CBBH Publishes Consolidated Fiscal Data for 2004

The Central Bank of Bosnia and Herzegovina (CBBH) has prepared and published consolidated fiscal data for 2004, which include activities of budgets and non-budgetary funds at the level of BH, both BH entities, BH Brčko District and all cantons.

Consolidated fiscal data show that the total fiscal surplus in 2004 amounting to KM 244 million has been achieved at the level of entire BH, which also includes governments' budgets and non-budgetary funds. This comes as the result of implementation of the responsible fiscal policies at all levels over the last year, which is the important element of maintenance of the macroeconomic stability.

Total achieved income was KM 5,574 billion, which is by 5% more than in 2003, while the total expenditure was higher by 3% compared to 2003 and amounted to KM 5,191 billion. KM 138 million was spent on purchase of fixed assets and non-financial assets, which is by 20% less than in 2003, which is the indicator of reduced investment activities. Consolidated fiscal surplus was recorded at the level of both entities. BH Federation has recorded larger budget surplus. Non-budgetary funds, with the exception of health insurance funds, are also recording surplus. The situation is identical in Republika Srpska (RS), since the RS Government has also operated with surplus and the net balance of non-budgetary funds of RS, with the exception of health insurance fund, was also positive.

Share of the public spending in GDP has reduced compared to 2003. Current expenditures, together with the purchase of fixed and other non-financial assets were 41% of the GDP, that is, around 30% if the GDP is corrected for the size of "unregistered" economy. It needs to be mentioned that these expenditures do not include expenditures which are related to projects financed with the direct foreign donations, and which, in accordance with the implemented methodology, are being recorded off-balance.

Detailed data and tables are available at the CBBH web page (www.cbbh.ba, under "Statistics" link). Besides publishing the annual report on statistical data for the fiscal sector, the CBBH also prepares and publishes fiscal balances on quarterly basis. The CBBH Governor Kemal Kozarić stresses that this represents continuation of the previous activities of the CBBH on producing of the reliable fiscal data based on the internationally established standards. These data will help BH authorities in higher quality performance in the fiscal coordination, creating of the successful policies in the domain of public finances and their monitoring.

Statistical data were prepared with the implementation of the current IMF's methodology (GFS from 2001) and they include operations which the Government sector undertook over the monitored fiscal period. Reports were compiled with the full cooperation of all Finance Ministries and Governor expresses his gratitude for their support.

Public Relations Section
Almir Salihović