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Public Sector Wages in Serbia

Macroeconomic aspect. The basic characteristics of macroeconomic trends in Serbia in the first half of the year is a significant growth of aggregate demand relative to domestic supply. The basic risks that may occur as a result of these macroeconomic trends are the growth of inflation and the aggrevation of trade deficit, i.e. current account deficit. In 2006 and the first half of 2007, inflation was under control, especially the core inflation which is primarily influenced by the growth of aggregate demand. Owing to the implementation of restricted monetary policy inflation was under control, and the surplus of demand overflowed to external sector, significantly contributing to the import and aggrevating trade deficit slowly exceeding the sustainability limit and threatening macroeconomic stability of the country.

Owing to the fact that the aggregate demand is primarily influenced by the growth of wages, and that the growth of wages in the public sector was dinamic, it is justifiable to observe the trends of wages in the public sector and their influence on macroeconomic stability.1 Bearing in mind that the number of employees in the public sector according to the data of Statistical Office of the Republic of Serbia and Treasury Administration in June 2007 was 572.824, presenting 28.7% of total number of registered employees.

The movement of average net wages in accordance with the forms of ownership and in the frame of public sector is presented in the following table.

Тable 1. Average net wages

Average Jan-June

2006

Average Jan- June

2007

Index, nominal

Index, real

June 2006

June 2007

Index, nominal Index, real

Republic of Serbia total 20.192,4 26.127,0 129,4 124,4 21.777,7 27.882,0 128,0 123,7

Private ownership 20.639,2 25.027,2 121,3 116,6 23.765,0 27.378,0 115,2 111,3

Mixed ownership 18.150,7 22.536,7 124,2 119,4 19.865,0 24.404,0 122,8 118,7 Socially-owned ownership 13.384,0 17.804,0 133,0 127,9 14.448,0 19.995,0 138,4 133,7

Public state owned enterprises 27.223,3 36.780,2 135,1 129,9 28.925,0 36.333,0 125,6 121,4

Public local enterprises 24.833,5 29.470,0 118,7 114,1 26.521,0 29.992,0 113,1 109,3

State administration 27.274,5 34.189,3 125,4 120,5 26.735,0 35.056,0 131,1 126,7

Education 21.579,6 27.186,0 126,0 121,1 21.871,9 28.989,0 132,5 128,1 Health care and social welfare 19.630,3 27.559,0 140,4 135,0 21.554,7 30.377,0 140,9 136,2

Note: It should be noted that the Law on changes and amendments of the Law on Personal Income Tax has been in effect as of 1 January 2007 according to which a non-taxable census was introduced, and tax rate decreased from 14% to 12%. Expenditures regarding the operations of employees increase at a slower rate than the growth of net wages owing to fiscal relief. Source: Statistical Office of the RS

It is noted that the growth of wages in the RS in the first half of 2007 was dinamic, and the largest contribution to such dinamic growth was the growth of wages in the public sector. In the period January-June 2007. relative to the same period in the previous year the highest growth of net wages was achieved in health care, public enterprises and socially-owned enterprises. Although it was high, the growth of wages in the private and mixed ownership, lagged behing the growth of wages in the public sector. This ratio between the growth of wages in the economy and public sector is unfavourable. The continuation of these trends

1 Public sector comprises the budget sector and public enterprises. The budget sector includes the consolidation of the republic budget, AP Vojvodina budget, local government budgets and budgets of mandatory social insurance organisations.

may result in the swifter growth of wages in the public sector in relation to the economy bringing about the macroeconomic instability threatening the competition of economy.

It is important to observe the trends of total amount of wages in the public sector in terms of the influence on aggregate demand. The growth total amount of wages in the public sector is somewhat lower than the growth of average net wages resulting from the moderate rationalisation in the public sector. However, it can be observed that the growth of total amount of wages is highest in the public state-owned enterprises.

Таble 2. Trends of total amount of net wages I-VI 2007/I-VI 2006

I-VI 2006 I-VI 2007 Index, nominal Index ,real

Net wages in the public sector 84.764,5 106.305,7 125,4 119,1Net wages in the budget sector 58.650,3 73.753,6 125,8 119,4Net wages in public enterprises 26.114,2 32.552,0 124,7 118,3Net wages in public state-owned enterprises 17.097,8 22.112,1 129,3 122,8Net wages in public local enterprises 9.016,5 10.439,9 115,8 109,9

Note: With regard to the public enterprises, net wage presents the produce of the number of employees and average net wage. Net wage in the budget sector is the result of division of contributions and taxes paid by the employee and other expenditures on employees from the cathegory of Expenditures on employees in the frame of general government consolidated balance. Net wages in the budget sector exempt the growth of wages based on the incomes of budget beneficiaries. Source: MoF, database of the Treasury Administration and Statistical Office of the RS

Personal demand, i.e. the total amount of wage is na important determinant of import growth.

Graph 1. Total amount of wages and import (in mill. EUR)

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02004006008001,0001,2001,400

Total amount of wages Import

Source: MoF, data base of the Statistical Office of the RS

If the approximation of personal demand is total amount of net wages in dinars, which is a result of the number of registered employees and the average net wage in Serbia, and if it is related to the import in dinars a high correlation coefficient of 0.82% is obtained. Coefficient this high shows the existence of the significant growth of import wages. When the stated macroeconomic categories are expressed in euros, more significant correlation of 0.86 is obtained, so it can be concluded that the growth of wages, in correlation with the exchange rate trends, presents a siginificant determinant in the import growth. Bearing in mind the large number of employees in the public sector out of the total number of registered

employees in the Republic, as well as the fact that the growth of wages in the public sector moved swifter than the average wage of the state, it may be noted that the growth of total amount of net wages in the public sector influenced significantly the growth of total net wages, and consequently the growth of import and the aggrevation in the external imbalance.

