949,1 18.209,5 8.104,9 26.314,3 109,4 104,0

5.129,7 38.804,7 2.096,3 2.344,6 4.440,9 86,6 82,3

6.657,3 43.542,7 2.434,5 4.077,8 6.512,3 97,8 93,0

49.771,1 346.573,6 26.478,5 28.995,6 55.474,1 111,5 105,9

21.045,5 166.901,0 11.399,6 9.014,5 20.414,1 97,0 92,2

159,1 2.014,7 111,9 290,9 402,8 253,2 240,7

287,7 2.646,4 86,7 42,1 128,8 44,8 42,6

201.049,8 1.460.870,6 109.759,9 122.346,4 232.106,3 115,4 109,7

192.769,2 1.324.709,8 103.851,5 111.684,4 215.535,8 111,8 106,3

49.861,7 342.478,8 24.161,0 29.117,2 53.278,2 106,9 101,6

27.990,8 216.294,9 15.663,9 17.768,7 33.432,7 119,4 113,5

4.123,6 44.806,4 2.899,8 4.160,8 7.060,6 171,2 162,8

10.909,4 80.480,6 9.819,3 5.482,0 15.301,3 140,3 133,3

93.467,7 608.969,2 49.031,3 52.714,3 101.745,6 108,9 103,5

65.314,7 422.815,9 35.928,6 38.314,1 74.242,7 113,7 108,1

2.863,4 17.573,7 1.133,3 1.284,6 2.417,9 84,4 80,3

849,1 6.299,8 751,5 593,6 1.345,1 158,4 150,6

24.440,6 162.279,8 11.217,9 12.522,1 23.739,9 97,1 92,3

6.416,0 31.679,9 2.276,2 2.441,3 4.717,5 73,5 69,9

7.468,9 111.150,7 5.295,2 7.419,6 12.714,8 170,2 161,8

811,8 25.010,2 613,2 3.242,4 3.855,6 475,0 451,5

-15.063,3 -158.362,3 -5.606,4 -32.283,1 -37.889,5

83.551,1 505.859,8 23.590,3 48.118,3 71.708,6 85,8 81,6

379,7 5.076,1 176,0 439,9 615,9 162,2 154,2

816,1 1.197,7 33,8 24,4 58,2 7,1 6,8

78.655,2 344.472,8 22.868,1 44.254,1 67.122,1 85,3 81,1

3.700,2 155.113,2 512,5 3.399,9 3.912,3 105,7 100,5

0,0 0,0 0,0 0,0 0,0

33.601,0 308.419,2 19.540,0 33.559,9 53.099,9 158,0 150,2

32.222,5 276.566,6 17.642,3 30.049,5 47.691,8 148,0 140,7

1.378,6 26.943,5 1.897,7 3.510,4 5.408,1 392,3 372,9

0,0 4.909,1 0,0 0,0 0,0

40

Ministry of Finance

Personal income tax11,8% Corporate income tax

3,0%

Value added tax26,6%

Excises13,5%Customs

2,3%

Other tax revenue3,4%

Social contributions28,6%

Non tax revenue10,5%

Capital revenues0,2%

Grants0,1%

Structure of general government revenues in 2012

Expenditure for employees23,0%

Purchase of goods and services14,4%

Interest payment3,0%

Subsidies6,6%

Pensions32,0%

Unemployment benefits1,0%

Sick leave0,6% Social assistance and other

transfers to households10,2%

Other current expenditure2,0% Capital

expenditures5,5%

Net lending1,7%

Structure of general government expenditures in 2012

41

February 2012

Republic Budget51,5%

Pension Insurance Fund20,1%

Health Fund10,8%

Unemployment Fund1,4%

Road Fund1,4%

Local Government14,8%

Structure of consolidated revenues in 2012

* , .

Republic Budget38,5%

Pension Insurance Fund32,5%

Health Fund11,5%

Unemployment Fund1,5%

Road Fund1,3%

Local Government14,7%

Structure of consolidated expenditures in 2012

* . , .

* Transfers from other levels of government not included

* Transfers to other levels of government not included

42

Ministry of Finance

Table 2. Consolidated general government, by levels of government, January 2012

General Government Central Government Republic Budget Pension Insurance Fund Health Fund

1 = 2 + 8 2 = 3 + 4 + 5 + 6 + 7 3 4 5

I Public renevues 203.692,0 173.518,3 104.936,8 41.035,7 21.964,2

1. Current revenues 203.563,3 173.436,7 104.860,6 41.035,7 21.964,2

1.1.Tax revenues 182.746,3 159.473,2 94.054,4 40.533,5 21.652,3

Personal income tax 22.970,6 5.901,3 5.901,3 0,0 0,0

Wage tax 18.196,0 3.715,9 3.715,9 0,0 0,0

Other presonal income tax 4.774,6 2.185,4 2.185,4 0,0 0,0

Corporate income tax 5.834,9 5.251,4 5.251,4 0,0 0,0

VAT 51.723,9 51.723,9 51.723,9 0,0 0,0

VAT - domes c 21.234,6 21.234,6 21.234,6 0,0 0,0

VAT - imports 30.189,4 30.189,4 30.189,4 0,0 0,0

Retail sales tax (from previous years) 300,0 300,0 300,0 0,0 0,0

Excises 26.314,3 26.314,3 25.844,8 0,0 0,0

Excises on petroleum 11.602,3 11.602,3 11.132,8 0,0 0,0

Excises on tobacco 13.047,9 13.047,9 13.047,9 0,0 0,0

Other excises 1.664,2 1.664,2 1.664,2 0,0 0,0

Customs 4.440,9 4.440,9 4.440,9 0,0 0,0

Property tax 3.653,3 0,0 0,0 0,0 0,0

Other tax revenues 2.859,0 892,0 892,0 0,0 0,0

Social contribu ons 64.949,3 64.949,3 0,0 40.533,5 21.652,3

1.2. Non tax revenues 20.816,9 13.963,5 10.806,2 502,2 311,9

of which: interest collected 344,2 0,3 0,3 0,0 0,0

2. Dona ons 128,8 81,6 76,2 0,0 0,0

II Public expenditures 241.911,5 206.443,0 93.192,3 78.733,3 27.777,5

1. Current expenditures 225.341,0 193.653,8 81.765,3 78.506,3 27.753,7

Expenditures for employees 62.753,4 50.327,6 37.926,2 371,5 11.625,4

Purchase of goods and services 33.432,7 25.919,0 9.235,6 331,4 14.514,1

Interest payment 7.060,6 6.258,5 6.024,8 12,6 0,2

Subsidies 15.301,3 10.889,9 10.889,9 0,0 0,0

Social grants and transfers 101.745,6 96.775,7 14.392,1 77.784,6 1.482,7

of which: Pensions 74.242,7 74.242,7 0,0 74.242,7 0,0

Contribu ons for unemployed persons 2.417,9 2.417,9 0,0 0,0 0,0

Sick leave 1.345,1 1.345,1 0,0 0,0 1.345,1

Social assistance 19.362,0 14.392,1 14.392,1 0,0 0,0

Other transfers to households 4.378,0 4.378,0 0,0 3.541,9 137,6

Other current expenditures 5.047,5 3.483,1 3.296,7 6,3 131,2

2. Capital expenditures 12.714,8 8.953,1 7.797,2 20,8 23,9

3. Net lending 3.855,6 3.836,0 3.629,8 206,2 0,0

III Net transfers (4-3) -330,0 11.031,1 56.302,1 -35.535,6 -9.482,9

3. Transfers from other levels of government 67.968,6 55.164,0 0,0 44.165,4 9.482,9

4. Transfers to other levels of government 67.638,6 66.195,1 56.302,1 8.629,9 0,0

IV Consolidated balance I - II -37.889,5 -43.955,8 -44.557,7 -2.162,1 3.669,6

V Primary balance* -31.173,1 -37.697,6 -38.533,2 -2.149,4 3.669,8

Financing

VI Financing Infl ows 71.708,6 71.171,6 70.529,0 56,0 0,0

1. Priva za on proceeds 615,9 562,8 513,0 49,8 0,0

2. Receipts from repayment of loans 58,2 58,2 52,1 6,2 0,0

3. Domes c borrowing 67.122,1 66.638,2 66.638,2 0,0 0,0

4. Foreign borrowing 3.912,3 3.912,3 3.325,8 0,0 0,0

VII Financing ou lows 53.099,9 51.879,3 51.035,5 0,0 0,0

1. Debt repayment to domes c creditors 47.691,8 47.135,0 46.291,2 0,0 0,0

2. Debt repayment to foreign creditors 5.408,1 4.744,3 4.744,3 0,0 0,0

3. Aqusi on of fi nancial assets 0,0 0,0 0,0 0,0 0,0

VIII Net change in stock of cash (IV+VI-VII) -19.280,8 -24.663,6 -25.064,2 -2.106,1 3.669,6IX Net fi nancing (VI-VII-VII = - V) 37.889,5 43.955,8 44.557,7 2.162,1 -3.669,6

* Primary balance: interest collected is excluded from the total revenues, interest paid is excluded from the total expendituresNote: Data presented in column no. 12 are iden cal to data presented in Table 1, in accordance with GFS 86 methodology, for presen ng revenues and expenditures within consolidated General Government balance. Part of payed contribu ons are excluded from revenues (revenues from contribu ons, which government pays for employees) . On the expenditure side respec ve expenditures are excluded. It does not aff ect the overall result, but it does aff ect total amount of revenues and expenditures. The amount of revenues and expenditures excluded are presented in column no. 11. The same column displays result of transfers from and to other government levels. The result is correc ve factor for other current expenditures.

43

February 2012

in mil. dinars

Unemployment Fund Road Fund Local Government Ci es and Municipali es Vojvodina Ne ng Consolidated General Government

6 7 8 = 9 + 10 9 10 11 12 = 1 + 11

2.827,0 2.754,7 30.173,8 28.131,5 2.042,3 -9.475,2 194.216,8

2.821,6 2.754,7 30.126,6 28.084,3 2.042,3 -9.475,2 194.088,1

2.763,5 469,5 23.273,2 21.893,1 1.380,1 -9.475,2 173.271,1

0,0 0,0 17.069,4 16.277,5 791,9 22.970,6

0,0 0,0 14.480,1 13.688,2 791,9 18.196,0

0,0 0,0 2.589,2 2.589,2 0,0 4.774,6

0,0 0,0 583,5 0,0 583,5 5.834,9

0,0 0,0 0,0 0,0 0,0 51.723,9

0,0 0,0 0,0 0,0 0,0 21.234,6

0,0 0,0 0,0 0,0 0,0 30.189,4

0,0 0,0 0,0 0,0 0,0 300,0

0,0 469,5 0,0 0,0 0,0 26.314,3

0,0 469,5 0,0 0,0 0,0 11.602,3

0,0 0,0 0,0 0,0 0,0 13.047,9

0,0 0,0 0,0 0,0 0,0 1.664,2

0,0 0,0 0,0 0,0 0,0 4.440,9

0,0 0,0 3.653,3 3.653,3 0,0 3.653,3

0,0 0,0 1.967,0 1.962,3 4,7 2.859,0

2.763,5 0,0 0,0 0,0 0,0 -9.475,2 55.474,1

58,1 2.285,2 6.853,4 6.191,2 662,2 20.816,9

0,0 0,0 343,9 299,4 44,5 344,2

5,4 0,0 47,2 47,2 0,0 128,8

3.520,1 3.219,7 35.468,5 30.399,0 5.069,6 -9.805,2 232.106,3

3.489,2 2.139,4 31.687,2 26.624,4 5.062,9 -9.805,2 215.535,8

194,5 210,0 12.425,8 7.674,5 4.751,3 -9.475,2 53.278,2

151,0 1.686,9 7.513,7 7.424,5 89,2 33.432,7

0,2 220,7 802,1 802,1 0,0 7.060,6

0,0 0,0 4.411,4 4.344,0 67,4 15.301,3

3.116,4 0,0 4.969,9 4.927,1 42,8 101.745,6

0,0 0,0 0,0 0,0 0,0 74.242,7

2.417,9 0,0 0,0 0,0 0,0 2.417,9

0,0 0,0 0,0 0,0 0,0 1.345,1

0,0 0,0 4.969,9 4.927,1 42,8 19.362,0

698,5 0,0 0,0 0,0 0,0 4.378,0

27,1 21,8 1.564,4 1.452,2 112,2 -330,0 4.717,5

30,9 1.080,4 3.761,7 3.755,0 6,7 12.714,8

0,0 0,0 19,6 19,6 0,0 3.855,6

-252,5 0,0 -11.361,1 -6.998,4 -4.362,7 330,0 0,0

1.515,6 0,0 12.804,6 6.998,4 5.806,2 -67.968,6 0,0

1.263,1 0,0 1.443,5 0,0 1.443,5 -67.638,6 0,0

-440,6 -465,1 6.066,4 4.730,9 1.335,4 0,0 -37.889,5

-440,4 -244,4 6.524,5 5.233,6 1.290,9 0,0 -31.173,1

0,0 586,6 537,0 517,4 19,6 71.708,6

0,0 0,0 53,1 33,5 19,6 615,9

0,0 0,0 0,0 0,0 0,0 58,2

0,0 0,0 484,0 484,0 0,0 67.122,1

0,0 586,6 0,0 0,0 0,0 3.912,3

0,0 843,8 1.220,6 1.220,6 0,0 53.099,9

0,0 843,8 556,9 556,9 0,0 47.691,8

0,0 0,0 663,8 663,8 0,0 5.408,1

0,0 0,0 0,0 0,0 0,0 0,0

-440,6 -722,3 5.382,8 4.027,7 1.355,0 -19.280,8440,6 465,1 -6.066,4 -4.730,9 -1.335,4 37.889,5

MIN

ISTR

Y O

F FI

NA

NCE

BULL

ETIN

FEB

RUA

RY 2

012

REPUBLIC OF SERBIA BUDGET(preliminary data for 2012)

Source: Treasury Administration of the Republic of Serbia

FISC

AL

TREN

DS

46

Ministry of Finance

Table 3. Revenues and expenditures of the Republic budget, from 2003 to 2012

A. Revenues and expenditures 2005 2006 2007 2008 2009 2010 2011 January February Total 2012

I TOTAL REVENUES (1 + 2 + 3) 446.997,2 494.139,2 579.453,5 651.271,9 655.994,1 712.225,1 744.761,2 61.358,3 43.578,4 104.936,8 1. Tax revenues (1.1 + 1.2 + ... + 1.6) 390.214,8 437.112,5 511.261,5 582.893,1 574.644,1 616.607,7 646.597,7 55.213,4 38.840,9 94.054,4

1.1 Personal income tax 50.573,5 63.644,2 62.744,2 74.695,4 71.308,0 75.174,6 70.284,7 2.837,9 3.063,4 5.901,3

1.2 Corporate income tax 9.446,6 16.858,6 27.228,1 34.968,0 29.494,8 29.891,9 34.208,5 2.521,8 2.729,6 5.251,4 1.3 Value added tax / Retail sales tax 215.938,5 225.196,6 265.464,6 301.689,5 296.927,1 319.369,4 342.445,7 29.547,4 22.176,5 51.723,9

1.4 Excises 71.275,2 81.619,4 93.211,7 100.626,6 119.820,1 135.588,9 152.425,2 17.740,0 8.104,9 25.844,8

1.5 Customs 38.964,7 45.375,0 57.380,9 64.784,3 48.039,8 44.285,5 38.804,7 2.096,3 2.344,6 4.440,9

1.6 Other tax revenue 4.016,2 4.418,6 5.232,0 6.129,2 9.054,3 12.297,5 8.428,9 470,0 422,0 892,0

2. Non-tax revenue 54.056,4 55.627,6 67.446,2 67.633,9 75.394,4 88.947,0 96.222,1 6.096,3 4.709,9 10.806,2

of which: collected interest 962,9 2.598,3 4.129,2 637,2 3.837,6 1.334,1 1.050,9 0,3 0,0 0,3

3. Grants 2.726,0 1.399,1 745,8 744,9 5.955,6 6.670,3 1.941,4 48,6 27,6 76,2

II TOTAL EXPENDITURES (1 + 2 + 3) 438.803,2 529.707,5 617.625,3 663.583,4 746.454,7 820.240,8 877.295,1 71.786,2 74.785,0 146.571,2 1. Current expenditures (1.1 + 1.2 + ... + 1.7) 405.441,2 476.611,2 538.708,5 593.480,9 699.042,8 755.545,3 824.060,5 68.098,2 69.970,5 138.068,6

1.1 Expenditures for employees 88.588,9 121.309,8 152.732,1 180.382,1 184.157,0 190.383,0 215.076,9 18.709,5 19.216,7 37.926,2 1.2 Purchase of goods and services 33.208,2 36.173,8 46.204,9 50.801,2 50.160,9 60.050,4 64.658,1 4.251,4 4.984,2 9.235,6

1.3 Interest payment 17.150,5 19.274,9 14.806,5 13.880,4 20.016,4 30.132,5 40.337,3 2.164,9 3.861,1 6.026,0

1.4 Subsidies 29.140,1 31.752,0 36.252,6 10.889,9 40.875,1 49.511,3 56.277,7 7.947,9 2.942,0 10.889,9

1.5 Social assistance 47.072,7 69.760,8 75.142,2 77.812,5 73.757,8 87.188,5 86.591,9 6.997,6 7.394,4 14.392,1

1.6 Other current expenditures 5.236,6 7.097,2 9.167,1 9.607,3 8.253,8 10.277,4 15.757,3 1.307,1 1.311,4 2.618,4

1.7 Current and capital transfers 185.044,3 191.242,7 204.403,1 250.107,6 321.821,9 328.002,1 345.361,3 26.719,8 30.260,6 56.980,5

2. Capital expenditures 28.017,5 42.432,3 65.905,8 53.040,2 30.597,6 39.358,9 28.585,4 3.128,3 1.744,5 4.872,8

3. Net lending 5.344,5 10.664,0 13.011,0 17.062,3 16.814,3 25.336,5 24.649,2 559,7 3.070,1 3.629,8III BUDGET SURPLUS / DEFICIT (I-II) 8.193,9 -35.568,3 -38.171,7 -12.311,5 -90.460,6 -108.015,7 -132.533,9 -10.427,9 -31.206,6 -41.634,4

IV BUDGET SURPLUS/ DEFICIT* 24.381,5 -18.891,7 -27.494,5 931,7 -74.281,8 -79.217,3 -93.247,5 -8.263,2 -27.345,4 -35.608,7

