Page 19 - BELRptAug18

6.0 Public Sector 6.1 Budget
The budget is almost in balance. Fitch's measure of general government balance (consolidated government including Social Protection Fund and off balance sheet expenditure related to guarantees and financial sector transfers) is estimated to have recorded a near-balanced position at -0.1% of GDP in 2017. This estimate incorporates a consolidated government surplus of 2.4% of GDP reflecting a combination of revenue growth derived from higher oil prices and a more dynamic economy and continued expenditure restraint.
Belarus’ central state budget revenues totalled BYN11.5bn ($5.,7bn) in the first half of 2018, the Belarusian Finance Ministry said no August 2 handing the state a healthy surplus of BYN2.7bn.
The budget of the state administration sector amounted to BYN3.4bn. The surplus of the Social Protection Fund budget reached BYN0.3bn, that of the Universal Service Fund – BYN13.2mn, the Civil Aviation Fund – BYN6.2mn, the Punishment Execution Department Fund – BYN0.3mn.
Revenues of the state administration sector budget totalled BYN24.4bn in January-June 2018, 53.2% as against the revised annual target.
Revenues of the central state budget totalled BYN11.5bn, or 54.9% of the revised annual target.
Proceeds from VAT amounted to BYN5.1bn (50.7%), profit tax – BYN1.2bn (37%), excise duties – BYN1.2bn (50.6%).
Revenues from foreign trade operations totalled BYN2.7bn, 71.5% of the revised annual target. Revenues of the Social Protection Fund totalled BYN6.7bn, 49.5% as against the revised annual target. Revenues of the Universal Service Fund amounted to BYN20.2mn (52.5%), revenues of the Civil Aviation Fund – BYN16.3mn (78.7%), revenues of the Punishment Execution Department Fund – BYN0.4mn (33.3%).
As of 1 July 2018 arrears on tax and duty payments stood at BYN164.4mn. In the first half of 2018 the state administration sector budget spent BYN21bn, 46.5% as against the revised annual target.
The central state budget spent BYN8.8bn (43.5%). As much as BYN3.4bn (35.4%) was spent on nationwide activities, BYN2.3bn (54.5%) on financing the national economy, BYN6.8bn (48.3%) on financing the social sphere (social policy, education, healthcare, physical training, sport, culture, and mass media).
The Social Protection Fund spent BYN6.4bn (47.8% as against the revised annual target), the Universal Service Fund – BYN7mn (18.2%), the Civil Aviation Fund – BYN10.1mn (48.7%), the Punishment Execution Department Fund – BYN0.1mn (8.3%).
19 BELARUS Country Report August 2018 www.intellinews.com