Net wages trends in the public sector influence both directly and indirectly the growth of demand in two ways. According to the first, the wages trends in the public sector undeniably influence also the wages trends in other economic sectors. In other words, the trend of wages in the public sector is not isolated from the trend of wages in the whole country, so that it may be presumed that so called imitation effect is in force owing to which the trends of wages in other economic sectors accompany the trends of wages in the public sector.2

The other grounds of the indirect influence of the trends of wages in the public sector is realised through the credit expansion. Namely, the growth of wages in the public sector implies higher creditworthiness, enabling credit investments to the citizens which is a significant determinant in the growth of personal demand especially in the first half of the current year.

An important aspect in the business activities of public enterprises and trends of wages related to public enterprises is their influence on the competitiveness of the Serbian economy. Monopoly status of most of the public enterprises, as well as an insufficient state control had impact on the rapid growth of net wages in the former period. These trends, as well as an insufficient reduction of the number of employees have as a consequence low productivity and efficacy of public enterprises influencing the entire economy due to the fact that insufficient productivity and efficacy have impact on the price and the quality of products and services of public enterprises decreasing the competitiveness of economy.

Bearing in mind that economy uses to a large extent the products of public enterprises, it can be justifiably stated that their low quality and high price have impact on the performances of the entire economy.

Trends of wages and employment trends in the budget sector. There is a growth of net wages in all areas in the budget sector. The largest growth is noted in healthcare and social welfare where the average net wage in June 2007 relative to the same period in the previous year increased by 40.9% in nominal terms, i.e. 36.2 % in real terms. The growth of wages in health care accompanied the growth of wages in educational sector where the average net wage in reference period increased by 32.5% in nominal terms and 28.1% in real terms. As observed in the statistical sample, the average net wage in the state administration at all levels increased in the same months by 31.1% in nominal terms and 26.7% in real terms. Detailed data concerning the wages in the budget sector are provided in the Table 1. and in table in the appendix.

Number of employees in the budget sector

2006. 2007. STATE ADMINISTRATION 193,404 190,129

HEALTH CARE 104,000 104,000EDUCATIONAL SECTOR 120,001 120,001

2 Inversion reaction is deffinitely present, i.e. the impact of the trends of wages in the private sector on the wages in the public sector. However, it is estimated that the impact of public sector is larger owing to the public availability of data and the importance the public sector has with regard to the entire economy.

TOTAL 417,405 414,130Note: State administration encompasses employees in the army, police, as well as in the local government. Source: MoF

The number of employees in the budget sector in 2007 relative to the year 2006 is decreased by 3.275 employees. Due to the fact that the data regarding the number of employees in healthcare and educational sector present data valid at the end of 2006, it is expected that there will be fluctuations in these areas of budget sector, accompanied by noticable growth in the number of employees. It should be noted that the vacancy for the employment of new medical doctors is underway.

The most available data are those concerning the state administration at all levels.

Graph 2. Number of emplyees, average net wage and total amuont of wages in state administration at all levels (indices Jan 2005=100)

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2005 2006 2007

Number of employees Average net wage Total amount of wages

Source: МoF, databasis of Statistical Office of the RS, monthly sample RAD-1

Analysis of the trends in the number of employees, total amount of wages and net wages in the state administration indicate that the growth of net wages in the state administration is based to some extent on the reduction of the number of employees, performed gradually in the period January 2005-June 2007.

Trends of wages and employment trends in public state-owned enterprises. In accordance with the data of the Statistical Office of the Republic of Serbia the average net wage in public state-owned enterprises increased from 21.587,1 in January 2005. to 36.333,0 dinars in June 2007, which is 68.3% in nominal terms and 32.2% in real terms.

Graph 3. Number of employees, average net wage and total amount of wages in public state-owned enterprises (indices Jan 2005=100)

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2005 2006 2007


Source: MoF , Statistical Office of the RS database, monthly sample RAD-1

There was a reduction in the number of employees in the same period from 123.216 to 99.743, i.e. by 19,1%, resulting in the alleviation of the consequences of the growth of net wages, i.e. the reduction in the number of employees parly created room for their growth. One should be cautious with regard to the authenticity of reduction, as restructuring of enterprises also results in the reduction of the number of employees. In addition to this, fiscal relief had impact on the increase of net wages to certain degree, and the expenditures of the employers which remained at the same level. The average net wage in almost all public state-owned enterprises is above the level of average wage in the Republic of Serbia. The real growth of net wages in public state-owned enterprises is significantly above the productivity of entire economy and the real growth of average net wage in the state. High growth of wages in public enterprises could be justified if accompanied by an adequate reduction in the number of employees. By obseving the trends in the number of employees this rule is not confirmed, as significant reduction of employees did not take place in these enterprises.

A certain degree of financial discipline is also noticed concerning some enterprises in this group, i.e. a moderate growth of real net wages, whereas a considerable number of these enterprises exceeds allowed limits, so that the average growth of wages in public state-owned enterprises is primarily caused by this. In the tables in the appendix, presenting the trends in the number of employees and average net wages in public state-owned enterprises, these trends may be analised with regard to the enterprises respectively. These indicators could not be shown for all enterprises as they were established in the following period, such as Oil Industry of Serbia and Electric power industry of Serbia, i.e. the enterprises founded by their restructuring. The indicators were calculated with regard to the enterprises which made business in the former period, by comparing summed data with regard to all of these enterprises.