B. Financing

V FINANCING OUTFLOWS 25.807,7 52.310,0 36.030,3 42.008,2 144.160,3 246.162,2 293.949,4 17.847,5 33.188,0 51.035,5

1. Debt repayment 25.807,7 52.310,0 35.909,2 38.758,2 144.160,3 246.162,2 290.540,3 17.847,5 33.188,0 51.035,5 1.1 Debt repayment to domes c creditors 23.770,2 21.901,3 31.247,6 30.075,4 131.412,3 221.302,3 264.552,4 16.565,0 29.726,2 46.291,2 1.2 Debt repayment to foreign creditors 2.037,5 29.918,3 4.145,1 5.885,0 8.957,9 20.028,8 20.042,7 719,6 361,7 1.081,2 1.3 Debt repayment on con ngent liabili es 0,0 490,4 516,5 2.797,8 3.790,1 4.831,0 5.945,3 562,9 3.100,2 3.663,1

2. Aqusi on of fi nancial assets 0,0 0,0 121,1 3.250,0 0,0 0,0 3.409,1 0,0 0,0 0,0

VI FINANCING INFLOWS 51.047,0 176.957,7 43.167,9 36.905,3 264.534,8 338.022,4 461.589,9 22.849,1 45.278,2 68.127,2

1. Borrowing 17.200,2 24.785,6 3.189,9 10.076,3 250.345,6 332.406,3 457.387,2 22.693,7 44.868,4 67.562,2

1.1 Domes c borrowing 5.398,5 19.612,7 1.035,8 9.278,9 205.607,9 290.624,0 331.591,5 22.693,7 43.944,4 66.638,2

1.2 Foreign borrowing 11.801,7 5.172,9 2.154,1 797,4 3.849,3 41.782,3 125.795,7 0,0 924,0 924,0

2. IMF resources 0,0 0,0 0,0 0,0 40.888,4 0,0 0,0 0,0 0,0 0,0

3. Priva za on proceeds 31.120,8 150.773,0 39.232,2 26.084,1 14.189,2 3.781,1 3.093,6 124,8 388,2 513,0 4. Receipts from repayment of loans 53,9 55,3 78,1 2.494,5 2,6 917,5 1.109,1 30,5 21,6 52,1

VII TOTAL REVENUES MINUS TOTAL EXPENDITURES (III + VI - V) 33.433,2 89.079,4 -31.034,1 -17.414,4 29.913,9 -16.155,5 35.106,6 -5.426,4 -19.116,4 -24.542,7VIII NET FINANCING (VI - V - VII = - III) -8.193,9 35.568,3 38.171,7 12.311,5 90.460,6 108.015,7 132.533,9 10.427,9 31.206,6 41.634,4

* Primary balance: interest collected is excluded from the total revenues, interest paid is excluded from the total expendituresNote: Data presented in column no. 12 are iden cal to data presented in Table 1, in accordance with GFS 86 methodology, for presen ng revenues and expenditures within consolidated General Government balance. Part of payed contribu ons are excluded from revenues (revenues from contribu ons, which government pays for employees) . On the expenditure side respec ve expenditures are excluded. It does not aff ect the overall result, but it does aff ect total amount of revenues and expenditures. The amount of revenues and expenditures excluded are presented in column no. 11. The same column displays result of transfers from and to other government levels. The result is correc ve factor for other current expenditures.

47

February 2012

Table 4. Tax revenuesin mil. dinars

Period Taxes Personal income tax

of which: Wage tax*

Corporate income tax

of which: Profi t tax

VAT / Retail sales tax Excises Customs Other taxes

1 = 2 + 4 + 6 + 7 +

8 + 92 3 4 5 6 7 8 9

2003 Total 245.892,9 51.915,8 50.002,6 5.123,7 4.594,6 103.469,4 56.228,8 23.266,6 5.888,6

2004 Total 310.916,9 54.752,8 49.929,3 6.533,7 6.003,3 133.751,3 69.061,8 34.287,5 12.529,8

2005 Total 390.214,8 50.573,5 44.028,2 9.446,6 8.075,5 215.938,5 71.275,2 38.964,7 4.016,2

2006 Total 437.112,5 63.644,2 54.124,0 16.858,6 13.417,0 225.196,6 81.619,4 45.375,0 4.418,6

2007 Total 511.261,5 62.744,2 48.849,6 27.228,1 23.351,0 265.464,6 93.211,7 57.380,9 5.232,0

2008 Total 582.893,1 74.695,4 52.627,0 34.968,0 24.711,5 301.689,5 100.626,6 64.784,3 6.129,2

2009 Total 574.644,1 71.307,95 58.310,32 29.494,85 23.211,15 296.927,1 119.820,1 48.039,8 9.054,3

2010

January 47.759,3 4.992,6 4.027,8 1.903,7 1.517,9 27.954,3 9.826,2 2.256,6 826,0

February 36.932,8 5.436,1 4.628,1 2.985,5 2.195,9 19.231,3 5.421,8 3.008,2 849,8

March 50.661,7 6.171,9 5.033,6 5.797,9 5.241,1 24.714,9 8.776,0 4.208,1 992,9

April 49.336,6 6.274,7 5.177,6 1.964,1 1.423,5 26.648,3 9.677,3 3.719,0 1.053,2

May 47.354,3 5.830,1 4.607,5 1.771,6 1.212,4 24.448,0 10.612,9 3.551,5 1.140,2

June 50.717,3 6.668,6 4.959,9 2.260,4 1.446,8 26.189,1 10.729,3 3.752,3 1.117,6

July 54.183,5 6.615,4 5.134,2 2.036,8 1.443,8 30.546,5 10.392,2 3.480,9 1.111,8

August 54.337,8 5.960,8 4.830,3 1.788,7 1.450,9 25.438,3 16.287,2 3.765,6 1.097,3

September 51.656,1 6.044,4 4.871,6 2.187,3 1.499,4 27.197,3 11.157,5 4.058,3 1.011,4

October 51.283,0 6.038,8 4.939,8 2.311,6 1.610,8 28.868,7 9.087,9 3.998,6 977,5

November 59.265,1 6.995,9 4.996,0 2.271,6 1.755,1 28.976,0 15.869,2 4.167,1 985,3

December 63.120,1 8.145,3 6.413,1 2.612,7 1.692,8 29.156,8 17.751,4 4.319,3 1.134,6

Total 616.607,7 75.174,6 59.619,5 29.891,9 22.490,3 319.369,4 135.588,9 44.285,5 12.297,5

2011

January 53.508,1 5.091,5 4.303,0 1.968,4 1.519,5 30.688,5 12.539,0 2.253,7 966,9

February 43.370,5 5.849,2 5.070,8 2.736,5 2.262,5 22.280,2 8.927,5 2.876,0 700,9

March 55.063,2 6.283,3 5.216,9 8.132,8 7.721,5 26.302,1 9.735,3 3.900,8 708,9

April 50.424,7 6.824,5 5.789,1 2.106,9 1.469,5 27.994,9 9.645,8 3.224,6 628,1

May 53.539,9 6.466,1 4.922,6 2.199,6 1.707,9 28.040,3 13.031,9 3.112,2 689,8

June 51.627,5 7.536,8 5.525,5 2.554,2 1.803,7 24.910,5 12.727,5 3.143,8 754,7

July 56.373,3 6.949,0 5.440,7 2.453,8 1.714,3 32.182,5 10.968,8 2.995,3 824,0

August 54.718,7 6.893,5 5.449,2 2.152,0 1.785,7 24.172,0 17.393,9 3.238,0 869,3

September 56.693,5 6.767,0 5.521,4 2.385,9 1.874,7 30.218,2 13.376,5 3.435,8 510,1

October 55.013,6 3.188,5 1.959,5 2.280,9 1.901,5 32.946,6 12.603,2 3.434,8 559,5

November 55.098,0 4.222,6 2.028,0 2.361,2 1.951,1 30.013,3 14.338,1 3.582,0 580,7

December 61.166,8 4.212,7 2.496,5 2.876,2 2.038,2 32.696,7 17.137,7 3.607,7 635,9

Total 646.597,7 70.284,7 53.723,3 34.208,5 27.750,0 342.445,7 152.425,2 38.804,7 8.428,9

2012January 55.213,4 2.837,9 1.752,5 2.521,8 1.889,8 29.547,4 17.740,0 2.096,3 470,0

February 38.840,9 3.063,4 1.963,3 2.729,6 2.414,2 22.176,5 8.104,9 2.344,6 422,0

Total 94.054,4 5.901,3 3.715,9 5.251,4 4.304,0 51.723,9 25.844,8 4.440,9 892,0

*The amount of funds based on the 60:40 ra o (in favour of Republic Budget) has changed to 80:20 (in favour of Local Government Budget), star ng from October the 1st, 2011.

48

Ministry of Finance

T able 5. Value added tax and excisesin mil. dinars

Period VAT VAT - domestic

VAT - imports

Retail sales tax (from previous

years)

VAT reimbursement Excises Excises on

oil derivates Tobacco excises

Other excises

1 = 2 + 3 + 4 2 3 4 5 6 = 7 + 8

+ 9 7 8 9

2005 Total 215.938,5 70.440,9 121.680,2 23.817,5 26.824,3 71.275,2 44.044,8 19.044,5 8.185,9

2006 Total 225.196,6 68.494,3 150.235,2 6.467,1 57.134,0 81.619,4 45.915,7 26.147,0 9.556,7

2007 Total 265.464,6 81.678,2 179.238,2 4.548,2 70.732,7 93.211,7 49.107,8 34.371,9 9.732,0

2008 Total 301.689,5 88.699,4 209.067,2 3.923,0 90.829,7 100.626,6 50.996,7 39.339,9 10.290,0

2009 Total 296.927,1 120.616,9 173.348,6 2.961,6 70.512,8 119.820,1 59.382,8 50.604,0 9.833,3

2010

January 27.954,3 17.565,3 10.188,9 200,1 5.404,4 9.826,2 3.182,9 6.103,5 539,8

February 19.231,3 6.035,1 12.950,2 246,0 6.452,6 5.421,8 3.788,3 1.012,2 621,4

March 24.714,9 7.891,1 16.653,4 170,4 5.450,3 8.776,0 5.874,9 2.173,3 727,7

April 26.648,3 10.775,6 15.619,9 252,8 6.942,9 9.677,3 5.436,0 3.274,6 966,7

May 24.448,0 7.959,3 16.235,5 253,2 6.902,5 10.612,9 5.176,5 4.381,5 1.054,8

June 26.189,1 7.884,6 18.075,8 228,7 6.518,2 10.729,3 4.338,4 5.410,4 980,5

July 30.546,5 11.244,6 19.013,0 288,9 7.391,0 10.392,2 3.142,2 6.381,4 868,6

August 25.438,3 6.728,6 18.475,8 233,9 9.517,4 16.287,2 8.711,8 6.231,3 1.344,2

September 27.197,3 7.515,8 19.405,8 275,7 7.684,7 11.157,5 6.135,2 3.926,9 1.095,3

October 28.868,7 10.410,7 18.285,6 172,3 8.677,3 9.087,9 3.992,0 4.328,8 767,0

November 28.976,0 8.020,8 20.707,9 247,2 8.706,4 15.869,2 8.164,3 6.634,7 1.070,2

December 29.156,8 6.957,2 22.038,2 161,4 8.895,9 17.751,4 5.855,7 10.911,9 983,8

Total 319.369,4 108.988,8 207.649,9 2.730,7 88.543,5 135.588,9 63.798,2 60.770,6 11.020,1

2011

January 30.688,5 17.188,6 13.262,2 237,7 9.416,8 12.539,0 3.659,9 8.315,5 563,7

February 22.280,2 5.128,9 16.901,2 250,2 8.123,8 8.927,5 6.253,4 1.779,2 894,9

March 26.302,1 5.074,8 21.050,2 177,1 7.934,5 9.735,3 5.142,2 3.827,6 765,4

April 27.994,9 9.823,6 17.934,5 236,7 8.438,5 9.645,8 4.926,6 3.768,3 951,0

May 28.040,3 7.917,1 19.889,1 234,0 9.626,1 13.031,9 8.043,4 3.601,4 1387,1

June 24.910,5 6.205,1 18.463,8 241,6 8.448,3 12.727,5 5.328,7 6.169,7 1229,1

July 32.182,5 12.051,3 19.853,7 277,4 8.150,3 10.968,8 3.531,5 6.498,8 938,5

August 24.172,0 5.872,2 18.066,2 233,6 10.566,4 17.393,9 8.534,8 7.211,6 1647,4

September 30.218,2 10.320,6 19.659,9 237,7 8.017,6 13.376,5 6.639,8 5.536,5 1200,2

October 32.946,6 13.809,8 18.915,8 221,0 7.017,3 12.603,2 6.267,6 5.195,9 1139,7

November 30.013,3 8.458,3 21.360,6 194,4 10.011,6 14.338,1 6.322,0 6.944,2 1071,9

December 32.696,7 11.502,1 21.010,6 183,9 5.439,7 17.137,7 5.874,8 10.337,0 925,9

Total 342.445,7 113.352,4 226.367,9 2.725,4 101.190,9 152.425,2 70.524,6 69.185,8 12.714,8

2012January 29.547,4 14.879,9 14.490,8 176,7 12.949,0 17.740,0 5.930,5 10.760,0 1049,5

February 22.176,5 6.354,4 15.698,7 123,5 8.751,7 8.104,9 5.202,3 2.287,9 614,7

Total 51.723,9 21.234,3 30.189,4 300,2 21.700,7 25.844,8 11.132,8 13.047,9 1.664,2

