CBBH Releases Important New Fiscal Statistics for BH Based on International Standards 4/26/2004 Tweet Central Bank of Bosnia and Herzegovina (CBBH) today released government finance statistics for Bosnia and Herzegovina (BH). The CBBH Governor, Peter Nicholl, said that these statistics, produced for the first time with support from the IMF starting only last September, provide an important new basis for fiscal analysis and policy-making and for comparing the fiscal situation in BiH with that in other countries. These statistics were prepared in full cooperation and support with the State and entity Ministries of Finance and the Governor thanked them for their cooperation in this work. Fiscal statistics for 2002, showing consolidated data on revenue, expense and other transactions for all levels of government combined (excluding municipalities and international donor directly financed projects) and off-budget funds is attached. This table was compiled by CBBH in accordance with international standards (IMF Government Finance Statistics Manual 2001). Separate tables on fiscal transactions of each entity and Brčko District, together with a summary of the sources and methods used, are provided on the CBBH website (www.cbbh.ba). Mr. Nicholl mentioned some highlights in the fiscal statistics for consolidated BH governments (State, entities, cantons and Brčko) for 2002: Expense (which does not include acquisition of fixed and financial assets - shown separately in the statistics - and which also excludes depreciation of fixed assets) amounted to 5,005 million KM. -A further 147 million KM was spent on acquiring fixed and other nonfinancial Assets - Revenue was 5,133 million KM - The balance (deficit) of expense over revenue together with acquisition of fixed and other nonfinancial assets amounted to 18 million KM (a very small 0.1 per cent of gross domestic product including the nonobserved economy) for consolidated governments, though there were wide differences between the entities. - This small deficit for Bosnia and Herzegovina compares with the substantial budget deficits in many other countries; for example the 10 EU acceding countries had an average deficit of 5.1 per cent of gross domestic product for 2002, and the G7 countries currently have a combined deficit of around 5 per cent of GDP. - As an indication of the relative importance of consolidated BiH governments in the overall economy, revenue amounted to about 32 per cent of estimated 2002 gross domestic product including the nonobserved economy (GDP including NOE) and expense plus acquisition of fixed and other nonfinancial assets was also about 32 per cent of GDP including NOE. Adding municipalities would result in expense and revenue of all BiH consolidated general government each amounting to about 36 per cent of GDP including NOE. The Governor said that fiscal statistics for 2003 are expected to be published in June 2004. Later, CBBH will commence compilation and dissemination of quarterly fiscal statistics to provide more timely information and looks forward to continued cooperation with Ministries of Finance in this important work. Public Relations Section