Trends of wages and employment trends in public local enterprises. As opposed to the trends in public state-owned enterprises, the trends concerning the level of net wages are somewhat more favourable in public local enterprises. According to the data of the Statistical Office of the RS, the number of employees in June 2007 relative to June 2005 was decreased from 59.431 to 58.951, i.e. 0.8% ( decrease in June 2007 relative to February 2005 was 3.0% )

Graph 4. Number of employees, average net wage and total amount of wages in public local enterprises (indices Jan 2005=100)

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Source: MoF, Statistical Office of the RS database, monthly sample RAD-1

Parallel with the insignificant decrease in the number of employees there was a significant increase in average net wages from 20.812,5 to 29.992,0 dinars, i.e. 44.1% in nominal terms, and 13.2% in real terms. The growth of average net wages in public local enterprises for the period January 2005-June 2007 was lower than the increase of wages in public state-owned enterprises.

The growth of wages in public state-owned and local enterprises should be adjusted with the growth of productivity and rationalisation of total expenditures of an enterprise. Bearing in mind that the state provides recommendations with regard to the growth of total amount of wages, according to which the total amount of wages may be increased by the percentage of projected inflation, and acknowledging of several additional percentages owing to the real growth ( in 2007 the allowed increase of total amount of wages was 9%), the growth of net wages in public state-owned enterprises is paradoxical due to the fact that it is at a significantly higher level than permitted/recommended growth of total amount of wages. The real issue here is the strength of state control with regard to the growth of wages in public state-owned enterprises. The competitiveness of enterprises may be disturbed resulting in the lower competitiveness of the whole economy. The growth of net wages concerning public enterprises respectively exceeds the frame created by fiscal relief and the productivity growth, measured by unit-based operating costs.

Conclusion. The trends of wages in the Republic of Serbia threaten the maintenance of the macroeconomic stability and the increase of competitiveness of national economy. Trends of wages in Serbia significantly contribute to the trends of wages in the public sector, i.e. public enterprises both directly and indirectly, which increases the import presenting the risk for the maintenance of low inflation rate. It is necessary to undertake the measures limiting the trend of wages in the public sector as economic policy measures have lower impact on the demand in the private sector and also bearing in mind low preference for economizing. Stated measures imply fiscal contraction in the way projected in the Memorandum on Budget and Economic and Fiscal Policy for 2008 with projections for 2009 and 2010 and the control of wages in public enterprises as well as their harmonisation with productivity and reduction of the number of employees. In addition to this, monetary policy restricted measures as well as the measures promoting the economizing in the private sector will be significant in order to control personal demand.

APPENDIX

Average number of employees and average net wages in Public state-owned enterprises

Average number of employees Average net wages 2005. 2006. I-VI 2007. 2005. 2006. I-VI 2007.

Airport 896 701 603 31,093 40,739 55,934NP Djerdap 69 71 69 18,981 20,326 22,863EMS - 1,342 1,341 - 40,366 45,488Electric power industry of Serbia 44,469 36,602 35,401 24,579 33,679 39,815Fruska Gora 236 221 192 15,823 19,332 24,033Official Gazette 100 101 104 33,567 50,678 57,455ЈАТ Airways 3,173 1,834 1,662 30,590 45,345 53,679NP Kopaonik 33 34 34 24,839 29,077 29,104Oil Industry of Serbia 13,659 13,192 12,725 29,076 34,397 43,262Panorama 56 50 28 16,367 20,459 38,728PTT 16,630 15,494 14,949 19,664 24,141 29,140PEU 4,910 4,377 4,272 20,489 25,719 29,825Roads of Serbia - 1,077 1,130 - 28,707 29,649NP Sara 31 32 32 14,308 13,925 11,520Ski resorts - 82 154 - 76,362 56,552Shelters 102 92 92 24,418 30,012 34,280Srbijagas 1,014 998 1,013 29,579 34,627 41,630Srbijasume 3,800 3,340 3,225 17,738 22,353 26,399Srbijavode 126 132 133 32,697 39,425 41,668NP Tara 240 204 196 13,849 19,642 26,620Telekom 11,456 10,447 10,239 27,332 35,664 40,766Transnafta 65 68 77 47,636 51,734 66,042Publishing House for Text Books 278 287 284 31,289 34,363 37,553Serbian Railways 23,902 21,198 20,678 15,774 19,375 22,050

Average for all Public state-owned enterprises 125,243 111,976 108,634 22,855 29,536 34,925Source: Treasury Administration

Trends in average number of employees and average net wages in public state-owned enterprises

I-XII 2006. I-XII 2005.

I-VI 2007. I-VI 2006.

I-VI 2007.* I-VI 2005.

I-XII 2006. I-XII 2005.

I-VI 2007. I-VI 2006.

I-VI 2007. I-VI 2005.