49

February 2012

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

Janu

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Febr

uary

2008 2009 2010 2011 2012

inm

il.di

nars

Taxes on consumption, January 2008 February 2012

VAT VAT on imports Excises Customs

0

2.000

4.000

6.000

8.000

10.000

Janu

ary

Febr

uary

Mar

chAp

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Augu

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ptem

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2008 2009 2010 2011

inm

il.di

nars

Direct taxes January 2008 February 2012

Personal income tax Wage tax Corporate income tax

MIN

ISTR

Y O

F FI

NA

NCE

BULL

ETIN

FEB

RUA

RY 2

012

51

February 2012

Table 6. Non-tax revenuein mil. dinars

Period Dona ons and transfers Other revenue Revenues from property

Revenues from sales of goods and services Other non-tax revenue

1 2 = 3 + 4 + 5 3 4 5

2003 Total 3.435,0 23.803,0 2.941,6 8.302,0 12.559,4

2004 Total 1.855,4 38.653,2 1.216,4 13.856,3 23.580,5

2005 Total 2.726,0 54.056,4 1.421,9 23.862,1 28.772,4

2006 Total 1.399,1 55.627,6 3.023,5 29.061,4 23.542,7

2007 Total 745,8 67.446,2 6.745,1 32.842,6 27.858,5

2008 Total 744,9 67.633,9 2.945,7 39.592,6 25.095,7

2009 Total 5.955,6 75.394,4 6.845,8 36.338,2 32.210,4

2010

January 55,7 3.936,0 226,4 2.624,9 1.084,7

February 69,2 6.207,3 234,6 3.169,9 2.802,9

March 30,6 7.308,7 423,5 4.133,2 2.752,0

April 46,3 6.475,4 1.588,3 3.463,8 1.423,2

May 46,0 8.273,2 2.804,5 3.734,1 1.734,5

June 180,3 6.781,5 229,4 3.611,1 2.941,0

July 117,2 11.839,2 1.020,3 8.762,1 2.056,8

August 126,6 5.420,4 258,6 3.032,2 2.129,6

September 39,0 5.476,9 369,9 3.469,3 1.637,7

October 177,9 7.721,8 844,3 3.319,1 3.558,4

November 296,4 9.501,7 1.011,9 3.716,4 4.773,5

December 5.485,1 10.005,0 629,3 4.594,8 4.780,9

Total 6.670,3 88.947,0 9.641,0 47.630,8 31.675,2

2011

January 44,3 5.041,4 343,1 3.568,5 1.129,8

February 136,0 8.084,2 735,4 3.203,2 4.145,6

March 6,2 7.553,9 1.490,7 3.912,8 2.150,4

April 66,1 5.614,5 415,3 3.794,6 1.404,6

May 67,4 10.587,1 5.109,3 3.722,3 1.755,4

June 174,0 6.347,0 588,4 3.819,6 1.939,0

July 61,6 6.314,3 515,7 3.794,6 2.004,0

August 65,8 6.550,0 618,7 3.893,9 2.037,4

September 91,5 11.396,6 792,4 3.422,4 7.181,8

October 81,7 8.433,2 1.074,3 3.438,7 3.920,2

November 1.056,3 9.342,0 1.579,5 3.558,2 4.204,3

December 90,4 10.957,9 786,7 4.896,4 5.274,8

Total 1.941,4 96.222,1 14.049,6 45.025,1 37.147,3

2012January 48,6 6.096,3 738,3 3.702,1 1.655,9

February 27,6 4.709,9 599,6 2.941,6 1.168,7

Total 76,2 10.806,2 1.337,9 6.643,7 2.824,6

52

Ministry of Finance

Table 7. Total expenditures of the Republic budget

Period Total expenditures Current expenditures

Expenditure for employees

Purchase of goods and services Interest payment Subsidies

1 = 2 + 10 + 13 + 14

2 = 3 + 4 + 5 + 6 + 7 + 8 + 9 3 4 5 6

2003 Total 319.588,4 278.935,9 58.234,0 22.638,1 10.977,9 30.723,6

2004 Total 376.402,6 330.751,6 71.449,6 23.260,5 13.403,7 34.898,2

2005 Total 464.610,9 405.441,2 88.588,9 33.208,2 17.150,5 29.140,1

2006 Total 568.217,0 476.611,2 121.309,8 36.173,8 19.274,9 31.752,0

2007 Total 653.534,5 538.708,5 152.732,1 46.204,9 14.806,5 36.252,6

2008 Total 702.341,3 593.480,7 180.382,1 50.801,2 13.880,4 10.889,9

2009 Total 890.615,0 699.042,8 184.157,0 50.160,9 20.016,4 40.875,1

2010

January 71.224,0 51.955,3 15.441,6 3.193,1 1.024,2 1.601,4

February 78.107,3 57.260,3 15.620,3 3.589,7 1.672,8 2.612,0

March 84.335,6 59.309,8 15.946,5 3.892,1 3.545,3 2.241,7

April 86.563,1 62.889,1 15.580,0 4.366,8 3.795,9 2.827,1

May 97.564,8 61.397,0 15.613,4 4.056,4 1.020,8 5.189,1

June 80.045,7 62.616,0 15.811,9 3.933,9 2.924,9 5.288,0

July 89.555,8 68.330,7 15.880,3 5.302,4 1.220,7 9.210,4

August 73.239,7 58.446,2 15.633,1 4.082,8 1.516,6 3.206,0

September 90.564,0 62.820,1 15.683,4 4.522,4 4.528,6 3.469,2

October 102.966,0 69.173,6 15.889,7 4.233,7 4.387,9 3.405,0

November 85.829,7 61.385,4 16.367,7 5.222,1 1.301,9 3.951,7

December 126.407,1 79.961,8 16.915,1 13.655,1 3.193,1 6.509,8

Total 1.066.403,0 755.545,3 190.383,0 60.050,4 30.132,5 49.511,3

2011

January 75.821,4 59.388,2 17.489,2 3.095,0 1.436,1 1.463,6

February 84.207,3 67.740,3 16.665,9 4.430,9 1.843,3 6.789,0

March 103.750,6 64.345,0 16.650,6 5.162,3 5.524,3 2.649,8

April 101.044,2 68.453,9 17.459,0 5.328,3 5.532,0 3.230,5

May 103.690,7 64.436,2 17.488,3 5.257,2 1.726,7 2.797,4

June 104.095,4 69.776,7 18.643,1 5.467,4 3.783,3 3.944,5

July 128.135,7 73.843,4 18.160,2 4.972,5 3.174,8 10.217,2

August 89.537,7 67.097,6 18.005,1 5.004,0 2.277,4 6.587,5

September 87.302,0 68.910,3 18.057,6 3.610,3 4.460,6 5.291,5

October 87.335,5 69.889,9 18.200,0 6.483,8 4.779,8 2.928,2

November 95.445,0 72.389,4 18.840,0 7.246,3 2.033,9 4.653,3

December 107.470,0 77.789,6 19.417,8 8.600,1 3.765,0 5.725,2

Total 1.167.835,4 824.060,5 215.076,9 64.658,1 40.337,3 56.277,7

2012January 89.633,7 68.098,2 18.709,5 4.251,4 2.164,9 7.947,9

February 107.973,0 69.970,5 19.216,7 4.984,2 3.861,1 2.942,0

Total 197.606,7 138.068,6 37.926,2 9.235,6 6.026,0 10.889,9

Ministry of Finance

53

February 2012

in mil. dinars

Grants and transfers Social assistance Other current

expendituresCapital

expenditures

Expenditures for fi xed and

natural assets

Expenditures for NIP Debt repayment Net lending

7 8 9 10 = 11 + 12 11 12 13 14

120.477,0 31.820,6 4.064,7 12.290,6 12.290,6 ... 19.262,3 9.099,6

150.655,3 32.818,9 4.265,4 22.034,2 22.034,2 ... 21.833,5 1.783,3

185.044,3 47.072,7 5.236,6 28.017,5 28.017,5 ... 25.807,7 5.344,5

191.242,7 69.760,8 7.097,2 42.432,3 33.293,2 9.139,1 38.509,5 10.664,0

204.403,1 75.142,2 9.167,1 65.905,8 26.581,6 39.324,2 35.909,2 13.011,0

250.107,4 77.812,5 9.607,3 53.040,2 29.338,3 23.701,9 38.758,2 17.062,3

321.821,9 73.757,8 8.253,8 30.597,6 19.531,0 11.066,6 144.160,3 16.814,3

24.753,4 5.559,0 382,8 722,7 722,7 0,0 18.539,4 6,6

27.547,1 5.840,3 378,0 1.024,4 1.024,4 0,0 19.360,6 462,0

26.580,6 6.276,1 827,5 829,2 756,7 72,5 21.494,2 2.702,4

27.774,8 7.769,8 774,8 1.124,6 797,5 327,1 20.336,7 2.212,6

26.653,1 8.082,3 781,9 1.754,1 975,5 778,7 31.599,2 2.814,5

27.482,5 6.323,6 851,2 1.525,1 1.230,1 295,0 14.584,8 1.319,8

27.696,7 8.165,7 854,5 2.853,7 1.665,5 1.188,2 14.846,8 3.524,6

27.108,0 5.973,8 925,8 2.543,3 2.013,3 530,0 10.021,3 2.228,9

27.908,2 5.972,1 736,2 4.168,4 1.915,1 2.253,3 20.886,1 2.689,5

27.858,6 12.667,9 730,9 4.602,8 3.724,1 878,7 27.435,7 1.754,0

27.405,0 6.299,0 838,0 4.814,3 3.592,4 1.221,9 18.311,2 1.318,8

29.234,2 8.258,9 2.195,8 13.396,3 10.841,2 2.555,0 28.746,1 4.302,9

328.002,1 87.188,5 10.277,4 39.358,9 29.258,5 10.100,4 246.162,2 25.336,5

25.564,0 7.016,6 3.323,7 392,7 392,7 0,0 16.040,6 0,0

29.796,5 7.113,1 1.101,6 899,5 899,5 0,0 14.956,2 611,3

26.380,3 6.720,3 1.257,4 2.579,8 2.332,1 247,7 32.139,7 4.686,1

28.429,7 7.401,7 1.072,7 1.397,2 1.024,9 372,3 27.778,9 3.414,1

28.937,1 6.832,0 1.397,4 1.310,9 907,9 403,0 34.984,8 2.958,8

29.454,1 6.897,9 1.586,4 2.549,9 1.591,3 958,6 28.191,3 3.577,6

29.418,6 6.675,5 1.224,6 3.025,8 2.035,6 990,2 48.821,7 2.444,8

27.800,5 6.626,7 796,4 2.988,9 2.434,9 554,0 17.953,6 1.497,5

29.592,9 6.977,1 920,3 1.404,4 1.045,4 359,0 16.142,1 845,2

28.924,8 7.531,9 1.041,3 3.750,3 3.401,8 348,5 12.190,5 1.504,8

30.706,1 7912,4 997,5 3.375,5 2.019,5 1.356,0 18.642,8 1.037,3

30.356,6 8886,8 1.038,1 4.910,5 3.711,5 1.199,0 22.698,1 2.071,8

345.361,3 86.591,9 15.757,3 28.585,4 21.797,1 6.788,3 290.540,3 24.649,2

26.719,8 6.997,6 1.307,1 3.128,3 3.042,4 85,8 17.847,5 559,7

30.260,6 7.394,4 1.311,4 1.744,5 1.250,7 493,7 33.188,0 3.070,1

56.980,5 14.392,1 2.618,4 4.872,8 4.293,2 579,6 51.035,5 3.629,8

54

Ministry of Finance

Table 8. Total expenditures for employees in state administra on in mil. dinars

Period Expenditure for employees Wages and salaries Social contribu ons (by employer)

Other expenditure for employees

1 = 2 + 3 + 4 2 3 4

2003 Total 58.234,0 47.686,9 8.805,2 1.741,9

2004 Total 71.449,6 58.388,7 11.349,8 1.711,1

2005 Total 88.588,9 71.158,3 14.130,4 3.300,2

2006 Total 121.309,8 93.554,9 18.538,8 9.216,1

2007 Total 152.732,1 119.931,1 23.511,0 9.290,0

2008 Total 180.382,1 139.169,8 27.190,4 14.021,9

2009 Total 184.157,0 146.596,4 28.683,7 8.876,9

2010

January 15.441,6 12.342,1 2.423,9 675,5

February 15.620,3 12.355,0 2.424,1 841,2

March 15.946,5 12.780,0 2.413,2 753,4

April 15.580,0 12.263,1 2.474,9 842,0

May 15.613,4 12.309,0 2.465,7 838,7

June 15.811,9 12.491,6 2.463,2 857,1

July 15.880,3 12.620,4 2.487,3 772,5

August 15.633,1 12.483,2 2.465,7 684,2

September 15.683,4 12.400,9 2.479,5 802,9

October 15.889,7 12.521,9 2.477,1 890,7

November 16.367,7 12.594,6 2.473,4 1.299,7

December 16.915,1 12.710,3 2.507,0 1.697,7

Total 190.383,0 149.872,0 29.555,3 10.955,7

2011

January 17.489,2 13.005,5 2.618,9 1.864,7

February 16.665,9 12.856,5 2.541,1 1.268,4

March 16.650,6 12.722,5 2.515,0 1.413,1

April 17.459,0 13.418,0 2.643,9 1.397,1

May 17.488,3 13.741,9 2.721,2 1.025,2

June 18.643,1 13.947,5 2.763,4 1.932,2

July 18.160,2 13.995,7 2.765,0 1.399,6

August 18.005,1 13.887,3 2.752,7 1.365,2

September 18.057,6 13.853,9 2.743,0 1.460,6

October 18.200,0 14.150,6 2.794,1 1.255,3

November 18.840,0 14.172,9 2.801,8 1.865,3

December 19.417,8 14.416,3 2.830,5 2.171,0

Total 215.076,9 164.168,6 32.490,5 18.417,7

2012January 18.709,5 14.272,2 2.830,0 1.607,3

February 19.216,7 14.599,3 2.913,5 1.703,9

Total 37.926,2 28.871,5 5.743,5 3.311,2

55

February 2012

11.0

1311

.106

11.1

3711

.476

11.6

0111

.628

11.7

9011

.620

11.5

18 12.2

0511

.737

12.3

3812

.140

12.0

7512

.122

12.2

6512

.132

12.1

8012

.283

12.1

4711

.995

12.2

5912

.240

12.7

5812

.342

12.3

5512

.780

12.2

6312

.309

12.4

9212

.620

12.4

8312

.401

12.5

2212

.595

12.7

1013

.006

12.8

5612

.723 13

.418

13.7

4213

.947

13.9

9613

.887

13.8

5414

.151

14.1

7314

.416

14.2

7214

.599

0

3.000

6.000

9.000

12.000

15.000

18.000Ja

nuar

yFe

brua

ryM

arch

April

May

June July

Augu

stSe

ptem

ber

Oct

ober

Nov

embe

rDe

cem

ber

Janu

ary

Febr

uary

Mar

chAp

rilM

ayJu

ne July

Augu

stSe

ptem

ber

Oct

ober

Nov

embe

rDe

cem

ber

Janu

ary

Febr

uary

Mar

chAp

rilM

ayJu

ne July

Augu

stSe

ptem

ber

Oct

ober

Nov

embe

rDe

cem

ber

Janu

ary

Febr

uary

Mar

chAp

rilM

ayJu

ne July

Augu

stSe

ptem

ber

Oct

ober

Nov

embe

rDe

cem

ber

Janu

ary

Febr

uary

2008 2009 2010 2011 2012

inm

il.di

nars

Wages and salaries in state administration, January 2008 February 2012

25,825,2

27,7

24,5

27,6

21,0

18,2 18,4

20,1

17,818,6

15,6

19,3

17,4 17,8

19,5

0

5

10

15

20

25

30

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2008 2009 2010 2011

in%

Share of wages and salaries of state administration in total expenditures of the Republic budget, quarterly

56

Ministry of Finance

Table 9. Expenditure for interest paymentsin mil. dinars

Period Interest payments Domes c interest payments

Foreign interest payments

Interest payments on ac vated con ngent

liabili es

Borrowing related charges

1 = 2 + 3 + 4 + 5 2 3 4 5

2003 Total 10.977,9 2.378,1 8.506,0 0,0 93,8

2004 Total 13.403,7 2.122,6 11.751,0 0,0 -469,9

2005 Total 17.150,5 2.427,4 14.466,8 0,0 256,3

2006 Total 19.274,9 2.316,0 16.386,6 207,5 364,8

2007 Total 14.806,5 2.312,5 11.917,9 468,2 107,8

2008 Total 13.880,4 948,2 11.118,8 1.793,3 20,1

2009 Total 20.016,4 5.178,7 12.076,4 2.346,9 414,4

2010

January 1.024,2 814,8 131,4 77,9 0,0

February 1.672,8 938,9 163,4 555,3 15,1

March 3.545,3 742,1 2.722,0 61,5 19,7

April 3.795,9 806,6 2.916,6 37,1 35,6

May 1.020,8 741,3 112,7 117,3 49,6

June 2.924,9 923,5 1.719,1 279,4 2,8

July 1.220,7 575,8 401,4 243,5 0,0

August 1.516,6 522,6 473,8 504,1 16,0

September 4.528,6 1.087,1 3.342,9 39,3 59,2

October 4.387,9 1.333,8 2.993,4 60,6 0,1

November 1.301,9 1.117,6 131,8 52,4 0,0

December 3.193,1 1.427,3 1.364,2 262,7 139,0

Total 30.132,5 11.031,3 16.472,8 2.291,3 337,1

2011

January 1.436,1 820,3 473,2 116,9 25,7

February 1.843,3 861,4 293,9 666,3 21,7

March 5.524,3 1.935,1 3.502,7 73,4 13,2

April 5.532,0 1.851,0 3.493,2 174,2 13,7

May 1.726,7 1.504,3 171,5 50,9 0,0

June 3.783,3 2.094,5 1.450,4 238,4 0,1

July 3.174,8 2.436,0 466,9 271,9 0,0

August 2.277,4 1.372,2 280,1 612,0 13,1

September 4.460,6 859,9 3.533,1 36,0 31,6

October 4.779,8 1.308,3 3.363,8 60,5 47,3

November 2.033,9 1.743,2 145,5 59,9 85,3

December 3.765,0 1.921,2 1.583,2 222,3 38,3

Total 40.337,3 18.707,2 18.757,5 2.582,6 289,9

2012January 2.164,9 1.398,2 462,2 173,5 131,0

February 3.861,1 2.435,0 363,9 1.053,8 8,4

Total 6.026,0 3.833,3 826,1 1.227,3 139,4

57

February 2012

Table 10. Subsidies from the Republic budgetin mil. dinars

Period SubsidiesSubsidies through

Development fund

Agriculture subsidies

Subsidies for Railways Tourism subsidies Other subsidies

1 = 2 + 3 + 4 + 5 + 6 2 3 4 5 6

2003 Total 30.723,6 8.308,2 7.309,9 10.092,7 89,5 4.923,3

2004 Total 34.898,2 6.575,0 13.022,0 8.948,7 152,1 6.200,4

2005 Total 29.140,1 4.990,0 8.961,2 8.050,3 343,1 6.795,5

2006 Total 31.752,0 4.106,5 11.180,7 8.893,5 920,9 6.650,4

2007 Total 36.252,6 3.258,0 12.754,3 10.600,0 1.738,3 7.902,0

2008 Total 10.889,9 3.931,8 25.309,9 11.123,0 2.581,9 6.428,3

2009 Total 40.875,1 3.519,8 16.694,3 12.691,1 1.588,2 6.381,8

2010

January 1.601,4 206,4 90,7 1.035,5 0,0 268,8

February 2.612,0 468,0 378,3 1.031,6 352,7 381,5

March 2.241,7 259,4 397,7 1.033,3 222,6 328,7

April 2.827,1 355,5 897,1 1.033,3 126,8 414,3

May 5.189,1 372,6 3.171,5 1.033,3 311,2 300,5

June 5.288,0 235,2 2.879,4 1.033,3 242,9 897,3

July 9.210,4 466,2 6.826,3 1.033,3 158,1 726,4

August 3.206,0 229,4 999,0 1.033,3 239,0 705,3

September 3.469,2 407,2 1.309,5 1.033,3 242,4 476,8

October 3.405,0 73,2 1.681,8 1.033,3 69,2 547,5

November 3.951,7 256,0 1.414,8 1.033,3 174,1 1.073,5

December 6.509,8 862,9 2.817,7 1.033,3 385,9 1.410,0

Total 49.511,3 4.192,0 22.863,9 12.400,0 2.524,9 7.530,6

2011

January 1.463,6 0,0 14,9 1.079,3 147,5 221,8

February 6.789,0 344,2 1.397,6 4.178,3 215,4 653,5

March 2.649,8 346,2 249,8 1.078,3 124,0 851,5

April 3.230,5 346,0 156,7 1.078,3 641,3 1.008,2

May 2.797,4 298,3 561,8 1.078,3 45,3 813,7

June 3.944,5 300,0 383,1 1.078,3 87,2 2.095,8

July 10.217,2 306,2 5.076,2 1.078,3 505,3 3.251,2

August 6.587,5 400,0 3.925,3 1.078,3 178,6 1.005,2

September 5.291,5 304,4 1.851,3 1.078,3 177,6 1.879,9

October 2.928,2 300,0 548,7 1.078,3 198,4 802,8

November 4.653,3 550,0 1.094,7 1.093,0 488,4 1.427,1

December 5.725,2 234,7 2.759,8 1.078,3 63,4 1.589,1

Total 56.277,7 3.730,0 18.020,1 16.055,3 2.872,3 15.600,0

2012January 7.947,9 232,5 5.215,4 1.099,0 9,5 1.391,5

February 2.942,0 0,0 90,1 1.126,7 0,0 1.725,2

Total 10.889,9 232,5 5.305,5 2.225,7 9,5 3.116,7

58

Ministry of Finance

Table 11. Transfers and grants from the Republic budgetin mil. dinars

Period Transfers and grants

Grants to interna onal organiza ons

Transfers to other levels of government

Current transfers to other levels of

government

Capital transfers to other levels of

governmentTransfers to SSO*

1 = 2 + 3 + 6 2 3 = 4 + 5 4 5 6

2003 Total 120.477,0 0,9 51.216,7 50.511,0 705,7 69.259,3

2004 Total 150.655,3 24,5 62.677,5 61.992,1 685,4 87.953,3

2005 Total 185.044,3 2,1 81.119,6 80.702,6 417,0 103.922,6

2006 Total 191.242,7 165,3 61.255,8 60.594,8 661,0 129.821,6

2007 Total 204.403,1 273,2 56.854,3 54.082,7 2.771,6 147.275,6

2008 Total 250.107,4 271,9 69.914,2 67.603,7 2.310,5 179.921,3

2009 Total 321.821,9 408,4 58.279,1 57.480,3 798,8 263.134,4

2010

January 24.753,4 22,3 4.371,5 4.365,9 5,5 20.359,7

February 27.547,1 79,6 4.792,2 4.762,1 30,1 22.675,3

March 26.580,6 25,9 4.863,6 4.853,1 10,5 21.691,2

April 27.774,8 15,0 4.874,7 4.821,4 53,2 22.885,0

May 26.653,1 135,9 4.745,7 4.720,0 25,8 21.771,5

June 27.482,5 80,6 5.003,8 4.929,3 74,5 22.398,1

July 27.696,7 42,3 5.179,7 4.910,2 269,5 22.474,8

August 27.108,0 8,0 4.979,6 4.916,6 63,0 22.120,5

September 27.908,2 38,6 4.604,5 4.593,9 10,5 23.265,2

October 27.858,6 5,7 5.058,5 4.899,1 159,4 22.794,3

November 27.405,0 33,2 5.163,2 4.998,4 164,8 22.208,7

December 29.234,2 111,1 7.097,7 6.618,5 479,2 22.025,3

Total 328.002,1 598,0 60.734,6 59.388,5 1.346,1 266.669,5

2011

January 25.564,0 19,2 4.908,1 4.908,1 0,0 20.636,7

February 29.796,5 274,4 5.367,8 5.365,0 2,8 24.154,3

March 26.380,3 41,0 5.819,4 5.654,3 165,1 20.520,0

April 28.429,7 142,1 5.770,3 5.720,1 50,2 22.517,3

May 28.937,1 45,8 5.849,2 5.750,7 98,4 23.042,1

June 29.454,1 24,8 6.062,0 5.995,8 66,2 23.367,2

July 29.418,6 33,1 5.622,5 5.549,1 73,4 23.763,0

August 27.800,5 7,9 5.338,7 5.278,9 59,8 22.454,0

September 29.592,9 40,1 5.689,5 5.445,0 244,5 23.863,3

October 28.924,8 9,3 4.562,0 4.460,0 101,9 24.353,5

November 30.706,1 25,5 7.130,1 5.732,2 1.398,0 23.550,5

December 30.356,6 -21,5 5.195,6 4.984,1 211,5 25.182,5

Total 345.361,3 641,7 67.315,2 64.843,3 2.471,9 277.404,4

2012January 26.719,8 67,9 5.514,1 5.465,8 48,3 21.137,8

February 30.260,6 131,3 5.756,9 5.712,1 44,7 24.372,4

Total 56.980,5 199,2 11.271,0 11.178,0 93,0 45.510,3

59

February 2012

0

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

18.000

20.000

22.000

24.000

26.000

28.000Ja

nuar

yFe

brua

ryM

arch

April

May

June July

Augu

stSe

ptem

ber

Oct

ober

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embe

rDe

cem

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ne July

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ne July

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ne July

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ptem

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Oct

ober

Nov

embe

rDe

cem

ber

Janu

ary

Febr

uary

2008 2009 2010 2011 2012

inm

il.di

nars

Republic budget expenditures transfers to SSO and other levels of government

Transfers to SSO Transfers to other levels of government

0

10

20

30

40

Janu

ary

Febr

uary

Mar

chAp

rilM

ayJu

ne July

Augu

stSe

ptem

ber

Oct

ober

Nov

embe

rD

ecem

ber

Janu

ary

Febr

uary

Mar

chAp

rilM

ayJu

ne July

Augu

stSe

ptem

ber

Oct

ober

Nov

embe

rD

ecem

ber

Janu

ary

Febr

uary

Mar

chAp

rilM

ayJu

ne July

Augu

stSe

ptem

ber

Oct

ober

Nov

embe

rD

ecem

ber

Janu

ary

Febr

uary

Mar

chAp

rilM

ayJu

ne July

Augu

stSe

ptem

ber

Oct

ober

Nov

embe

rD

ecem

ber

Janu

ary

Febr

uary

2008 2009 2010 2011 2012

in%

Share of transfers to SSO and other levels of government in total expenditures of the Republic budget