Index, Average number of employees



Index, Average net wage-in

nominal terms

Index, Average net wage

- in real terms


nominal terms


- in real terms -


nominal terms -


- in real terms -- Airport 78,3 86,0 163,5 131,0 116,3 151,1 143,6 197,6 163,0 NP Djerdap 103,2 97,6 96,1 107,1 95,0 119,6 113,7 129,0 106,5 EMS 85,3 99,9 128,7 164,2 145,7 141,1 134,1 199,5 164,6 Electric power industry of Serbia 85,3 96,7 128,7 137,0 121,6 139,3 132,4 257,8 212,8 Fruska Gora 94,0 86,9 122,4 122,2 108,4 141,6 134,6 155,6 128,4 Official Gazette 101,5 102,9 90,5 151,0 134,0 129,3 122,9 181,1 149,5 ЈАТ Airways 57,8 90,6 209,4 148,2 131,5 127,1 120,8 310,8 256,5 NP Kopaonik 103,0 101,2 93,7 117,1 103,9 107,2 101,9 119,4 98,5 Oil Industry of Serbia 96,6 96,5 118,5 118,3 105,0 143,0 135,9 166,3 137,2 Panorama 88,7 55,4 203,6 125,0 110,9 229,4 218,1 236,6 195,2 PTT 93,2 96,5 113,8 122,8 108,9 128,2 121,8 157,1 129,6 PEU 89,2 97,6 121,7 125,5 111,4 117,9 112,1 152,4 125,8 Roads of Serbia - 105,0 - - - 105,2 100,0 - - NP Sara 103,2 100,5 93,8 97,3 86,4 100,4 95,4 94,6 78,1 Ski resorts - - - - - - - - - Shelters 90,4 99,8 110,9 122,9 109,1 116,8 111,0 142,3 117,4 Srbijagas 98,3 101,5 118,5 117,1 103,9 134,2 127,6 160,0 132,0 Srbijasume 87,9 96,6 118,6 126,0 111,8 127,3 121,0 154,6 127,5 Srbijavode 104,6 101,4 93,1 120,6 107,0 108,5 103,1 131,9 108,8 NP Tara 84,8 96,2 124,5 141,8 125,8 140,9 134,0 194,1 160,1 Telekom 91,2 98,0 115,9 130,5 115,8 124,8 118,6 160,3 132,3 Transnafta 105,9 112,0 118,5 108,6 96,4 137,5 130,7 253,8 209,5 Publishing House for Text Books 103,1 99,1 99,8 109,8 97,5 110,9 105,4 131,2 108,3

Serbian Railways 88,7 97,5 121,3 122,8 109,0 117,4 111,6 146,1 120,6 * Note: The index of average number of employees concerning some enterprises in this column shows employment growth, whereas the former two indices show its drop, which seems inconsistent if observed superficially. The reason for this is that a significant reduction in the number of employees was performed in the secong half of 2005, and during the calculation of indices the average number of employees in the observed periods was used. Source: Treasury Administration

Trends of wages in Public state-owned enterprises in the first half of 2007

January February March April May June Average six-month wage

Net wage

Annual index of net wage Net wage Annual index of

net wage Net

wage Annual index of

net wage Net

wage Annual index of

net wage Net wage Annual index of net wage

Net wage

Annual index of net wage

Net wage

Index of

net wages – period

average Airport 52.832 151,5 50.365 145,5 50.874 146,8 63.731 178,4 60.234 147,1 57.568 139,2 55.934 151,1 NP Djerdap 52.558 123,5 49.382 130,6 52.502 135,0 55.458 142,5 58.577 124,2 53.599 111,4 53.679 127,1 EMS 31.171 129,1 27.416 113,9 30.299 113,6 29.064 118,7 31.174 115,0 - - 29.825 117,9 Electric power industry of Serbia 47.210 143,7 40.950 137,4 45.371 134,2 46.516 151,2 48.281 141,7 44.601 138,9 45.488 141,1 Fruska Gora 39.710 136,5 37.350 151,1 39.031 130,6 39.642 144,7 43.198 144,1 39.956 131,4 39.815 139,3 Official Gazette 42.927 141,9 41.980 141,8 42.240 143,6 44.221 142,2 44.753 144,7 43.453 143,7 43.262 143,0 ЈАТ Airways 60.526 128,3 65.928 140,0 65.609 139,0 66.671 139,0 68.928 140,8 68.591 137,7 66.042 137,5 NP Kopaonik 40.253 132,3 40.381 132,5 40.798 134,3 41.428 131,1 42.195 133,5 44.723 141,6 41.630 134,2 Oil Industry of Serbia 22.484 169,5 22.814 117,1 22.827 117,2 23.128 114,2 22.798 110,0 23.128 107,6 22.863 119,6 Panorama 24.191 148,4 23.940 147,5 23.817 148,0 24.191 145,3 23.218 135,0 24.841 128,2 24.033 141,6 PTT 29.396 110,1 29.396 110,2 29.359 104,7 29.385 107,7 28.553 105,5 28.534 105,4 29.104 107,2 PEU 11.507 100,9 11.507 100,9 11.507 100,9 11.535 100,9 11.559 100,9 11.507 97,8 11.520 100,4 Roads of Serbia 18.515 120,2 25.660 167,4 27.992 119,8 28.627 158,5 28.920 140,2 30.006 146,2 26.620 140,9 NP Sara 27.669 124,2 29.254 132,6 28.644 127,7 29.707 127,0 30.181 128,0 29.384 129,6 29.140 128,2 Ski resorts 40.962 132,0 40.369 132,0 40.813 130,9 40.553 117,1 41.401 119,5 40.495 119,2 40.766 124,8 Shelters 25.576 92,5 34.190 129,2 29.695 112,6 29.832 109,0 30.341 108,2 28.258 85,0 29.649 105,2 Srbijagas 49.393 - 47.817 - 58.490 - 55.592 - 57.875 - 70.147 - 56.552 -

Srbijasume 34.587 116,3 34.587 118,9 34.587 117,6 35.450 120,5 33.234 114,2 33.234 113,0 34.280 116,8 Srbijavode 80.155 186,9 53.046 125,0 52.236 118,4 52.628 113,2 53.441 118,6 53.225 116,7 57.455 129,3 NP Tara 26.004 135,7 26.512 138,5 26.327 137,3 26.452 119,7 26.500 119,3 26.597 117,4 26.399 127,3 Telekom 40.804 114,8 41.622 118,8 41.467 109,6 41.965 96,7 41.964 106,3 42.188 107,6 41.668 108,5 Transnafta 21.804 113,6 21.374 117,1 21.189 115,7 22.466 113,9 23.243 123,6 22.220 120,6 22.050 117,4 Publishing House for Text Books 37.543 105,5 37.621 110,4 37.734 112,3 37.346 111,6 37.585 112,7 37.488 113,2 37.553 110,9 Панорама 36.417 222,5 36.417 222,5 36.417 214,6 41.039 241,8 41.039 241,8 41.039 232,8 38.728 229,4 Source: Treasury Administration

Average wages of selected categories of employees in the state sector (having 10 years of length of service) In dinars

Index , nominal Index, real June

2006. June2007. November 2007.* June07/June06 Nov 07/June

06 June07/June 06

ARMY - - - - - -EDUCATION 24,214 30,080 35,037 124.2 144.7 118.2Primary-school teacher (lower grades) 17,969 25,693 28,617 143.0 159.3 136.0Primary-school teacher (higher grades) 19,596 28,007 31,196 142.9 159.2 136.0Secondary-school teacher 25,703 32,594 36,311 126.8 141.3 120.7University teacher 44,768 48,975 63,293 109.4 141.4 104.1Support staff 13,035 15,130 15,766 116.1 120.9 110.4HEALTH CARE 23,970 34,693 37,844 144.7 157.9 137.7Nurse 18,675 27,875 29,045 149.3 155.5 142.0General practitioner 28,432 42,441 47,275 149.3 166.3 142.0Medical specialist 34,688 51,772 57,669 149.3 166.3 142.0Support staff 14,085 16,685 17,386 118.5 123.4 112.7POLICE 26,725 31,212 32,523 116.8 121.7 111.1Policeman (secondary school) 24,704 28,519 29,716 115.4 120.3 109.8

Inspector (faculty) 28,747 33,905 35,330 117.9 122.9 112.2STATE ADMINISTRATION 20,034 31,252 32,565 156.0 162.5 148.4Clerk (Secondary school) 14,523 16,737 17,440 115.2 120.1 109.7Associate (Advanced school) 16,272 23,994 25,002 147.5 153.7 140.3Adviser (Faculty) 24,671 37,472 39,047 151.9 158.3 144.5Independent adviser (Faculty) 24,671 46,803 48,770 189.7 197.7 180.5* Note: Estimation with regard to the expected increase in salaries and their freezing in November, as specified in the Memorandum on budget and economic and fiscal policy for 2008 with projectionss for 2009 and 2010. Source: МoF

2001 2002 2003 2004 2005 2006 2007

Gross domestic product, current prices, in billion dinars 783.9 1020.1 1171.6 1431.3 1.750,01 2.125,82 -Gross domestic product, in millions USD 11,812.0 15,840.7 20,344.8 24.516,6 26.231,51 31.691,02 -Gross domestic product, per capita, in USD 1,574.2 2,112.1 2,719.7 3285 3.525,41 4.207,02 -Gross domestic product, real growth, in % 4.8 4.2 2.5 8,4 6,21 5,72 8,73

Economy, growth ratesI-VI 2007I-VI 2006

Industrial production, physical scope 0.1 1.7 -3.0 7.1 0.8 4.7 5.2Agriculture, physical scope 18.7 -2.5 -5.7 19.5 -5.3 0.92

Forests exploitation -17.6 6.9 5.6 3.1 -2.2 8.62

Construction - hours worked -13.8 -7.4 16,9 5,2 -7,0 1.1 14,83

Transport, volume of services 9.6 6.9 5.2 4.9 10,0 -0,43

Post activities and telecommunications, volume of services 20.9 3.1 31.3 26.7 33,3 74,1 30,93

Turnover in retail trade, real terms 19.7 23.9 12.6 17.9 28.4 7.7 26.0Tourism, overnight stays -6.5 0.2 -7.2 -1.0 -2.0 1.0 14.0

Retail prices and consumer prices, growth rates I-VIIRetail prices, end of period 40.7 14.8 7.8 13.7 17.7 6.6 4.8Retail prices, period average 91.8 19.5 11.7 10.1 16,5 12.7 5.3Producers prices of manufactured goods, period average 87.7 8.8 4.6 9.1 14.2 13.3 4.8Consumer prices, period average 93.3 16.6 9.9 11.4 16.2 11.7 4.0

Foreign trade, in million USD4 I-VI Export of goods 1,721.0 2,075.0 2,756.2 3,523.4 4.481,8 6,427.9 3,968.8 European Union 799.0 906.0 1,097.0 1,815.0 2.410,0 3,705.5 2,305.2Import of goods 4,261.0 5,614.0 7,476.8 10,753.2 10.461,3 13,172.3 8,146.4 Capital goods5 - - - 3,109.9 2.438,2 3,064.0 2,044.1 Intermediate goods5 - - - 3,571.3 3.753,9 4,764.5 3,002.0Foreign trade deficit -2,540.0 -3,539.0 -4,720.6 -7,229.9 -5.979,5 -6,744.4 -4,177.7Current account deficit (excluding donations) -876.0 -1,743.0 -1,946.0 -3,308.0 -2,555.0 -3,883.0 -2,919.0Current account deficit (excluding donations), as % of GDP 7.4 11.0 9.6 13.5 9.7 12.3 -Balance of payments, total 502.0 928.0 921.0 448.0 2,027.0 5,422.0 261.0