Transfers to SSO Transfers to other levels of government

60

Ministry of Finance

Ta ble 12. Transfers and grants to SSO from the Republic budgetin mil. dinars

PeriodTransfers

and grants to SSO

Current transfers to

SSO

Current transfers to Health fund

Current grants to hospitals for capital

investments

Current grants to

hospitals for purchasing

medical and other

equipment

Current transfers

to Pension fund for

employees

Current transfers

to Na onal Employment

Agency

Capital grants and transfers to

SSO

1 = 2 + 8 2 = 3 + 4 + 5 + 6 + 7 3 4 5 6 7 8

2003 Total 69.259,3 69.259,3 4.056,2 0,0 0,0 60.086,7 5.116,4 0,0

2004 Total 87.953,3 87.953,3 2.656,0 0,0 0,0 76.542,7 8.754,6 0,0

2005 Total 103.922,6 103.922,6 2.800,0 0,0 0,0 92.403,4 8.719,2 0,0

2006 Total 129.821,6 129.821,6 1.485,6 0,0 0,0 117.536,0 10.800,0 0,0

2007 Total 147.275,6 147.275,6 3.832,2 1.061,9 1.118,6 127.528,5 13.734,3 0,0

2008 Total 179.921,3 179.921,3 4.525,0 700,3 1.124,2 157.957,8 15.614,0 0,0

2009 Total 263.134,4 263.134,4 2.644,9 341,1 1.066,6 239.106,9 19.975,0 0,0

2010

January 20.359,7 20.359,7 0,0 0,0 0,0 18.845,4 1.514,2 0,0

February 22.675,3 22.675,3 0,0 6,0 11,3 21.118,0 1.540,0 0,0

March 21.691,2 21.691,2 0,0 0,1 2,1 20.028,4 1.660,6 0,0

April 22.885,0 22.885,0 0,0 0,4 1,4 20.928,1 1.955,2 0,0

May 21.771,5 21.771,5 243,3 14,8 15,7 19.520,2 1.977,5 0,0

June 22.398,1 22.398,1 129,0 14,2 72,2 20.007,7 2.175,0 0,0

July 22.474,8 22.474,8 49,0 15,7 16,7 20.415,8 1.977,5 0,0

August 22.120,5 22.120,5 86,0 4,4 39,5 20.075,7 1.915,0 0,0

September 23.265,2 23.265,2 49,0 19,7 74,4 20.967,2 2.155,0 0,0

October 22.794,3 22.794,3 49,0 69,0 282,6 20.421,6 1.972,2 0,0

November 22.208,7 22.208,7 48,5 27,0 55,1 20.355,3 1.722,8 0,0

December 22.025,3 22.025,3 102,0 164,2 235,1 20.289,0 1.235,0 0,0

Total 266.669,5 266.669,5 755,7 335,5 806,0 242.972,3 21.800,0 0,0

2011

January 20.636,7 20.636,7 0,0 2,3 0,0 19.124,3 1.510,0 0,0

February 24.154,3 24.154,3 102,5 15,7 0,0 22.536,1 1.500,0 0,0

March 20.520,0 20.520,0 51,3 29,6 40,9 19.618,2 780,0 0,0

April 22.517,3 22.517,3 51,3 10,0 0,0 21.196,1 1.260,0 0,0

May 23.042,1 23.042,1 51,3 2,2 6,5 21.997,1 985,0 0,0

June 23.367,2 23.367,2 51,3 106,7 -34,3 21.558,6 1.685,0 0,0

July 23.763,0 23.763,0 0,0 11,1 10,3 22.371,6 1.370,0 0,0

August 22.454,0 22.454,0 51,3 20,4 19,7 21.292,6 1.070,0 0,0

September 23.863,3 23.863,3 51,3 -0,4 1,7 22.110,8 1.700,0 0,0

October 24.353,5 24.353,5 115,4 -11,4 40,1 22.439,4 1.770,0 0,0

November 23.550,5 23.550,5 51,3 75,2 61,5 22.172,6 1.190,0 0,0

December 25.182,5 25.182,5 0,0 210,4 372,3 23.679,8 920,0 0,0

Total 277.404,4 277.404,4 576,7 471,9 518,6 260.097,2 15.740,0 0,0

2012January 21.137,8 21.137,8 392,9 13,8 453,8 19.749,3 527,9 0,0

February 24.372,4 24.372,4 41,7 6,9 4,6 23.331,6 987,7 0,0

Total 45.510,3 45.510,3 434,6 20,7 458,4 43.081,0 1.515,6 0,0

Note: From June 2006, current transfers to employees pension fund include also transfer to military pension fund.

VOJVODINA BUDGET

Source: Provincial Finance Secretariat

FISC

AL

TREN

DS

62

Table 1. Revenues of Autonomous Province of Vojvodinain mil. dinars

Period Total revenues Taxes Personal

income taxCorporate income tax Other taxes Transfers

and grantsOther

revenue

Proceeds from

borrowing

Priva za on proceeds

1 = 2 + 6 + 7 + 8 + 9

2 = 3 + 4 + 5 3 4 5 6 7 8 9

2005 Total 20.694,3 4.928,1 3.814,9 861,3 251,9 13.198,7 156,8 0,0 2.410,7

2006 Total 25.429,1 6.091,2 4.636,4 1.454,8 0,0 15.953,1 203,6 0,0 3.181,2

2007 Total 30.906,4 6.541,4 4.083,1 2.458,3 0,0 19.297,2 194,2 0,0 4.873,6

2008 Total 49.116,2 8.702,1 4.663,3 4.038,8 0,0 33.964,4 566,1 0,0 5.883,6

2009 Total 57.236,5 6.423,6 4.705,3 1.718,3 0,0 27.768,5 1.339,7 0,0 21.704,7

2010

January 3.220,8 494,5 324,0 170,5 0,0 2.578,0 84,4 0,0 63,9

February 3.228,2 547,6 366,4 181,2 0,0 2.583,8 70,4 0,0 26,4

March 3.989,8 1.017,7 400,7 617,0 0,0 2.628,5 63,9 0,0 279,7

April 3.344,3 530,7 416,5 113,6 0,6 2.621,2 93,5 0,0 98,9

May 3.459,2 504,2 364,7 140,1 -0,6 2.625,5 43,6 0,0 285,9

June 3.668,5 606,6 391,5 215,1 0,0 2.727,9 44,5 0,0 289,5

July 3.297,8 580,0 430,4 149,6 0,0 2.648,6 69,2 0,0 0,0

August 3.228,8 559,4 382,7 176,7 0,0 2.593,6 37,5 0,0 38,3

September 3.268,9 594,6 396,0 198,6 0,0 2.611,6 35,9 0,0 26,8

October 3.497,2 577,0 397,2 179,8 0,0 2.592,3 85,8 0,0 242,1

November 3.591,4 696,2 394,0 302,2 0,0 2.615,2 80,7 0,0 199,3

December 4.127,6 788,7 532,0 256,7 0,0 3.236,1 60,2 0,0 42,6

2010 Total 41.922,5 7.497,2 4.796,1 2.701,1 0,0 32.062,3 769,6 0,0 1.593,4

2011

January 3.267,9 524,2 342,6 181,6 0,0 2.625,6 54,9 0,0 63,2

February 3.335,4 614,6 402,5 212,1 0,0 2.681,4 25,0 0,0 14,4

March 4.906,6 1.602,6 407,6 1.195,0 0,0 3.161,8 46,6 0,0 95,6

April 3.510,2 490,6 468,7 21,9 0,0 2.923,8 73,1 0,0 22,7

May 3.545,3 599,8 387,3 212,5 0,0 2.859,2 84,4 0,0 1,9

June 4.442,0 798,0 431,1 366,9 0,0 3.421,2 45,3 0,0 177,5

July 3.635,6 640,4 437,6 202,8 0,0 2.892,3 89,8 0,0 13,1

August 3.752,2 657,4 425,3 232,1 0,0 2.789,2 32,6 0,0 273,0

September 3.478,6 625,5 429,0 196,5 0,0 2.807,5 36,4 0,0 9,2

October 3.443,3 651,5 439,3 212,2 0,0 2.606,2 84,8 0,0 100,8

November 5.798,5 717,8 435,5 282,3 0,0 4.872,1 65,1 0,0 143,5

December 3.857,1 832,2 550,6 281,6 0,0 2.812,0 75,5 0,0 137,4

2011 Total 46.972,7 8.754,6 5.157,1 3.597,5 0,0 36.452,3 713,5 0,0 1.052,3

2012January 4.015,1 690,9 378,1 309,6 3,2 2.892,8 411,8 0,0 19,6

February 3.860,3 689,2 413,8 273,9 1,5 2.913,4 250,4 0,0 7,3

2012 Total 7.875,4 1.380,1 791,9 583,5 4,7 5.806,2 662,2 0,0 26,9

Ministry of Finance

63

February 2012

Table 2. Expenditures of the Autonomous Province of Vojvodinain mil. dinars

Period Total expenditures

Current expenditures

Expenditures for employees

Purchase of goods and

services

Interest payment Subsidies Transfers and

grantsSocial

insuranceOther

expendituresCapital

expendituresDebt

repayment Net lending

1 = 2 + 10 + 11 + 12

2 = 3 + 4 + 5 + 6 + 7 + 8 + 9 3 4 5 6 7 8 9 10 11 12

2005 Total 20.166,1 19.882,1 14.096,5 1.145,5 0,0 2.782,2 1.295,0 79,1 483,8 232,9 0,0 51,1

2006 Total 24.975,1 24.636,9 1.643,1 1.055,0 0,2 2.286,6 18.702,8 388,9 560,3 338,2 0,0 0,0

2007 Total 31.281,5 30.862,3 1.931,8 1.466,2 0,2 4.698,6 21.831,4 425,5 508,6 419,2 0,0 0,0

2008 Total 47.663,4 35.844,3 2.398,6 2.675,2 0,3 3.297,0 26.246,8 493,7 732,7 11.819,1 0,0 0,0

2009 Total 49.275,4 36.342,0 2.601,3 1.281,2 0,0 2.733,9 28.740,4 386,0 599,2 9.380,4 0,0 3.553,0

2010

January 2.800,0 2.799,9 129,0 18,2 0,0 81,8 2.535,9 29,4 5,6 0,1 0,0 0,0

February 5.140,4 3.362,2 221,0 71,9 0,0 377,8 2.612,7 34,1 44,7 1.778,2 0,0 0,0

March 5.938,7 3.422,9 230,1 90,1 0,1 293,7 2.708,8 24,4 75,7 1.465,8 0,0 1.050,0

April 4.131,2 3.294,1 291,2 96,2 0,0 141,9 2.677,2 39,2 48,4 807,0 0,0 30,1

May 3.870,2 3.253,1 129,0 168,7 0,0 215,4 2.630,5 35,5 74,0 617,1 0,0 0,0

June 4.015,6 3.599,7 233,5 248,3 0,0 210,3 2.778,7 19,4 109,5 384,9 0,0 31,0

July 3.763,8 3.353,4 214,5 119,5 0,0 333,6 2.616,2 33,0 36,6 410,4 0,0 0,0

August 3.854,3 3.381,5 213,8 112,3 0,0 298,3 2.648,7 33,1 75,3 472,8 0,0 0,0

September 3.449,8 3.330,3 234,9 93,1 0,0 275,1 2.659,5 25,2 42,5 119,5 0,0 0,0

October 4.021,1 3.095,1 205,7 150,7 0,0 132,4 2.554,6 35,1 16,6 890,2 0,0 35,8

November 3.836,6 3.611,4 227,7 161,8 0,1 269,6 2.836,9 37,3 78,0 225,2 0,0 0,0

December 5.070,2 4.686,2 382,9 337,3 0,0 541,5 3.210,6 56,1 157,8 384,0 0,0 0,0

2010 Total 49.891,9 41.189,8 2.713,3 1.668,1 0,2 3.171,4 32.470,3 401,8 764,7 7.555,2 0,0 1.146,9

2011

January 2.754,0 2.754,0 107,5 16,0 0,0 0,0 2.630,3 0,0 0,2 0,0 0,0 0,0

February 3.174,5 3.173,9 227,6 70,6 0,1 62,9 2.769,5 31,3 11,9 0,6 0,0 0,0

March 3.785,7 3.284,9 243,9 98,4 0,0 43,1 2.795,2 44,2 60,1 500,8 0,0 0,0

April 3.739,1 3.539,9 339,2 129,4 0,1 28,0 2.972,3 33,6 37,3 149,2 0,0 50,0

May 3.654,9 3.579,2 109,0 279,8 -0,1 57,4 3.029,3 33,3 70,5 75,7 0,0 0,0

June 4.616,1 3.503,9 239,3 95,9 0,0 96,9 2.997,8 20,0 54,0 1.112,2 0,0 0,0

July 3.948,3 3.883,0 229,0 150,9 0,0 251,9 3.108,0 25,0 118,2 65,3 0,0 0,0

August 3.785,1 3.553,2 276,2 150,7 0,1 83,5 2.962,9 22,6 57,2 231,9 0,0 0,0

September 3.404,2 3.362,7 210,9 103,1 0,0 59,6 2.930,9 34,7 23,5 41,5 0,0 0,0

October 3.665,7 3.535,0 222,8 146,7 0,0 160,7 2.879,9 37,9 87,0 80,7 0,0 50,0

November 4.501,7 3.631,5 230,7 154,1 0,1 153,7 2.999,0 48,4 45,5 870,2 0,0 0,0

December 5.633,0 4.199,5 386,5 276,5 0,1 347,1 3.075,2 50,4 63,7 1.433,5 0,0 0,0

2011 Total 46.662,3 42.000,7 2.822,6 1.672,1 0,4 1.344,8 35.150,3 381,4 629,1 4.561,6 0,0 100,0

2012

January 3.034,9 3.034,9 110,2 23,6 0,0 0,0 2.901,1 0,0 0,0 0,0 0,0 0,0

February 3.478,0 3.471,3 282,5 65,5 0,0 67,3 2.992,1 42,8 21,1 6,7 0,0 0,0

2012 Total 6.512,9 6.506,2 392,7 89,1 0,0 67,3 5.893,2 42,8 21,1 6,7 0,0 0,0

Note: From January 2006, transfers and grants also include expenditures for employees in the educa on sector on the Vojvodina territory.

64

Ministry of Finance

3.22

1

3.22

8

3.99

0

3.34

4

3.45

9

3.66

9

3.29

8

3.22

9

3.26

9

3.49

7

3.59

1

4.12

8

3.26

8

3.33

5 4.90

7

3.51

0

3.54

5 4.44

2

3.63

6

3.75

2

3.47

9

3.44

3

5.79

9

3.85

7

4.01

5

3.86

0

0

3.000

6.000

9.000

12.000

15.000

18.000

21.000

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

embe

r

Oct

ober

Nov

embe

r

Dece

mbe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

embe

r

Oct

ober

Nov

embe

r

Dece

mbe

r

Janu

ary

Febr

uary

2010 2011 2012

inm

il.di

nars

Vojvodina revenues, from 2008 to 20112.