Foreign direct investments, net, in million USD 165.0 475.0 1,360.0 966.0 1,550.0 4,387.0 847.0

Gross fixed capital formationGross fixed capital formation, in billion dinars 81.5 120.4 188.6 253.3 302.8 379.8 -Gross fixed capital formation as a % of GDP 10.4 11.8 16.1 17.7 17.3 17.9 -

Fiscal indicators I-VConsolidated public revenues, in million dinars 276,664 407,027 472,713 589,450 701,658 846,905 397,220Consolidated public expenditures, in million dinars 276,730 438,638 485,291 576,493 669,241 811,790 342,547Consolidated deficite/surplus дефицит/surplus, in million dinars -67 -31,611 -12,578 12,957 32,416 35,115 54,673Public debt, in billion dinars 802,138 709,283 752,995 763,324 879,171 738,808 721,969

Monetary and Foreign Exchange Indicators, end of period VI 2007Dinar reserve money, in million dinars 41,448 69,323 69,996 76,969 94,220 143,407 144,775Money supply М1, in million dinars 58,233 93,815 99,544 111,235 144,884 200,031 205,371Money supply М3, in million dinars 125,415 191,491 245,062 323,465 459,650 638,505 708,687Dinar loans disbursed to: 75,187 97,589 141,498 231,866 394,118 521,770 634,951 Economic organizations 68,377 77,845 109,047 161,776 255,965 306,918 380,694 Households 5,277 16,139 29,333 66,354 131,845 205,146 254,257Foreign currency reserves of NBS, in million USD 1,169 2,280 3,550 4,245 5,843 11,889 12,337Discount rate of NBS, at the annual level, % 16.43 9.5 9.0 8.5 8.5 8.5 8.5Value of USD against dinar 67.67 58.98 54.64 57.94 72.22 59.98 58.78Value of EUR against dinar 59.71 61.52 68.31 78.89 85.50 79.00 79.03

Foreign currency savings, million EUR, end of period 329.8 754.6 1,037.8 1,424.8 2,238.7 3,346.1 3,963.2Dinar savings, million EUR, end of period - 41.5 48.9 36.3 35.6 67.0 91.8

Employment, wages and pension benefits VI 2007Employment level, average (thousands) 2,102 2,067 2,040 2,051 2,069 2,026 2,000Job seekers, end of period (thousands) 780.5 904.5 944.9 969.9 990.7 1,011.1 925.4Unemployment level, end of period (thousands) 895.7 916.3 849.2Unemployment rate, ILO definition 19.5 21.8 21.6 -Net wages, period average, in dinars 6,078 9,208 11,500 14,108 17,443 21,707 26,127

- real growth rates 16.5 29.9 13.6 10.1 6.4 11.4 24.4Gross wages, period average, in dinars 8,691 13,260 16,612 20,555 25,514 31,745 36,463

- real growth rates 16.0 30.0 14.0 11.1 6.8 11.4 18.7Pension benefits, period average, in dinars 4,107 6,546 7,844 9,244 11,484 14,041 14,473

- real growth rates 18.4 36.7 9.0 5.7 6.9 9.5 9.2

Privatization proceeds, in million EUR 326.9 873.8 173.5 669.5 853.5 320.36

Table 1. Basic macroeconomic and fiscal indicators

Source: RSO, NBS, NEA and EPF, Agency for Privatization, Belgrade Stock Exchange

previous year = 100

1 Preliminary results. 2 MoF estimation. 3. I-III 2007/I-III 2006 4. Data for foreign trade with Montenegro included in 2006 5. New classification in order from 2004 6 I-VI 2007

2001 2002 2003 2004 20051 20062 20072

I quarter 2.3 1.7 2.0 6.8 4.6 7.0 8.7II quarter -1.1 4.5 4.9 4.3 7.8 5.9III quarter 2.8 6.9 1.6 8.3 7.4 5.3IV quarter 15.7 3.6 1.7 13.8 5.0 5.0

TOTAL 4.8 4.2 2.5 8.4 6.2 5.7Source: RSO1 Preliminary results2 Estimated

∆, previous year = 100, %

∆, compared with the same qarter in the previous year, %

Table 2. Real growth rates of GDP, at constant prices 2002

Industrial production

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6

2001 2002 2003 2004 2005 2006 2007

Trend

GDP, at constant prices 2002

100,000

150,000

200,000

250,000

300,000

350,000I q

uarte

r

II qu

arte

r

III q

uarte

r

IV q

uarte

r

I qua

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II qu

arte

r

III q

uarte

r

IV q

uarte

r

I qua

rter

II qu

arte

r

III q

uarte

r

IV q

uarte

r

I qua

rter

II qu

arte

r

III q

uarte

r

IV q

uarte

r

I qua

rter

II qu

arte

r

III q

uarte

r

IV q

uarte

r

I qua

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II qu

arte

r

III q

uarte

r

IV q

uarte

r

I qua

rter

2001 2002 2003 2004 2005 2006 2007

in million dinars

Trend

Indices, Ø 2006 = 100

Table 3. Retail pricesIndices

Retail prices, total

Core inflation

Administrative prices

Agricultural products

20011) 140,7 120.5 160.8 120.720021) 114,8 104.4 127.3 113.320031) 107,8 106.1 111.1 93.720041) 113,7 111 116.8 108.420051) 117,7 114.5 120.2 136.120061) 106,6 105.9 107.4 106.720052)

January 102,7 102.4 103.0 103.1February 101,5 100.9 102.0 104.9March 100,8 101.0 100.3 106.4April 100,8 100.8 100.2 109.2May 101,1 100.5 100.9 114.3June 100,8 101.1 100.4 103.0July 102.0 100.6 104.7 90.0August 100,4 100.9 100.3 94.7September 101,1 101.2 101.5 94.7October 101,7 102.1 101.2 102.8November 101,2 101.3 100.9 104.7December 102,2 100.9 103.4 105.9

20062)

January 100.4 100.5 100.1 103.5February 101.4 100.4 102.5 104.9March 100.3 100.8 99.6 103.1April 101.8 100.8 102.7 104.7May 101.6 100.7 101.7 113.8June 100.0 100.6 99.4 98.1July 99.9 100.6 100.6 82.0August 100.7 100.4 101.5 93.8September 99.8 100.6 99.1 96.2October 99.6 100.1 99.3 96.1November 100.8 100.2 100.9 110.9December 100.1 100.0 100.0 103.6

20072)

January 100.4 100.0 100.7 101.9February 100.1 99.8 100.4 100.1March 100.8 100.1 101.4 100.9April 100.9 100.2 101.1 106.0May 101.4 100.2 102.4 105.8June 100.6 100.5 101.4 91.9July 100.6 100.2 101.6 93.8

Source: RSO, NBS

January February March April May June July

Administrative prices, total 100.7 100.4 101.4 101.1 102.4 101.4 101.6 109.5

Main manufactured food products1)

100.4 101.0 100.8 100.1 100.0 100.3 100.1 102.6Oil derivatives 99.1 95.1 104.7 106.2 97.5 103.5 104.5 110.6Electricity 100.0 100.0 100.0 100.0 115.0 100.0 100.0 115.0Coal (for household) 99.4 100.0 100.0 100.2 99.9 100.0 100.0 99.5Gas 93.2 87.6 96.7 100.0 96.5 114.3 104.7 91.2Housing, public-utilities sevices2) 100.0 107.1 100.6 100.0 100.6 100.2 100.4 108.9Social security services 99.9 100.7 100.0 99.9 113.9 100.1 107.8 123.5Transport and postal services3) 100.0 100.0 100.7 100.0 100.0 100.3 101.7 102.6Tobacco 110.5 100.0 101.2 100.0 100.0 105.6 100.0 118.1Medicines 100.2 100.3 99.8 100.2 100.0 103.7 100.6 104.8

Insurance and Fee for motor vehicles100.2 100.0 100.0 100.0 100.0 100.2 100.0 100.4

TV subscription 100.0 100.0 116.7 100.0 100.0 100.0 100.0 116.7

July 2007December 2006

Previous month =100

1) End of period2) Previous month=100

Source: МoF on data basis RSO

Table 4. Administrative prices

1) Flour, bread, milk2) Water for household, wastewater, taking out rubbish from flat, cental heathing3) Bus city transport, monthly ticket, railway passenger transport, airway passenger transport, postal services.

Table 5. Balance of Payments of the Republic of Serbia

January February March April May June

I CURRENT ACCOUNT -285 -1,247 -1,420 -2,869 -2,224 -3,656 -476 -408 -616 -562 -120 -5941. Goods -2,308 -3,228 -4,021 -6,469 -5,290 -6,230 -512 -557 -805 -683 -647 -628

1.1. Export, f.o.b. 1,821 2,212 3,319 4,082 4,970 6,486 531 567 722 666 747 7691.2. Import, f.o.b.1 -4,129 -5,440 -7,340 -10,551 -10,260 -12,716 -1,044 -1,123 -1,527 -1,349 -1,394 -1,397

2. Services 244 130 202 175 -6 -62 -1 -13 22 0 12 02.1. Export 614 749 1,039 1,477 1,636 2,107 217 193 230 231 241 2252.2. Import -370 -619 -837 -1,302 -1,642 -2,169 -218 -206 -208 -230 -228 -225

3. Goods and services (1+2) -2,064 -3,098 -3,819 -6,294 -5,296 -6,292 -513 -570 -782 -683 -635 -6283.1. Export 2,435 2,961 4,358 5,559 6,606 8,593 748 759 952 896 988 9943.2. Import -4,499 -6,059 -8,177 -11,853 -11,902 -14,885 -1,262 -1,329 -1,734 -1,579 -1,622 -1,622

4. Income 6 -73 -136 -216 -324 -395 -13 -6 -88 -53 -2 -594.1. Receipts 48 62 69 80 98 194 22 15 18 16 20 284.2. Payments -42 -135 -205 -296 -422 -589 -35 -21 -106 -69 -22 -87

5. Current transfers 1,182 1,428 2,059 3,166 3,067 2,803 37 151 231 162 496 735.1. Receipts 1,556 1,798 2,499 3,766 3,902 4,355 190 286 397 353 545 3065.2. Payments -374 -370 -440 -600 -836 -1,552 -153 -135 -166 -191 -50 -232

6. Official transfers (grants) 591 496 476 475 329 228 13 18 24 12 20 20II CAPITAL AND FINANCIAL ACCOUNT 788 2,048 2,518 3,089 4,720 9,361 545 628 262 797 298 662А. Capital account 0 0 0 0 0 843 1 -422 0 -1 0 2Б. Financial account 788 2,048 2,518 3,089 4,720 8,518 544 1,050 262 797 298 660