800

5.14

0

5.93

9

4.13

1

3.87

0

4.01

6

3.76

4

3.85

4

3.45

0 4.02

1

3.83

7

5.07

0

2.75

4 3.17

5 3.78

6

3.73

9

3.65

5

4.61

6

3.94

8

3.78

5

3.40

4

3.66

6

4.50

2

5.63

3

3.03

5 3.47

8

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

embe

r

Oct

ober

Nov

embe

r

Dece

mbe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

embe

r

Oct

ober

Nov

embe

r

Dece

mbe

r

Janu

ary

Febr

uary

2010 2011 2012

inm

il.di

nars

Vojvodina expenditures, from 2008 to 2011

BUDGET OFMUNICIPALITIESAND CITIES

Source: Treasury Administration of the Republic of Serbia

FISC

AL

TREN

DS

66

Ministry of Finance

Table 1. Local government revenuesin mil. dinars

Period Total revenues Taxes Personal income tax Property tax Other taxes Transfers and

grants Other revenue Proceeds from borrowing

Priva za on proceeds

1 = 2 + 6 + 7 + 8 + 9 2=3+4+5 3 4 5 6 7 8 9

2005 Total 107.040,9 59.818,0 39.894,1 14.480,0 5.444,0 17.543,0 26.236,6 1.491,1 1.952,2

2006 Total 139.502,2 76.184,4 50.315,3 18.109,2 7.759,9 22.643,8 34.499,2 5.232,8 942,0

2007 Total 162.723,6 76.533,8 48.944,6 18.660,9 8.928,3 37.370,4 42.901,4 4.648,0 1.270,0

2008 Total 186.205,1 86.530,5 57.092,1 19.268,2 10.170,2 42.943,1 48.921,6 6.196,9 1.613,0

2009 Total 168.244,8 85.490,9 57.468,6 16.832,3 11.190,0 30.251,0 43.184,2 8.584,9 733,8

2010

January 10.262,4 5.426,5 3.888,0 885,6 652,9 2.187,8 2.323,8 301,0 23,3

February 13.777,4 7.507,6 4.557,2 2.124,5 825,9 2.522,9 3.233,5 503,0 10,4

March 14.470,1 7.616,2 5.011,9 1.532,4 1.071,9 2.627,2 3.080,8 1.075,2 70,7

April 12.981,3 6.923,4 5.022,9 850,4 1.050,1 2.570,0 2.939,2 525,8 22,9

May 14.451,4 8.305,1 4.659,2 2.401,8 1.244,1 2.458,3 3.432,6 186,5 68,9

June 15.064,3 7.837,0 4.864,2 1.557,4 1.415,4 2.813,4 3.464,8 900,6 48,5

July 15.691,3 7.556,7 5.004,9 1.218,9 1.332,9 2.512,3 3.996,0 1.618,5 7,8

August 16.941,3 8.382,5 4.831,6 2.327,1 1.223,8 2.742,9 3.554,3 2.248,2 13,4

September 15.106,0 6.985,8 4.781,3 1.272,2 932,3 2.522,5 3.648,0 1.933,6 16,1

October 15.651,8 6.880,6 4.809,9 1.085,5 985,2 2.666,5 5.221,1 834,8 48,8

November 17.874,5 8.882,5 5.024,4 2.372,2 1.485,9 2.943,3 4.520,9 1.485,0 42,8

December 30.768,7 10.459,8 6.625,8 2.334,5 1.499,5 6.089,1 10.050,4 4.109,7 59,7

2010 Total 193.040,5 92.763,7 59.081,3 19.962,5 13.719,9 34.656,2 49.465,4 15.721,9 433,3

2011

January 10.837,5 5.586,2 4.138,3 706,9 741,0 2.740,5 2.418,3 73,5 19,0

February 15.558,1 8.527,7 4.986,1 2.349,3 1.192,3 3.034,9 3.087,9 894,6 13,0

March 17.463,1 8.114,5 5.238,1 1.513,4 1.363,0 3.218,6 3.747,5 2.349,1 33,4

April 15.421,6 7.499,0 5.498,4 958,4 1.042,2 3.139,4 3.670,5 1.088,6 24,1

May 16.627,4 8.592,9 4.931,9 2.402,0 1.259,0 3.524,2 3.514,2 977,4 18,7

June 15.989,2 8.061,8 5.314,2 1.629,8 1.117,8 3.426,3 3.351,3 1.114,0 35,8

July 16.969,5 7.735,0 5.251,5 1.411,7 1.071,8 3.705,8 3.764,3 1.752,1 12,3

August 17.706,3 9.689,6 5.440,1 2.915,4 1.334,1 3.114,5 3.527,2 1.290,3 84,7

September 18.077,0 7.720,0 5.297,8 1.334,9 1.087,3 3.407,7 5.372,0 1.544,6 32,7

October 21.109,1 11.236,6 8.797,2 1.339,9 1.099,5 2.303,8 4.295,0 3.236,1 37,6

November 20.651,4 12.996,4 9.121,0 2.630,8 1.244,6 2.691,1 4.056,9 883,0 24,0

December 31.324,1 14.740,1 11.368,0 1.980,1 1.392,0 3.920,2 6.391,8 6.234,5 37,5

2011 Total 217.734,3 110.499,8 75.382,6 21.172,6 13.944,6 38.227,0 47.196,9 21.437,8 372,8

2012January 16.725,3 9.703,0 7.741,7 993,9 967,4 3.553,3 3.282,5 174,4 12,1

February 18.922,3 12.190,1 8.535,8 2.659,4 994,9 3.472,7 2.928,2 309,6 21,7

2012 Total 35.647,6 21.893,1 16.277,5 3.653,3 1.962,3 7.026,0 6.210,7 484,0 33,8

Note: from October 1 2011, personal income tax collec on ra o between Republic and local governments is 20:80, previous ra o was 60:40 in favour of Republic

67

February 2012

Table 2. Local government expendituresin mil. Dinars





services

Interest payment Subsidies Transfers and

grantsSocial

insuranceOther

expendituresCapital

expendituresDebt

repayment Net lending

1 = 2 + 10 + 11 + 12

2 = 3 + 4 + 5 + 6 + 7 + 8 + 9 3 4 5 6 7 8 9 10 11 12

2005 Total 100.553,5 84.075,0 22.196,5 19.051,7 276,3 22.959,7 11.250,9 2.601,1 5.738,8 15.487,8 815,3 175,4

2006 Total 134.307,4 103.212,1 26.930,5 28.660,5 488,3 21.423,0 16.051,3 3.250,0 6.408,5 29.192,7 1.736,6 166,0

2007 Total 166.501,8 126.074,3 31.691,6 34.429,6 927,5 26.880,0 20.289,3 4.240,4 7.615,9 38.757,5 1.533,1 136,9

2008 Total 183.103,9 139.822,7 39.302,8 39.120,0 1.138,8 25.512,7 21.925,4 4.504,4 8.318,6 40.906,7 2.291,0 83,5

2009 Total 176.429,0 133.661,7 41.632,7 38.469,8 1.246,2 19.467,0 18.511,5 6.167,9 8.166,6 40.341,4 2.307,2 118,7

2010

January 9.490,6 8.027,2 2.973,6 1.834,1 249,6 977,3 1.142,1 457,3 393,2 1.020,0 429,9 13,5

February 11.527,7 9.446,7 3.417,2 2.215,7 58,4 1.238,2 1.328,4 560,7 628,1 1.944,6 129,8 6,6

March 14.244,1 11.538,7 3.867,7 3.128,0 76,2 1.763,8 1.457,2 490,8 755,0 2.491,9 195,4 18,1

April 14.557,8 11.248,9 3.779,2 3.170,8 76,2 1.543,2 1.580,0 337,8 761,7 2.121,6 1.186,1 1,2

May 13.428,2 10.577,0 3.030,9 3.357,4 75,8 1.286,4 1.466,8 633,0 726,7 2.678,7 172,3 0,2

June 14.380,6 11.214,6 3.417,3 3.334,5 124,4 1.662,5 1.398,3 532,2 745,4 2.952,9 212,9 0,2

July 16.416,5 11.903,7 3.455,0 3.550,9 378,9 1.618,3 1.339,4 828,7 732,5 3.820,4 685,4 7,0

August 16.350,7 12.365,7 3.444,0 4.087,1 81,3 2.057,3 1.434,8 492,0 769,2 3.610,7 373,4 0,9

September 15.363,9 11.330,2 3.434,6 3.487,8 91,9 1.665,7 1.311,8 665,4 673,0 3.768,5 252,5 12,7

October 16.335,1 12.796,9 3.548,7 3.851,7 110,5 2.328,0 1.454,0 793,2 710,8 3.283,1 253,5 1,6

November 17.063,3 12.458,2 3.549,1 4.122,0 100,5 1.925,1 1.594,4 501,8 665,3 4.339,2 257,6 8,3

December 33.907,1 23.359,8 4.304,1 6.470,6 211,7 7.116,2 2.782,2 1.112,5 1.362,5 9.963,8 523,8 59,7

2010 Total 193.065,6 146.267,6 42.221,4 42.610,6 1.635,4 25.182,0 18.289,4 7.405,4 8.923,4 41.995,4 4.672,6 130,0

2011

January 10.333,0 8.784,8 3.102,9 2.326,2 341,4 1.261,1 1.001,6 321,1 430,5 713,4 817,4 17,4

February 13.477,3 11.006,1 3.579,6 2.970,4 145,4 1.332,8 1.613,0 487,9 877,0 2.229,0 240,8 1,4

March 17.670,5 12.995,5 3.755,0 3.950,6 140,2 1.504,0 1.898,3 765,9 981,5 4.460,0 200,7 14,3

April 15.605,0 12.777,5 4.048,9 3.641,7 128,1 1.766,5 1.412,2 738,6 1.041,5 2.651,8 175,2 0,5

May 16.151,8 12.680,4 3.474,3 3.928,6 119,6 1.752,1 1.901,5 503,5 1.000,8 3.162,6 304,1 4,7

June 16.890,9 13.328,5 3.810,2 3.989,2 336,2 1.769,7 1.416,3 862,6 1.144,3 3.031,7 530,2 0,5

July 17.452,3 12.716,5 3.803,7 3.792,6 407,2 1.979,1 1.333,8 432,9 967,2 3.936,0 793,8 6,0

August 18.262,9 13.533,1 3.816,1 4.236,5 192,5 1.979,2 1.550,3 610,5 1.148,0 4.397,2 320,7 11,9

September 17.881,0 13.083,5 3.832,2 3.808,9 138,7 1.936,0 1.586,8 834,4 946,5 4.169,4 627,1 1,0

October 18.761,5 14.000,0 3.920,2 4.091,2 145,3 2.114,0 1.977,6 776,8 974,9 4.499,7 249,7 12,1

November 20.148,9 15.680,5 4.106,7 5.378,7 152,0 2.199,8 2.260,3 571,0 1.012,0 4.134,8 331,8 1,8

December 34.334,7 21.206,2 4.953,0 6.893,6 367,2 3.264,1 3.245,9 1.265,3 1.217,1 12.188,0 868,4 72,1

2011 Total 216.969,8 161.792,6 46.202,8 49.008,2 2.613,8 22.858,4 21.197,6 8.170,5 11.741,3 49.573,6 5.459,9 143,7

2012

January 14.175,7 12.054,2 3.487,5 3.220,6 605,0 1.871,4 1.826,2 396,0 647,5 1.233,1 870,8 17,6

February 17.443,9 14.570,3 4.187,0 4.204,0 197,0 2.472,6 2.011,5 693,4 804,8 2.521,8 349,9 1,9

2012 Total 31.619,6 26.624,5 7.674,5 7.424,6 802,0 4.344,0 3.837,7 1.089,4 1.452,3 3.754,9 1.220,7 19,5

68

Ministry of Finance

10.2

62

13.7

77

14.4

70

12.9

81 14.4

51

15.0

64

15.6

91

16.9

41

15.1

06

15.6

52 17.8

75

30.7

69

10.8

38

15.5

58 17.4

63

15.4

22

16.6

27

15.9

89

16.9

70

17.7

06

18.0

77

21.1

09

20.6

51

31.3

24

16.7

25 18.9

22

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

embe

r

Oct

ober

Nov

embe

r

Dece

mbe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

embe

r

Oct

ober

Nov

embe

r

Dece

mbe

r

Janu

ary

Febr

uary

2010 2011 2012

inm

il.di

nars

Local government revenues, from 2008 to 20119.

491 11

.528

14.2

44

14.5

58

13.4

28

14.3

81 16.4

17

16.3

51

15.3

64

16.3

35

17.0

63

33.9

07

10.3

33

13.4

77

17.6

71

15.6

05

16.1

52

16.8

91

17.4

52

18.2

63

17.8

81

18.7

62 20.1

49

34.3

35

14.1

76

17.4

44

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

embe

r

Oct

ober

Nov

embe

r

Dece

mbe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

embe

r

Oct

ober

Nov

embe

r

Dece

mbe

r

Janu

ary

Febr

uary

2010 2011 2012

inm

il.di

nars

Local government expenditures, from 2008 to 2011

69

February 2012

Municipal40,0%

Municipalit40,4%

lities%

Structure

ties

Structure

e of revenue

of expendit

es of local go

tures of loca

Cities32,4%

overnment i

Cities32,8%

al governme

Belgrade27,5%

n 2012

Belgrade26,8%

ent in 2012

MIN

ISTR

Y O

F FI

NA

NCE

BULL

ETIN

FEB

RUA

RY 2

012

FINANCIAL PLANS OF SOCIAL SECURITYORGANIZATIONS (SSO)

Source: SSO

FISC

AL

TREN

DS

72

Ministry of Finance

Table 1. Revenues of Pension fundin mil. dinars

Period Total revenues Social contribu ons Transfers and grants Other revenues Priva za on proceeds

1 = 2 + 3 + 4 + 5 2 3 4 5

2005 Total 244.016,5 135.686,7 92.403,3 7.964,5 7.962,0

2006 Total 294.226,6 171.237,1 111.182,3 8.894,8 2.912,4

2007 Total 320.305,4 196.888,4 110.060,6 9.087,4 4.268,9

2008 Total 388.538,2 228.127,4 137.790,2 9.633,5 12.987,1

2009 Total 462.689,6 235.408,4 213.768,4 10.313,3 3.199,5

2010

January 33.598,6 15.856,9 16.936,5 755,7 49,5

February 38.625,7 18.511,5 19.186,8 886,0 41,4

March 39.319,0 20.208,8 18.114,8 831,5 163,9

April 40.535,9 20.801,2 18.736,0 928,4 70,3

May 36.937,2 18.147,8 17.602,6 1.026,5 160,3

June 38.671,0 19.392,9 18.096,9 1.067,5 113,7

July 39.183,8 19.665,0 18.493,1 992,0 33,7

August 38.241,7 19.517,0 17.711,0 953,4 60,3

September 39.388,7 19.311,9 19.056,1 975,5 45,2

October 39.049,6 19.360,9 18.552,5 1.003,3 132,9

November 39.329,3 19.977,4 18.243,0 983,3 125,6

December 44.673,9 25.250,4 18.421,1 944,7 57,7

2010 Total 467.554,4 236.001,7 219.150,4 11.347,8 1.054,5

2011

January 34.552,4 16.625,7 17.166,0 727,1 33,6

February 41.362,7 20.004,5 20.561,1 780,7 16,4

March 39.462,7 20.896,9 17.659,8 850,7 55,3

April 42.407,4 22.271,9 19.237,8 827,3 70,4

May 40.003,8 19.100,4 20.038,7 800,7 64,0

June 42.229,7 21.783,7 19.592,8 797,2 56,0

July 42.351,1 21.096,5 20.411,1 822,1 21,4

August 42.037,1 21.576,9 19.332,0 971,2 157,0

September 42.437,0 21.537,2 20.150,2 736,8 12,8

October 42.712,8 21.400,0 20.478,8 769,5 64,5

November 42.660,5 21.664,6 20.162,0 790,3 43,6

December 49.031,5 28.501,7 19.567,0 911,7 51,1

2011 Total 501.248,7 256.460,0 234.357,3 9.785,3 646,1

2012January 39.593,7 19.108,9 19.703,6 758,1 23,1

February 45.663,4 21.522,7 23.279,2 828,6 32,9

2012 Total 85.257,1 40.631,6 42.982,8 1.586,7 56,0

Note: priva za on proceeds include proceeds from borrowing of Employees pension fund revenues fund in 2003, 2004 and 2005

73

February 2012

Table 2. Expenditures of Pension fundin mil. dinars





services

Interest payment

Transfers and grants

Social insurance benefi ts

Other current expenditures

Capital expenditures

Debt repayment Net lending

1 = 2 + 9 + 10 + 11

2 = 3 + 4 + 5 + 6 + 7 + 8 3 4 5 6 7 8 9 10 11

2005 Total 238.675,1 235.497,4 2.075,0 1.831,5 5.255,5 0,0 226.235,8 99,6 379,9 702,0 2.095,8

2006 Total 285.471,0 283.930,4 2.440,1 2.267,5 8.902,2 0,0 270.200,2 120,4 387,1 1.080,9 72,6

2007 Total 310.807,9 308.169,8 3.063,9 2.421,0 392,2 0,0 302.054,6 238,0 414,0 29,0 2.195,2

2008 Total 395.412,6 392.808,0 3.297,2 2.373,3 68,6 0,0 386.969,4 99,5 431,6 2,5 2.170,5

2009 Total 463.440,3 459.690,5 3.711,9 2.715,5 93,3 0,0 453.152,6 17,2 227,3 2,9 3.519,6

2010

January 34.069,5 33.998,4 54,8 162,2 4,5 0,0 33.775,6 1,3 6,0 0,0 65,1

February 38.680,8 38.636,7 417,8 120,2 2,2 0,0 38.095,4 1,1 0,4 0,0 43,7

March 40.287,4 40.091,3 283,1 184,6 2,6 0,0 39.616,3 4,7 9,3 0,0 186,8

April 39.604,2 39.596,3 275,3 227,8 2,2 0,0 39.088,6 2,4 4,7 0,0 3,2

May 38.657,6 38.649,2 264,3 129,9 3,9 0,0 38.250,2 0,9 6,6 0,0 1,8

June 37.297,0 37.293,4 263,5 183,4 3,1 0,0 36.839,2 4,2 0,9 0,0 2,7

July 39.151,3 39.136,4 260,8 188,1 5,3 0,0 38.680,8 1,4 8,2 0,0 6,7

August 39.838,7 39.754,9 310,5 169,8 3,3 0,0 39.270,0 1,3 41,4 0,0 42,4

September 38.971,1 38.949,1 329,0 229,8 5,8 0,0 38.382,1 2,4 6,1 0,0 15,9

October 37.996,6 37.971,7 269,8 206,3 9,7 0,0 37.484,0 1,9 24,4 0,0 0,5

November 39.409,8 39.400,9 264,7 263,0 2,7 4,9 38.863,0 2,6 4,7 0,0 4,2

December 43.556,5 43.381,9 533,4 463,7 3,5 0,8 42.376,5 4,0 166,8 0,0 7,8

2010 Total 467.520,5 466.860,2 3.527,0 2.528,8 48,8 5,7 460.721,7 28,2 279,5 0,0 380,8

2011

January 37.023,2 36.841,0 57,9 114,2 2,1 0,8 36.663,6 2,4 4,0 0,0 178,2

February 39.996,2 39.983,9 301,3 200,6 2,3 0,9 39.476,9 1,9 8,9 0,0 3,4

March 40.168,4 40.155,7 281,4 202,6 3,2 0,8 39.663,7 4,0 26,3 0,0 -13,6

April 40.271,7 40.278,3 274,4 212,9 2,7 0,8 39.786,2 1,3 8,5 0,0 -15,1

May 42.034,1 42.032,7 289,3 198,3 7,2 0,7 41.534,9 2,3 14,3 0,0 -12,9

June 42.318,1 42.311,0 292,1 213,7 6,2 0,7 41.795,7 2,6 19,7 0,0 -12,6

July 42.203,1 42.208,7 291,3 200,4 4,2 0,7 41.710,3 1,8 10,3 0,0 -15,9

August 42.233,4 42.230,6 295,8 253,5 2,7 0,7 41.676,7 1,2 12,3 0,0 -9,5

September 42.075,5 42.072,4 297,8 208,6 3,9 0,6 41.559,2 2,3 18,3 0,0 -15,2

October 42.443,5 42.392,6 322,1 201,6 4,6 0,8 41.859,5 4,0 66,6 0,0 -15,7

November 42.924,2 42.883,1 331,0 219,7 1,8 0,8 42.326,8 3,0 47,8 0,0 -6,7

2011 Total 500.445,2 499.949,4 3.682,4 2.510,6 49,2 9,1 493.669,2 28,9 378,5 0,0 117,3

2012

January 42.114,2 42.074,4 46,1 175,5 6,0 0,8 41.843,0 3,0 4,0 0,0 35,8

February 45.249,0 45.061,8 325,4 155,9 6,7 0,8 44.571,4 1,6 16,8 0,0 170,4

2012 Total 87.363,2 87.136,2 371,5 331,4 12,7 1,6 86.414,4 4,6 20,8 0,0 206,2

74

Ministry of Finance

Table 3. Revenues of Health fundin mil. dinars

Period Total revenues Social contribu ons

Transfers and grants Other revenues Proceeds from

borrowingPriva za on

proceeds

1 = 2 + 3 + 4 + 5 + 6 2 3 4 5 6

2005 Total 104.383,4 70.742,5 2.800,0 28.654,2 2.166,6 20,2

2006 Total 120.877,8 85.912,8 0,0 32.633,7 2.303,7 27,6

2007 Total 143.631,8 103.624,9 3.257,4 36.717,9 0,0 31,7

2008 Total 170.767,8 120.221,5 4.524,9 46.018,7 0,0 2,7

2009 Total 178.979,5 122.744,3 2.644,9 53.588,7 0,0 1,6

2010

January 11.241,6 8.948,4 0,0 2.293,1 0,0 0,1

February 14.530,3 10.099,1 0,0 4.431,2 0,0 0,1

March 15.332,9 10.686,4 0,0 4.646,4 0,0 0,1

April 17.050,3 10.838,4 0,0 6.211,9 0,0 0,1

May 14.611,1 9.750,2 243,3 4.617,6 0,0 0,1

June 13.800,5 10.467,8 129,0 3.203,6 0,0 0,1

July 15.702,7 10.636,3 49,0 5.017,4 0,0 0,1

August 15.819,7 10.269,7 86,0 5.464,0 0,0 0,1

September 14.948,9 10.395,9 49,0 4.503,9 0,0 0,1

October 14.058,8 10.556,3 49,0 3.453,4 0,0 0,1

November 15.651,2 10.641,4 48,5 4.961,3 0,0 0,1

December 19.728,1 13.488,2 102,0 6.137,8 0,0 0,1

2010 Total 182.476,2 126.777,9 755,7 54.941,6 0,0 0,9

2011

January 13.034,5 8.904,2 0,0 4.130,2 0,0 0,1

February 15.328,6 10.667,3 102,5 4.558,8 0,0 0,1

March 15.889,0 11.016,6 51,3 4.821,1 0,0 0,1

April 16.561,2 11.780,3 51,3 4.729,6 0,0 0,1

May 14.965,1 10.138,8 51,3 4.775,0 0,0 0,1

June 16.338,8 11.460,8 51,3 4.826,7 0,0 0,1

July 16.112,6 11.228,7 0,0 4.883,8 0,0 0,1

August 16.289,0 11.455,6 51,3 4.782,0 0,0 0,1

September 16.298,5 11.491,8 51,3 4.755,4 0,0 0,1

October 16.234,2 11.427,1 115,4 4.691,6 0,0 0,1

November 17.104,4 11.540,3 51,3 5.511,5 0,0 1,3

December 20.377,9 14.750,2 0,0 5.629,3 0,0 -1,6

2011 Total 194.533,9 135.861,7 576,7 58.095,1 0,0 0,5

2012January 15.206,9 10.315,3 351,3 4.540,3 0,0 0,0

February 16.240,3 11.337,0 0,0 4.903,2 0,0 0,0

2012 Total 31.447,2 21.652,3 351,3 9.443,5 0,0 0,1

75

February 2012

Table 4. Expenditures of Health fundin mil. dinars





services

Interest payment






1 = 2 + 9 + 10 + 11

2 = 3 + 4 + 5 + 6 + 7 + 8 3 4 5 6 7 8 9 10 11

2005 Total 102.759,7 102.651,7 1.009,1 458,6 1.710,0 0,0 99.389,2 84,8 62,6 0,0 45,5

2006 Total 115.585,7 115.469,1 1.363,4 526,9 120,2 0,0 113.392,2 66,5 87,3 0,0 29,3

2007 Total 144.249,4 143.806,5 2.048,4 736,2 232,7 0,0 140.584,2 204,9 442,9 0,0 0,0

2008 Total 169.914,5 169.113,2 2.609,4 818,2 37,9 0,1 165.411,8 235,8 798,9 2,4 0,0

2009 Total 177.310,9 176.843,7 2.892,4 781,5 6,5 2,0 173.111,6 49,7 466,7 0,0 0,5

2010

January 10.514,0 10.510,6 89,4 60,7 415,9 0,0 9.943,8 0,9 3,4 0,0 0,0

February 14.516,5 14.513,5 189,6 67,2 176,9 0,0 14.078,8 1,1 3,0 0,0 0,0

March 15.346,8 15.334,6 217,5 65,7 56,1 0,2 14.991,5 3,5 12,3 0,0 0,0

April 15.308,1 15.296,5 214,2 75,7 0,0 0,0 15.003,8 2,8 11,6 0,0 0,0

May 14.569,1 14.557,9 213,7 71,7 2,7 0,0 14.267,6 2,2 11,2 0,0 0,0

June 15.238,7 15.228,5 202,6 77,9 0,2 0,0 14.946,1 1,7 10,2 0,0 0,0

July 15.402,9 15.373,2 207,4 74,5 0,0 0,0 15.090,2 1,1 29,7 0,0 0,0

August 15.196,0 15.194,4 208,3 65,4 0,0 0,0 14.918,6 2,1 1,6 0,0 0,0

September 14.943,5 14.880,9 211,5 65,1 -8,3 0,0 14.608,7 3,9 2,9 59,8 0,0

October 15.290,2 15.281,7 212,7 69,6 11,1 0,0 14.987,3 1,1 8,5 0,0 0,0

November 15.026,4 15.025,7 212,2 70,0 0,1 0,0 14.740,0 3,5 0,7 0,0 0,0

December 21.672,4 21.657,7 367,9 94,9 21,7 4,5 21.161,5 7,1 14,7 0,0 0,0

2010 Total 183.024,5 182.855,1 2.547,0 858,4 676,4 4,7 178.737,7 31,0 109,7 59,8 0,0

2011

January 9.961,7 9.958,2 93,4 58,1 0,0 0,8 9.803,1 2,8 3,4 0,0 0,0

February 14.547,1 14.545,6 207,5 65,2 2,5 0,8 14.265,7 3,9 1,5 0,0 0,0

March 17.093,1 17.080,7 221,2 74,2 0,2 0,9 16.781,4 3,0 12,5 0,0 0,0

April 18.886,6 18.882,3 346,0 69,0 -2,3 0,8 18.464,7 4,2 4,2 0,0 0,0

May 11.962,9 11.947,6 100,8 64,2 0,3 0,8 11.778,5 3,0 15,3 0,0 0,0

June 16.256,1 16.247,2 231,3 72,2 0,0 0,9 15.939,9 3,0 8,8 0,0 0,0

July 16.056,8 16.048,1 235,9 67,9 0,3 0,8 15.741,1 2,1 8,7 0,0 0,0

August 16.281,8 16.281,1 237,2 67,4 0,1 0,8 15.973,9 1,6 0,7 0,0 0,0

September 18.176,6 18.170,4 354,6 68,4 3,2 0,9 17.740,6 2,8 6,1 0,0 0,0

October 12.141,6 12.140,2 120,0 63,7 0,0 0,9 11.953,5 2,1 1,5 0,0 0,0

November 17.181,9 17.177,2 249,0 73,5 0,1 0,8 16.851,4 2,4 4,7 0,0 0,0

December 24.749,2 24.743,8 433,9 97,1 0,6 0,9 24.207,8 3,6 5,4 0,0 0,0

2011 Total 193.295,2 193.222,4 2.830,7 840,8 4,9 10,1 189.501,6 34,4 72,8 0,0 0,0

2012

January 11.732,3 11.711,8 103,5 58,0 0,2 0,9 11.548,2 1,0 20,5 0,0 0,0

February 16.045,2 16.041,9 224,4 66,7 0,0 0,8 15.746,1 3,8 3,3 0,0 0,0

2012 Total 27.777,5 27.753,7 327,9 124,7 0,2 1,7 27.294,3 4,8 23,9 0,0 0,0

76

Ministry of Finance

Table 5. Revenues of Na onal employment agencyin mil. dinars

Period Total revenues Social contribu ons Transfers and grants Other revenues

1 = 2 + 3 + 4 2 3 4

2005 Total 17.364,4 8.461,8 8.820,7 81,9

2006 Total 21.338,3 10.404,9 10.812,0 121,4

2007 Total 26.467,3 12.422,8 13.782,2 262,3

2008 Total 30.937,1 14.626,6 16.055,6 254,9

2009 Total 36.546,2 14.788,7 21.332,8 424,7

2010

January 2.692,0 1.028,3 1.650,1 13,6

February 2.936,8 1.204,6 1.713,9 18,3

March 3.112,5 1.289,2 1.803,2 20,1

April 3.465,5 1.320,0 2.105,2 40,3

May 3.333,0 1.187,1 2.124,8 21,1

June 3.628,4 1.267,0 2.341,0 20,4

July 3.479,6 1.291,8 2.163,6 24,2

August 3.631,7 1.248,5 2.363,5 19,7

September 3.631,8 1.259,7 2.348,6 23,5

October 3.479,0 1.270,8 2.183,9 24,3

November 3.252,8 1.285,5 1.930,2 37,1

December 3.113,9 1.614,5 1.470,0 29,4

2010 Total 39.757,0 15.267,0 24.198,0 292,0

2011

January 2.517,9 1.094,9 1.402,9 20,1

February 3.335,4 1.305,0 2.009,7 20,7

March 2.615,1 1.339,1 1.251,0 25,0

April 2.962,2 1.446,5 1.472,3 43,4

May 2.497,5 1.237,2 1.215,1 45,2

June 3.426,1 1.401,8 1.990,5 33,8

July 3.029,2 1.372,8 1.628,9 27,5

August 2.719,3 1.395,7 1.297,8 25,8

September 3.432,7 1.402,7 2.008,5 21,5

October 3.440,8 1.397,3 2.009,8 33,7

November 2.847,4 1.399,4 1.422,4 25,6

December 2.924,4 1.694,1 1.186,2 44,1

2011 Total 35.748,0 16.486,5 18.895,1 366,4

2012January 1.941,1 1.386,4 532,0 22,7

February 2.401,2 1.377,0 995,7 28,5

2012 Total 4.342,3 2.763,4 1.527,7 51,2

77

February 2012

Table 6. Expenditures of Na onal employment agencyin mil. dinars





services

Interest payment






1 = 2 + 9 + 10 + 11

2 = 3 + 4 + 5 + 6 + 7 + 8 3 4 5 6 7 8 9 10 11

2005 Total 17.057,5 16.848,6 920,0 512,5 0,0 0,0 15.409,8 6,3 132,7 0,0 76,2

2006 Total 21.168,6 21.051,7 1.106,4 723,3 0,0 0,0 19.212,9 9,1 116,9 0,0 0,0

2007 Total 26.702,9 26.519,7 1.623,4 762,1 0,0 0,0 24.116,4 17,8 183,2 0,0 0,0

2008 Total 31.274,1 31.046,6 1.902,4 752,8 10,4 0,0 28.322,3 58,7 227,5 0,0 0,0

2009 Total 35.574,2 35.392,2 2.037,0 937,0 8,7 0,0 32.365,0 44,5 182,0 0,0 0,0

2010

January 2.784,8 2.782,9 127,0 55,0 1,0 0,0 2.598,0 1,9 1,9 0,0 0,0

February 3.135,0 3.124,3 180,1 98,2 0,1 0,0 2.843,5 2,4 10,7 0,0 0,0

March 2.790,7 2.779,9 152,1 107,2 0,2 0,0 2.515,7 4,7 10,8 0,0 0,0

April 2.996,0 2.985,9 352,6 64,1 1,5 0,0 2.564,0 3,7 10,1 0,0 0,0

May 3.685,7 3.681,9 6,4 84,6 0,3 0,0 3.587,6 3,0 3,8 0,0 0,0

June 3.926,2 3.901,0 143,8 113,1 0,9 0,0 3.638,1 5,1 25,2 0,0 0,0

July 3.775,5 3.739,1 147,0 109,5 0,2 0,0 3.478,9 3,5 36,4 0,0 0,0

August 3.159,5 3.154,4 145,6 69,4 0,1 0,0 2.937,3 2,0 5,1 0,0 0,0

September 3.398,5 3.368,4 149,5 94,6 1,2 0,0 3.120,9 2,2 30,1 0,0 0,0

October 3.510,8 3.497,9 148,1 81,9 0,5 0,0 3.264,3 3,1 12,9 0,0 0,0

November 3.366,7 3.346,3 145,3 93,5 0,2 0,0 3.104,2 3,1 20,4 0,0 0,0

December 3.348,9 3.312,5 247,6 182,8 0,3 0,0 2.877,5 4,3 36,4 0,0 0,0

2010 Total 39.878,3 39.674,5 1.945,1 1.153,9 6,5 0,0 36.530,0 39,0 203,8 0,0 0,0

2011

January 2.313,7 2.303,8 92,7 50,9 0,3 0,0 2.157,9 2,0 9,9 0,0 0,0

February 2.544,6 2.526,6 152,1 91,7 1,8 0,0 2.278,9 2,1 18,0 0,0 0,0

March 2.937,4 2.925,1 152,5 105,7 0,1 0,0 2.664,1 2,7 12,3 0,0 0,0

April 2.640,9 2.639,5 195,6 95,4 0,7 0,0 2.345,8 2,0 1,4 0,0 0,0

May 2.624,3 2.618,3 116,3 97,3 0,4 0,0 2.402,1 2,2 6,0 0,0 0,0

June 2.952,5 2.940,1 161,4 90,2 0,4 0,0 2.684,8 3,3 12,4 0,0 0,0

July 3.098,0 3.052,6 165,8 110,9 0,7 0,0 2.771,6 3,6 45,4 0,0 0,0

August 3.047,8 3.023,3 163,0 88,7 0,2 0,0 2.768,6 2,8 24,5 0,0 0,0

September 2.852,8 2.840,2 164,1 86,3 0,0 0,0 2.586,8 3,0 12,6 0,0 0,0

October 2.843,2 2.795,9 163,6 93,3 0,1 2,9 2.536,0 0,0 47,3 0,0 0,0

November 2.955,2 2.931,1 161,3 99,8 0,1 0,6 2.667,8 1,5 24,1 0,0 0,0

December 3.627,4 3.581,8 343,6 190,8 0,1 0,6 3.044,4 2,3 45,6 0,0 0,0

2011 Total 30.810,4 70.271,0 3.633,5 2.164,1 11,3 3,5 64.394,4 64,2 417,7 0,0 0,0

2012January 2.068,3 2.066,3 32,7 66,0 0,2 0,6 1.956,8 10,0 2,0 0,0 0,0

February 2.714,6 2.685,7 161,7 85,0 0,0 0,5 2.424,7 13,8 28,9 0,0 0,0

2012 Total 4.782,9 75.023,0 3.827,9 2.315,1 11,5 4,6 68.775,9 88,0 448,6 0,0 0,0

MIN

ISTR

Y O

F FI

NA

NCE

BULL

ETIN

FEB

RUA

RY 2

012

PUBLIC DEBT

III

80

Ministry of Finance

PUBLIC DEBT OF THE REPUBLIC OF SERBIAANALYSIS OF DEBT STOCK OF THE REPUBLIC OF SERBIA IN THE PERIOD 2000 - FEBRUARY 29, 2012

А. DIRECT LIABILITIES in million EUR

31.12.2000. 31.12.2001. 31.12.2002. 31.12.2003. 31.12.2004. 31.12.2005. 31.12.2006. 31.12.2007. 31.12.2008. 31.12.2009. 31.12.2010. 31.12.2011 29.02.2012.

INTERNAL DEBT 4.108,0 3.870,5 4.151,9 4.239,6 4.064,5 4.255,5 3.837,0 3.413,3 3.161,6 4.050,6 4.571,79 5.118,42 5.145,58

EXTERNAL DEBT 10.059,0 9.561,1 7.230,2 6.563,6 5.266,9 5.364,1 4.745,5 4.615,8 4.691,2 4.406,4 5.872,70 7.238,56 7.121,63

TOTAL DIRECT LIABILITIES 14.167,1 13.431,7 11.382,0 10.803,2 9.331,4 9.619,6 8.582,6 8.029,1 7.852,7 8.457,0 10.444,5 12.357,0 12.267,2

B. CONTINGENT LIABILITIES

INTERNAL DEBT 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 135,0 339,97 535,75 530,25

EXTERNAL DEBT 0,0 2,2 147,2 220,0 344,4 663,1 769,5 846,2 928,7 1.257,4 1.372,49 1.573,84 1.550,61

TOTAL CONTINGENT LIABILITIES

0,0 2,2 147,2 220,0 344,4 663,1 769,5 846,2 928,7 1.392,4 1.712,5 2.109,6 2.080,9

TOTAL A+B 14.167,1 13.433,9 11.529,3 11.023,2 9.675,8 10.282,7 9.352,0 8.875,3 8.781,4 9.849,3 12.156,9 14.466,6 14.348,1

81

February 2012

169,3

105,2

72,966,9

55,3 52,2

37,730,9 29,2

34,842,9 45,1 44,5

0

50

100

150

200

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

in %

Debt to GDP ratio in the period 2000 February 29,2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

169,3 105,2 72,9 66,9 55,3 52,2 37,7 30,9 29,2 34,8 42,9 45,1 44,5

DEBT GDP RATIO IN THE PERIOD 2000 FEBRUARY 29, 2012

Public Debt/GDP (%)

YEAR

82

Ministry of Finance

Public Debt Stock of the Republic of Serbia as of February 29, 2012Currency mix

Currency Amount in original currency Amount in RSD Share of outstanding debt, in %

RSD 246.171.798.999 246.171.798.999 15,57%

EUR 8.211.060.096 904.748.794.393 57,23%

USD 3.525.179.504 288.300.812.914 18,24%

CHF 227.057.261 20.743.451.837 1,31%

SDR 848.110.314 107.841.466.993 6,82%

Other * 13.157.717.481 0,83%

Total 1.580.964.042.616 100,00%

* GBP, JPY, CHF, DKK, SEK, NOK

15,6%

57,2%

18,2%

1,3%6,8%0,8%

RSD EUR USD CHF SDR Other *

83

February 2012

RSD

TOTAL PUBLIC DEBT 1.580.964.042.616

FIXED INTEREST RATES 1.081.225.652.339

VARIABLE INTEREST RATES 499.738.390.278

EURIBOR 363.130.249.533

LIBOR USD 64.090.301.336

LIBOR CHF 11.211.105.898

LIBOR GBP 787.438.288

LIBOR JPY 1.208.556.512

STIBOR 517.574.055

NIBOR 986.165.319

CIBOR 967.351.095

BELIBOR 750.000.000

SDR Interest Rate 49.383.308.402

Аustrian market interest rate and other interes rates* 6.706.339.839

TOTAL PUBLIC DEBT 100,00%

FIXED INTEREST RATES 68,39%

VARIABLE INTEREST RATES 31,61%

EURIBOR 22,97%

LIBOR USD 4,05%

LIBOR CHF 0,71%

LIBOR GBP 0,05%

LIBOR JPY 0,08%

STIBOR 0,03%

NIBOR 0,06%

CIBOR 0,06%

BELIBOR 0,05%

SDR Interest Rate 3,12%

Аustrian market interest rate and other interest rates* 0,42%

EURIBOR and LIBOR EUR 72,66%

LIBOR USD 12,82%

LIBOR CHF 2,24%

Other variable interest rates 12,27%

TOTAL 100,00%* other interes rates that forms depending on interest rates of Securi es (T-bills) of most developed countries

84

Ministry of Finance

68%

32%

Public Debt Stock of the Republic Serbia as ofFebruary 29, 2012 Interest rate mix

FIXED INTEREST RATES VARIABLE INTEREST RATES

73%

13%

2%

12%

Floating Interest Rate mix as of February 29, 2012

EURIBOR and LIBOR EUR LIBOR USD LIBOR CHF Other variable interest rates

85

February 2012PUBLIC DEBT OF THE REPUBLIC OF SERBIA

DEBT STOCK OF THE REPUBLIC OF SERBIA AS OF FEBRUARY 29, 2012A. DIRECT LIABILITIES

1. INTERNAL DEBT (in 000)

No DEBT Currency CONTRACTED AMOUNT DEBT STOCK IN EUR FEBRUARY 29, 2012

DEBT STOCK IN USD FEBRUARY 29, 2012

1 Liabili es Based on Late Pensions to Farmers RSD 20.000.000 23.057 31.0642 Liabili es Based on Late Pensions to Employees RSD 23.500.000 6.613 8.9093 Commercial Bank a.d. Belgrade - to purchase the building of Embassy located at Brussels EUR 12.500 10.714 14.4354 Short-Term Securi es (Tbills) RSD 38.298.651 224.568 302.5605 Frozen Foreign Currency Bonds - NBS RSD 525.844 2.655 3.5776 Frozen Foreign Currency Bonds - ci zens EUR 4.200.000 2.133.237 2.874.1107 Frozen Foreign Currency Bonds - banks EUR 98.816 45.363 61.1188 Loan for Rehabilita on EUR 56.000 8.016 10.8009 HYPO-ALPE-ADRIA BANK a.d. Belgrade - Universiade 2009 in Belgrade RSD 1.500.000 6.807 9.171

10 Long-Term Securi es RSD 196.345.420 1.970.437 2.654.76811 53weeks Securi es (T-bills) EUR 191.174 52.010 70.07312 18M Securi es (T-bills) EUR 138.409 138.409 186.47913 3Y Securi es (T-bonds) EUR 58.890 58.890 79.34214 15Y Securi es (T-bonds) EUR 144.281 144.281 194.39015 Vojvodjanska Bank a.d. Novi Sad - Financing of budget defi cit/1 EUR 20.000 15.000 20.20916 Alpha Bank Serbia a.d. - Financing of budget defi cit EUR 30.000 22.500 30.31417 Piraeus Bank a.d. Belgrade - Financing of budget defi cit EUR 40.000 30.000 40.41918 EUROBANK EFG a.d. Belgrade - Financing project management of nuclear facili es in Serbia USD 25.000 14.190 19.11819 Vojvodjanska Bank a.d. Novi Sad - Financing of budget defi cit/2 EUR 20.000 15.833 21.33220 Banca Intesa a.d. Belgrade- Financing of budget defi cit EUR 38.892 38.892 52.39921 Raiff eisen Bank a.d. Belgrade-Financing of budget defi cit EUR 38.892 38.892 52.39922 Unicredit Bank a.d. Belgrade-Financing of budget defi cit EUR 46.662 46.662 62.86823 Societe Generale Bank a.d. Belgrade EUR 15.554 15.554 20.95624 Hypo Alpe Adria a.d. Belgrade-Financing of budget defi cit EUR 20.000 20.000 26.94625 Eurobank EFG a.d. Belgrade- Financing of budget defi cit EUR 20.000 20.000 26.946

26 Vojvodjanska Bank ad Novi Sad, Financing of budget defi cits-3 EUR 20.000 20.000 26.946

27 KBC Bank a.d. Belgrade-Financing of budget defi cit EUR 10.000 10.000 13.473

28 “The long-term loan Commercial Bank AD Beograd (to purchase the building and construc on AEROINŽENJERING necessary works on ...)” EUR 13.000 13.000 17.515

TOTAL INTERNAL DEBT (direct liabili es) 5.145.579 6.932.636 2. EXTERNAL DEBT (in 000)



IBRD A EUR 477.430 375.546 505.974

IBRD B EUR 907.264 713.654 961.506IBRD -Addi onal Financing for the Serbia Energy effi ciency Project EUR 13.300 9.041 12.182IBRD - Delivery of Improved Local Services Project EUR 32.000 14.998 20.207IBRD - Bor regional development Project EUR 24.300 5.033 6.781IBRD - Irriga on & Drainage Rehabilita on Project EUR 36.800 18.077 24.355IBRD - Transi onal Agriculture Reform Project EUR 12.500 6.713 9.044

IBRD - PFDPL EUR 34.900 34.900 47.021 IBRD - Corridor X Highway Project EUR 275.200 26.298 35.431 IBRD - Programma c Private Financial Development Policy Loan 2 EUR 70.800 70.800 95.389 IBRD - Public Expenditure EUR 70.100 70.100 94.446 IBRD - Health Project EUR 10.500 7.134 9.612 IBRD -Addi onal Financing for the Transport Rehabilita on Project EUR 36.800 22.254 29.982 IBRD - Public Expenditure DPL 2 USD 100.000 74.223 100.000

IBRD -South East Europe and Caucasus Catastrophe Risk Insurance Facility Project)

USD 5.000 3.711 5.000

1 TOTAL IBRD EUR 1.452.482 1.956.929 Structural adjustment credit SDR 55.500 64.047 86.290 Structural adjustment credit II SDR 30.100 34.735 46.799 Loan for private and banking sector development SDR 68.100 78.587 105.880 Second loan for private and banking sector development SDR 58.700 67.740 91.266 Social organiza on structural adjustment credit SDR 60.400 69.701 93.909 Credit for educa on system development SDR 7.306 8.431 11.359 Facilitate of Trade and Traffi c in South-east Europe SDR 4.345 5.015 6.756 Project for Faciltate of Export Financing SDR 8.345 9.630 12.975 Technical assistance in the process of priva za on and restructuring of banking sector and

companies SDR 7.711 8.898 11.989 Employment Promo on Project SDR 1.780 2.054 2.767 Health Investment Project SDR 14.700 16.955 22.844 Catastar registra on SDR 20.100 21.399 28.831 Serbian Energy Effi ciency Project SDR 14.100 16.265 21.914 Pension administra on reform and consolida on of pension revenues SDR 16.600 14.905 20.082 Reviatliza on of water irriga on system SDR 16.600 10.417 14.035

First loan for program development of policies in private and fi nancial sector SDR 38.000 43.852 59.082Traffi c Infrastructure Reconstruc on SDR 37.500 42.312 57.007

Addi onal Financing for the Serbia Energy effi ciency Project SDR 6.600 4.276 5.761Bor regional development Project SDR 6.600 0 0

2 TOTAL IDA SDR 473.087 519.220 699.545 Hospital Renewal Project EUR 50.000 47.081 63.432 Schools Rehabilita on Project EUR 25.000 24.933 33.593 Apex Global 1 EUR 20.000 947 1.276

Apex Global 2 EUR 45.000 34.589 46.601Apex loan for SME EUR 250.000 237.703 320.257Municipal and Regional Infrastructure EUR 50.000 32.809 44.203Public sector research and development EUR 200.000 20.000 26.946Schools moderniza on project EUR 50.000 7.500 10.105Clinical Centres/A EUR 80.000 5.000 6.736

3 TOTAL EIB EUR 770.000 410.562 553.149 Corridor X EUR 150.000 13.478 18.1594 TOTAL EBRD EUR 150.000 13.478 18.159 CEB - lanslides II (restructuring and reconstruc on of housing infrustructure) EUR 20.000 7.900 10.644 CEB - refuгее (the provision of durable hausing units) EUR 10.000 2.000 2.695 CEB - lanslides I (restructuring and reconstruc on of housing infrustructure) EUR 10.000 9.452 12.735 CEB - reprogrammed loan EUR 27.739 0 0 CEB - rehabilita on and preven on of a er fl oods consequences in Vojvodina EUR 9.600 9.216 12.417 CEB - Accommoda on for young researchers in Serbia EUR 35.000 17.500 23.5785 TOTAL CEB EUR 112.339 46.068 62.067 Government of the Russian Federa on USD 200.000 148.445 200.000 Republic of Italy - Private sector development EUR 33.250 29.094 39.198 Republic of Italy - Development of small and medium enterprises EUR 30.000 15.000 20.209 Export - Import Bank of China - reprogrammed loan USD 101.212 61.463 82.810 Export - Import Bank of China - Purchase a scanner USD 31.523 23.397 31.523 Export - Import Bank of China - Preferen al buyer credit loan agreement on the Zemun-

Borca bridge and the accompanying roads project USD 217.400 37.002 49.853 Other foreign government loans USD 375.715 278.865 375.715 Republic of France - Na xis EUR 11.185 4.176 5.626 Libia USD 53.790 37.534 50.5706 FOREIGN GOVERNMENT LOANS 634.976 855.503

EU 55 - Macroeconomic assistance EUR 49.500 49.500 66.691EU 200 - Macroeconomic assistance EUR 200.000 100.000 134.730Paris club* USD 2.619.698 1.557.837 2.098.873London club USD 1.080.000 691.904 932.202KfW - rehabilita on of the District Hea ng Systems in Serbia - Phase III EUR 12.000 9.394 12.656KfW - Water and Sewerage Programme in Medium-Sized Municipali es in Serbia EUR 25.000 289 389Erste GCIB Finance I B.V. Amsterdam - Financing of budget defi cits EUR 40.000 31.667 42.664Marfi n Bank a.d. - Financing of budget defi cits EUR 100.000 81.250 109.468

Erste GCIB Finance I B.V. Amsterdam - Financing of budget defi cits EUR 30.000 30.000 40.419 NKB Maribor- Financing of budget defi cit EUR 10.000 10.000 13.473 Societe Generale Bank Paris - Financing of budget defi cits and refi nancing of Serbia abroad EUR 292.600 292.600 394.220 IMF - funds alloca on SDR 388.371 448.179 603.831 EUROBOND USD 1.000.000 742.225 1.000.0007 TOTAL OTHER CREDITORS 4.044.845 5.449.617

TOTAL FOREIGN DEBT (direct liabili es) 7.121.631 9.594.970TOTAL DIRECT LIABILITIES (1 + 2) 12.267.210 16.527.607

86

Ministry of Finance

B. CONTINGENT LIABILITIES



1 Roads Serbia - Liabili es to the UniCredit Bank a.d. Belgrade EUR 75.000 44.400 59.8202 Roads Serbia - Liabili es to the Marfi n Bank a.d. Belgrade EUR 60.000 35.510 47.8433 PE Srbijagas - Liabili es to the Banca Intesa a.d. Belgrade EUR 50.000 50.000 67.3654 PE Srbijagas - Liabili es to the Banca Intesa a.d. Belgrade EUR 120.000 120.000 161.6765 PE Srbijagas - Liabili es to the Banca Intesa a.d. Belgrade EUR 45.000 45.000 60.6286 PE Srbijagas - Liabili es to the Societe Generale Bank a.d. Belgrade EUR 40.000 40.000 53.8927 PE Srbijagas - Liabili es to the Erste Bank a.d. Belgrade EUR 40.000 40.000 53.8928 PE Srbijagas - Liabili es to the Komercijalna banka a.d. Belgrade EUR 20.000 20.000 26.9469 PE Srbijagas - Liabili es to the Hypo-Alpe-Adria Bank a.d. Belgrade EUR 35.000 35.000 47.155

10 PE Srbijagas - Liabili es to the Unicredit Bank a.d. Belgrade EUR 30.000 30.000 40.41911 PE JAT Airways - Liabili es to the UniCredit Bank a.d. Belgrade EUR 20.000 20.000 26.94612 PE JAT Airways - Liabili es to the Societe Generale Bank a.d. Belgrade EUR 20.000 20.000 26.94613 PE JAT Airways - Liabili es to the UniCredit Bank a.d. Belgrade EUR 4.750 4.750 6.40014 PE JAT Airways - Liabili es to the Societe Generale Bank a.d. Belgrade EUR 4.750 4.750 6.40015 PE JAT Airways - Liabili es to the UniCredit Bank a.d. Belgrade EUR 1.000 1.000 1.34716 PE JAT Airways - Liabili es to the Societe Generale Bank a.d. Belgrade EUR 1.000 1.000 1.347

17 Municipality Zubin Potok-Funding joint construc on of a regional water supply system of municipali es of Zubin Potok, Zvecan and Kosovska Mitrovica EUR 4.511 148 199

18 Municipality Zvecan-Funding joint construc on of a regional water supply system of municipali es of Zubin Potok, Zvecan and Kosovska Mitrovica EUR 2.255 74 100

19 Municipality Kosovska Mitrovica-Funding joint construc on of a regional water supply system of municipali es of Zubin Potok, Zvecan and Kosovska Mitrovica EUR 2.255 74 100

20 Rescheduling / refi nancing of short-term loan to equip the city building land on the site barracks “Stepa Stepanovic” in Belgrade EUR 18.539 18.539 24.978

TOTAL INTERNAL DEBT (con ngent liabili es) 530.245 714.399 2. EXTERNAL DEBT (in 000)



EPS - Urgent Reconstruc on of Electric Energy Sector EUR 39.599 22.547 30.378EMS - Urgent Reconstruc on of Electric Energy Sector EUR 34.094 17.088 23.023Railways Serbia - Reconstruc on of Corridor X EUR 56.988 25.903 34.899Road Serbia - Corridor X EUR 76.000 38.000 51.197EPS - Urgent Reconstruc on of Electric Energy Sector II EUR 60.000 42.433 57.170Nis - Improvement of Water Supply EUR 5.548 2.016 2.716Kragujevac - Improvement of water supply EUR 3.939 1.438 1.938Airtraffi c Control EUR 29.880 25.388 34.205Subo ca - Reconstruc on and moderniza on of municipal water network EUR 9.000 6.514 8.776Road Serbia - Highway Belgrade-Novi Sad and Bridge near Beska EUR 72.000 53.477 72.049Roads Serbia - Belgrade By-pass EUR 80.000 29.942 40.341Railways Serbia - Rolling Stock EUR 60.000 49.334 66.468Railways Serbia - Rolling Stock - Electric Mul ple Units EUR 100.000 1.000 1.347EPS Metering EUR 40.000 936 1.261PE Srbijagas - Refi nancing of Short-term Debt, Construc on of an Underground Gas Storage Facility and Maintenance of its Gas Transmission and Distribu on Networks EUR 150.000 50.000 67.365

Railways Serbia-Corridor X EUR 100.000 1.000 1.3471 TOTAL EBRD EUR 917.049 367.017 494.482

Railway Serbia - Railways Rehabilita on Project EUR 70.000 53.374 71.911Road Serbia - Reconstruc on of Road Network EUR 95.000 83.747 112.832EMS - Reconstruc on of Electric Energy System EUR 25.272 25.122 33.847Belgrade Center Reconstruc on EUR 90.000 78.784 106.146Road Serbia - Urgent Traffi c Reconstruc on EUR 37.000 25.797 34.756Airport “Nikola Tesla” Urgent Traffi c Reconstruc onа EUR 13.000 10.554 14.219Road Serbia - Consolidated Reprogrammed Loans EUR 49.104 0 0Railway Serbia - Consolidated Reprogrammed Loans EUR 7.256 0 0EPS - Equipment for Electric Energy System EUR 22.000 21.013 28.311Road Serbia - Project Euroroad II EUR 120.000 94.320 127.077Nis - Urgent reconstruc on of water supply system EUR 10.000 0 0Novi Sad - Urgent reconstruc on of water supply system EUR 15.000 0 0Air Naviga on Control EUR 31.280 24.956 33.624Railway Serbia - Railways Rehabilita on II Project EUR 80.000 37.000 49.850Roads Serbia - Gazela Bridge Rehabilita on EUR 33.000 33.000 44.461Roads Serbia -Roads and Bridgeds Rehabilita on B2 EUR 33.000 20.000 26.946Roads Serbia - Belgrade By-pass EUR 60.000 0 0FIAT small cars 1 EUR 150.000 85.000 114.520FIAT small cars 2 EUR 50.000 50.000 67.365

EPS - Power grid improving project EUR 24.500 5.785 7.794 Belgrade By-pass/ B EUR 40.000 4.000 5.3892 TOTAL EIB 1.055.412 652.452 879.049

EPS - Reconstruc on of Kolubara Coal-Mine and Termo Power Plant Nikola Tesla EUR 51.129 8.522 11.481EPS - Procurement of equipment for Tamnava EUR 16.000 8.615 11.608ЕPS - Rehabilita on HPP Bajina Basta EUR 30.000 21.289 28.683

EPS - Environmental Measures in Lignite Fired Power Plants EUR 36.000 15.582 20.994 EPS - Revitaliza on HPP Zvornik EUR 70.000 0 03 TOTAL KfW 203.129 54.009 72.766

EPS - Reprogrammed EIB credit EUR 2.483 2.483 3.345Railway Serbia - Reprogrammed EIB credit EUR 35.769 35.769 19.152Road Serbia - Reprogrammed EIB credit EUR 185.545 185.545 249.985

4 TOTAL EU 225 EUR 223.797 223.797 272.482 EUROFIMA 2671 CHF 22.500 18.655 25.134 EUROFIMA 2534 CHF 17.000 0 0 EUROFIMA 2520 CHF 20.000 0 0 EUROFIMA 2771 CHF 43.000 9.817 13.227 EUROFIMA 2636 CHF 20.000 16.582 22.341 EUROFIMA 2599 CHF 7.500 6.218 8.378 EUROFIMA 2632 CHF 20.000 16.582 22.341 EUROFIMA 2653 CHF 11.000 9.120 12.288 EUROFIMA 2602 CHF 2.500 2.073 2.793 EUROFIMA 2666 CHF 9.000 7.462 10.0545 TOTAL EUROFIMA CHF 172.500 86.511 116.556 Republic of Poland - EPS - EPS Rehabilita on USD 49.997 23.268 31.348 IDA - 4090 - YF**SE Europe Energy Community Programm - Serbian project (EPS, EMS) SDR 13.900 11.318 15.248 Export Development Canada-RTB Bor - Finance the purchase of goods and services USD 101.250 31.317 42.194 Export Development Canada-RTB Bor - Finance the purchase of goods and services EUR 55.000 24.037 32.385 Roads Serbia - Liabili es to the Societe Generale Bank Paris EUR 100.000 57.143 76.989 Serbian Bank a.d.Beograd - Giving guarantees for obliga ons of PE ,,Jugoimport - SDPR” EUR 42.113 19.737 26.5926 TOTAL OTHER CREDITORS 166.820 224.756

TOTAL FOREIGN DEBT (con ngent liabili es) 1.550.605 2.060.090TOTAL CONTINGENT LIABILITIES 2.080.850 2.774.489

TOTAL INTERNAL DEBT (direct and con ngent liabili es) 5.675.824 7.647.036TOTAL EXTERNAL DEBT (direct and con ngent liabili es) 8.672.236 11.655.060

TOTAL A + B 14.348.061 19.302.096

‘Remarks:

Data for February 29, 2012 exchange rate list No. 39 issued on date February 29, 2012.

*Paris club debt consists of following currencies: EUR, USD, GBP, CHF, JPY, DKK, SEK, NOK

** 1.660.000 SDRs belongs to EMS

ECONOMIC, FISCAL AND STATISTICS OF PUBLIC DEBT

IV

1 Economic statistics (tables in Chapter I, Macr-oeconomic Developments) are based primarily on the statistical methodology and data provided by the Statistical Office of the Republic of Serbia, National Bank of Serbia, National Employment Agency, Priva-tization Agency, Belgrade Stock Exchange etc.

Economic Statistics contained in Chapter I includes: main indicators of macroeconomic and fiscal devel-opments in the annual dynamics from 2001 and in monthly dynamics for the current year; gross domes-tic product (GDP) in constant prices and its growth rates by quarters from 2001; trends in physical vol-ume of industrial production in monthly dynamics from 2001; retail price trends – overall, core inflation, regulated prices and prices of agricultural products in annual dynamics from 2001 and in monthly dynam-ics for the current and the previous two years; trends in regulated prices in the current year in monthly dy-namics; an overview of Serbian balance of payments in annual dynamics from 2001 and in monthly dy-namics for the current and the previous year; external debt in annual dynamics from 2001 and in the last month of the current year; export trends in monthly dynamics in the current and the previous two years; foreign direct investments by quarters in the current and the previous two years; monetary overview by years from 2001 and in the last month of the current year for which there are available data; an overview of overall private savings in December of the previ-ous year and in the last month of the current year for which there are data available and increment in savings in the current year relative to December of the previous year; an overview of private foreign ex-change savings by quarters since 2002; an overview of term structure of foreign exchange savings in the last month of the current year for which there are data available compared with December of the previous year; an overview of average net wages and number of persons employed in annual dynamics from 2001 and in monthly dynamics for the current year and the previous two years; trends in average net wages and pensions in the current year; trends in average net wages in the public sector in the current year; annual level of wages and pensions in euros since 2001 up till the last month of the current year for which there are data available; average gross and net wages in re-public public enterprises in monthly dynamics for the current and the previous two years; “(table 15. Aver-age salaries and wages in state owned public utilities)

was calculated in MOF based on coverage of 28 public state owned enterprises: Djerdap, EMS, EPS, Tehnika i veze, Glasnik, JAT tehnika, Jugoimport, Kopaonik, Koridori Srbije, Mreza most, Prosvetni pregled, Pan-orama, PTT, Putevi, PEU Resavica, Skijalista, Sklo-nista, Srbijagas, Srbijasume, Srbijavode, Stara planina, Tara, Tanjug, Transnafta, Zavod, Zeleznice Srbije, Nuklearni objekti, Nacionalna turisticka razvojna korporacija.” an overview of privatization results in annual dynamics from 2002 and for a specific period of the current year for which there are data available; an overview of trends of indices and market capi-talization of Belgrade Stock Exchange; an overview of turnover of long-term securities on the stock ex-change and share of foreign investments in turnover on the stock exchange; Belex Sentiment; an overview of auctions of Republic of Serbia treasury bills; de-velopments in supply, demand and discount rate on auctions of treasury bills; an overview of debt balance related with issuance of treasury bills.

2. Fiscal statistics (tables in Chapter I Fiscal Devel-opments) is based on GFS methodology and data of the Ministry of Finance, Treasury Administration and Public Debt Administration.

Starting from Memorandum on the Budget and Economic and Fiscal Policy for 2009 with projections for 2010 and 2011, IMF methodology – Government Finance Statistics is used to present and create pro-jections for fiscal aggregates. All data in this bulletin have been computed by using the same methodologi-cal basis.

The main objectives of alignment with methodol-ogy of Government Finance Statistics is the possibil-ity to perceive macroeconomic implications of fiscal policy. It is particularly important to perceive the in-fluence of fiscal policy on domestic demand, hence every item of revenues and expenditure is considered from this aspect, regardless of its classification in ac-counting.

Here is a comparative overview of the previous and the new methodology of government finance statis-tics:

1. The level of observation is consolidated govern-ment sector that comprises the following levels of government: the central government – budget of the Republic of Serbia and Social Security Organizations; local government – budget of the Autonomous Prov-

ECONOMIC AND FISCAL STATISTICS

ince of Vojvodina and budgets of municipalities and towns; public road company Putevi Srbije. In previ-ous practice, Putevi Srbije road company was covered only for the part that was financed from revenues from excise on oil derivatives.

2. Coverage of data: beside budget resources, appli-cation of this methodology in computation of fiscal aggregates includes other sources of financing – a part of own resources of government bodies, donations, loans and privatization receipts. The previous cover-age included only budget resources and expenditure financed from budget resources.

3. The method of computation of results: The defi-cit or surplus of consolidated government sector is the difference between revenues and overall expense plus net budget borrowing. The category of net lending is treated as an expense in cases when the purpose of the spending is implementation of a government policy, while if expense is made in order to manage liquid-ity, it becomes a financing item, without any influence on the government’s result. Net lending, regardless of its purpose, used to be treated as part of financing – therefore, without influence on the result.

4. The difference in accounting and statistical cov-erage of particular items of expenditure: in view of the primary objective – gaining insight into macr-oeconomic implications of the fiscal policy, particu-lar items of the expenditure, e.g. repayment of debt to pensioners, which is treated in accounting as a part of repayment of debt – without influence on the result, statistically is treated as transfer to citizens and on that ground influences increase in domestic demand. Mobile telephony license, treated in accounting as current non-tax revenue, in view of its one-time char-acter is now treated as part of financing.

With advancement of accounting base – i.e. with transition to accrual basis in recording government transactions – conditions will be created for further enhancement of government finance statistics meth-odology and for alignment of the methodology with the EU (ESA 95).

The Ministry of Finance is responsible for collection and processing of fiscal statistics data. Fiscal statistics includes: consolidated balance of the general govern-ment sector and particular balances, i.e. budget of the Republic of Serbia (central government), budget of AP Vojvodina, budget of local authorities, financial plans of social security organizations and public road company Putevi Srbije.

General government. General government sector encompasses all levels of government in the country.

Subsectors that form the general government include: central government – budget of the Republic of Ser-bia, provincial government – AP Vojvodina, local government – municipalities, towns, social security funds and public road company Putevi Srbije. Fiscal statistics, with regard to the individual state subsec-tors, is especially significant for the understanding of interrelation between different governmental levels, separation of functions as well as division of revenues. It is important to determine the amounts and the flow of transfers between governmental levels, which is achievable only owing to the individual and separate balances of all governmental levels. However, only the data presenting the entire general government may provide the information concerning the amount of fiscal operations of the state, consumption of the state and its influence on aggregate demand and to-tal macroeconomic stability, reallocation of collected funds originating from other economic sectors, bur-den of taxation of the economy, tax structure etc.

Central government budget of the RoS. Central government comprises all the ministries, agencies, and other special organizations defined as direct or indirect republic budget beneficiaries.1 The Govern-ment may define and achieve set goals concerning economic policy at the level of the entire country, pri-marily through the implementation of certain meas-ures and programmes by the means of the budget of central government. Other governmental levels do not formulate objectives nor manage relevant economic policies concerning the national level. The more cen-tralized the country, the more significant are the data related to this level of governmen.2.

АP Vojvodina. Budget of AP Vojvodina comprises all governmental authorities and other special organi-zations defined as AP Vojvodina budget beneficiar-ies.

Local self-government. Data concerning local self-government relate to the data collected in all cities and municipalities constituting the local self-govern-ment system. The coverage of data at the level of cities or municipalities relate to all direct or indirect budget beneficiaries of a city or a municipality. The budget 1 Indirect republic budget benefi ciaries are primary and

secondary schools, faculties, scientifi c institutes, social welfare institutions, cultural institutions and other institutions partly fi nanced from the Republic budget.

2 Th e largest amount of tax revenues, apart from property taxes, pertains to the budget of the RS. Income tax is remitted in the legally defi ned percentage to the local self-government, whereas a part of the revenues collected from income taxes realised in the territory of Vojvodina pertains to the AP Vojvodina. Th is shows the importance of the central governmental level in the country.

beneficiary of a city or a municipality is an institution primarily financed from the funds originating from the local government. Local government controls its business activities and it performs certain functions through the institution3.

Social security organizations. Social security or-ganizations include the Pension and Disability Insur-ance Fund for the Employed, Republic Health Insur-ance Fund and National Employment Service.

Public road company Putevi Srbije. Revenues of Putevi Srbije have the character of public revenues (toll and a fraction of excise) to a considerable extent, and repayment of a large part of the company’s debt takes place from the Republic of Serbia budget, there-fore the company is treated as a part of the general government sector.

BASIC FISCAL AGGREGATESBasic fiscal aggregates are total public revenues, to-

tal public expenditures, and the result of the differ-ence between these two categories, which is defined as a surplus or deficit in the consolidated balance of general government or balances of individual govern-mental levels.

Total public revenues are divided into two basic categories: current revenues and yield on capital.

Current revenues are divided into tax and non-tax revenues.

The basic characteristics of tax revenues is their mandatory nature and non-existence of any direct reciprocal service for the payment of taxes. The state collects taxes and finances certain state functions from collected funds. The benefits related to certain func-tions cannot be directly connected to an individual who paid the tax.

Income tax comprises wage tax, as well as taxes on oth-er forms of earnings of individuals, beside the wages.

Corporate profit tax comprises, in addition to cor-porate profit tax in the narrow meaning of the term, also tax on dividends paid to the residents and non-residents, as well as the tax on interests, royalties and capital incomes realized by non- residents. 3 Primary and secondary schools pertain to the central

government as their fi nancing is mostly provided from that level. A part of material expenses of schools is fi nanced from local self-government funds but not in the extent suffi cient for pertaining of these institutions to the local government. Pre-school institutions are local budget benefi ciaries. When reviewing data regarding their revenues and expenditures, they are included in the local government level.

VAT comprises national VAT, import VAT, and the arrears of turnover taxes from the previous years.

Excise duties present consumption taxes concern-ing specific products such as oil, tobacco, coffee, alco-holic beverages etc.

Customs duties and other import duties comprise revenues from duties paid for import of goods and services, with the exception of the VAT on imported goods that is included in VAT revenues.

Other tax revenues comprise taxes on use, own-ership and carrying of goods, and other taxes. The property tax of local government is included in the category of other tax revenues in the general govern-ment consolidated balance.

Non-tax revenues are heterogenic category of rev-enues including property revenues (collected interest, rental fees) compensations, taxes, fines and other rev-enues that cannot be classified. As opposed to tax rev-enues, non-tax revenues imply the existence of recip-rocal favor for the sum collected – e.g. the compensa-tion for the usage of natural resources. However, there are revenues that may by their characteristics be clas-sified as non-tax revenues, but without implying the reciprocal favor for the collection. Fines are a typical example of this sort of revenue.

Capital revenues comprise only revenues originat-ing from the sale of capital goods, as well as the capi-tal transfers from non-governmental institutions. The sale of capital goods imply the sale of non-financial assets, buildings, inventories and state-owned land.

Total expenditures in the Bulletin of Public Fi-nance are presented according to the economic clas-sification emphasizing the type of expenses, i.e. its economic characteristics and influence of state con-sumption on the market of goods and services, finan-cial market and reallocation of income. In addition to the economic classification of expenditure, there is also a functional classification emphasizing the func-tion the state performs by using the funds for specific purposes.4. The Bulletin of Public Finance does not contain expenditures classified in accordance with the functional classification.

Overall expenditure is divided into current expens-es, capital expenses and net budget borrowing.

Current expenses present final budget outflows, and are not intended for the procurement of non-fi-4 Division of expenditures according to the functional

classifi cation is the following: general public services, defence, internal security, economic aff airs, enviromental protection, housing construction and municipal services, healthcare, recreation, culture and religion, education and social welfare.

nancial assets. Compensation of employees comprise (net) sala-

ries of employees including income tax and contribu-tions paid by employees, contributions paid by em-ployers, as well as other fringe benefits (transport al-lowance, sick leave allowance for the period of up to 30 days etc.).

Procurement of goods and services comprise pay-ments related with coverage of business expenses (elec-tricity, phone bills etc.), business trips, services contracts, current maintenance and procurement of material.

Repayment of interests is divided into repayment of interests on domestic debt, interests on external debt, interests based on activated guarantees and ac-companying borrowing expenses.

Subsidies comprise all the funds transferred to the economic sector (public enterprises, registered ag-ricultural holdings etc.) for coverage of running ex-penses or/and the grant intended for current business activities.

Social insurance and social welfare expenses in-clude payments to persons insured with social securi-ty organizations (pensions of beneficiaries of Pension and Disability Insurance Fund, sick leave benefits paid by the Republic Health Insurance Fund, unem-ployment benefits paid by the National Employment Service, repayment of debt to pensioners, children and family benefits, benefits for war-disabled persons, pregnancy leave benefits, housing benefits etc.

Other current expenses include grants to non-gov-ernmental organizations, mandatory levies and pen-alties imposed by one governmental level to another, fines and penalties imposed by courts and judicial bodies, injury compensations or compensations for damages incurred by natural disasters, and damages incurred by the public bodies.

Capital expenses comprise all the payments intend-ed for the procurement of non-financial assets, con-struction of buildings and infrastructure, procure-ment of equipment and inventories and the purchase of land.

Net lending are expenses for purchase of financial assets whose objective is implementation of a particu-lar government policy.

General government consolidated balance con-tains consolidated revenues and consolidated ex-penditure.

Consolidated revenues are aggregate revenues of individual governmental levels, but in the consolida-tion procedure, transfers received from other govern-

mental levels are excluded. In the consolidation pro-cedure, benefits paid by general government in the function of employer are excluded from the revenues of mandatory social insurance organizations

Consolidated expenditure present aggregate ex-penditures of individual governmental levels, while in the consolidation procedure, the transfers provided from one governmental level to another are excluded. In the consolidation procedure, expenditures paid by general government in the function of employer are excluded from the expenditures.

Consolidated surplus/ deficit is a difference be-tween consolidated revenues and consolidated ex-penditure.

Balance surplus/ deficit of individual governmen-tal levels is a difference between total revenues and total expenditures, at a particular governmental level.

Earnings not included in the revenues of general government present earnings based on domestic and external borrowing and earnings based on the priva-tization of state-owned enterprises.

Expenses that are not included in general govern-ment expenses are those for repayment of principal of national and foreign debt and expenses for pur-chase of financial assets that cannot be classified as net lending.

3. Public Debt Statistics (Tables in Chapter III – Pub-lic Debt) is based on the data of the Republic of Serbia Treasury Administration. The public debt of the Re-public of Serbia consists of direct liabilities (received loans) and indirect liabilities (issued guarantees).

1. Direct Liabilities Direct Liabilities of the RoS are those incurred on

the basis of the loans taken. Direct liabilities, depend-ing on the creditor, constitute the following: (1) do-mestic debt and (2) foreign debt.

Domestic Debt consists of liabilities carried over from the past, and liabilities stemming from short-term treasury notes. The largest share in the domestic debt is the one of the frozen foreign exchange savings, which also constitutes the largest individual debt in the public debt of the RoS.

Foreign Debt consists of (1) rescheduled old debt and (2) new borrowing.

The rescheduled debt consists of: (1) the debt to-wards International Bank for Reconstruction and De-velopment (IBRD, A, B, C), (2) debt towards the Paris Club of Creditors, (3) debt towards the London Club

of Creditors, (4) debt towards Council of Europe De-velopment Bank (CEB).

2. Indirect Liabilities Indirect liabilities of the RoS are those incurred on

the basis of the issued guaranties. Due to the fact that the guarantees that have been issued up to date were related with loans taken from foreign creditors, total indirect liabilities fall under the category of foreign debt.

RATIO BETWEEN THE PUBLIC DEBT AND GROSS DOMESTIC PRODUCT

The ratio between the public debt and gross domes-tic product, as the most important indicator of the public debt sustainability and one of the convergence criteria for joining the EMU, has been decreasing constantly in the last five years.

In 2004, the ratio between the public debt and GDP fell down to 60%, and went below 35% in 2006.

STRUCTURE OF INTEREST RATESThe ratio between the fixed and variable interest

rates in the public debt of Serbia is distinctly favo-rable. High share of the fixed interest rates provides high level of predictability of future liabilities arising from the interest and thus the Republic of Serbia is not exposed to a high interest rate risk.

CURRENCY STRUCTURE OF THE PUBLIC DEBT

The public debt consists of different currencies. The largest share, however, is the debt denominated in Eu-ros and US Dollars

90Belgrade, 2012.

Republic of SerbiaMINISTRY OF FINANCE


February 2012.

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