1. Foreign direct investment, net 165 475 1,365 966 1,550 4,387 135 617 121 262 175 -4622. Portfolio investment, net 78 94 181 143 65 253. Medium and long-term loans, net2 216 680 997 1,560 2,198 2,844 61 120 249 112 234 977

3.1. Drawings 265 756 1,189 2,171 2,959 5,411 313 259 644 304 397 1,3363.2. Repayments -49 -76 -192 -611 -761 -2,567 -252 -139 -395 -192 -163 -359

Advance repaymentsamortization and interest 0 -1,135 -232

4. Loans to abroad, net 0 -16 41 2 -6 7 -2 5 05. Short-term credits and deposits,net3 73 158 66 449 439 93 -62 96 -167 -55 -27 806. Other, net 622 801 95 68 423 1,158 21 127 181 226 -134 807. Commercial banks, net -288 -66 -5 46 126 -5 310 3 -310 110 -20 -40

III ERRORS AND OMISSIONS,NET4 -1 127 -177 228 -469 -283 -285 -69 143 86 -60 31

IV OVERALL BALANCE 502 928 921 448 2,027 5,422 -216 151 -210 320 117 99V NBS FOREIGN EXCHANGE RESERVES

(increase-)5 -502 -928 -921 -448 -2,027 -5,422 216 -151 210 -320 -117 -99Of which, IMF, net -128 -255 -277 -7 25 660 0 13 232 0 0 0

2) Use of IMF credit included.

Source: NBS

20042001 2002 2003

1) Since 1997 import of goods has been recorded in f.o.b. terms in conformity with the IMF methodology, subject to the Balance of Payments Manual, FifthEdition,1The RSO estimate has placed the c.i.f./f.o.b. adjustment of the import of goods at 3,1%.

3) With respect to short-term credits and deposits in 2005. monthly data are adjusted for the portion of credits and deposits which refer to previous years.

5) In the 1997-2000. period, foreign exchange reserves of the NBS and commercial banks are shown including inter-currency changes, whereas in the 2001-2005. period foreign exchange reserves of the NBS and commercial banks are shown as new foreign exchange savings, without inter-curency changes.

4) In the 1997-2000. period, the item errors and omissions, net, includes inter-currency changes, short-term commercial credits and real errors and omissions,whereas in the 2001-2005. period it includes short-term credits and real errors and omissions.

2005 20062007

in million U.S. dollars

Foreign direct investments, net

346

606

198

-25

300 297

727

1,725 1,737

873

-200

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

I qua

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I qua

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II qu

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2005 2006 2007

in m

illio

n U

.S. d

olla

rs

Export

763.1

554.8

429.4

100

200

300

400

500

600

700

800

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

embe

r

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

embe

r

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June

2005 2006 2007

in million U.S. dollars

Table 6. Monetary Survey

2001 2002 2003 2004 2005 2006 VI 2007Net foreign assets -96,343 132,114 170,227 160,868 218,886 407,565 484,388 Foreign assets 506,371 196,847 257,601 313,353 491,883 770,999 786,952 NBS 423,250 142,883 198,015 248,376 424,844 715,114 730,668 Banks 83,121 53,964 59,586 64,977 67,039 55,885 56,284 Foreign liabilities (-) -602,714 -64,733 -87,373 -152,485 -272,997 -363,434 -302,564 NBS -394,740 -47,610 -64,093 -69,260 -81,873 -55,692 -15,716 Banks -207,974 -17,123 -23,280 -83,225 -191,124 -307,742 -286,848

Net domestic assets 389,979 204,800 280,920 412,131 560,818 574,894 623,249 Domestic credit 275,143 185,134 228,389 348,617 490,467 504,961 583,321 Net claims on government 7,961 3,851 -9,153 5,952 -27,831 -104,210 -149,081 Credit to government 23,320 35,192 32,255 44,001 40,106 34,897 25,652 Dinar credit 21,560 26,370 22,500 30,008 21,272 18,271 16,102

NBS 14,685 21,295 19,760 22,407 16,330 16,450 15,715 Banks 6,875 5,075 2,739 7,601 4,942 1,821 387

Foreign currency credit 1,760 8,822 9,756 13,993 18,834 16,626 9,550 NBS 1,479 1,509 0 0 181 0 0 Banks 281 7,313 9,756 13,993 18,653 16,626 9,550

Government deposits (-) -15,359 -31,341 -41,408 -38,049 -67,938 -139,107 -174,733 Dinar deposits -7,653 -15,508 -17,934 -24,484 -43,605 -31,197 -78,392

NBS -3,612 -5,009 -12,998 -22,966 -40,718 -19,678 -62,941 Banks -4,041 -10,499 -4,936 -1,518 -2,887 -11,519 -15,451

Foreign currency deposits -7,706 -15,833 -23,474 -13,565 -24,333 -107,910 -96,341 NBS -7,259 -6,159 -18,107 -9,990 -18,806 -103,443 -91,685 Banks -447 -9,674 -5,367 -3,575 -5,527 -4,467 -4,656

Credit to non-government sectors 267,182 181,283 237,541 342,665 518,299 609,171 732,402 Households 5,277 16,139 29,536 66,514 132,146 203,631 254,803 Enterprises 247,829 153,643 197,319 264,488 370,775 381,435 452,138 Other financial corporations 3,154 8,392 7,446 8,216 8,868 14,400 15,528 Local government 1,627 593 1,410 1,269 2,208 5,033 5,377 Non-profit and other organizations 9,295 2,516 1,830 2,179 4,301 4,672 4,556 Other assets, net 114,836 19,666 52,531 63,514 70,351 69,933 39,928

Deposit, capital and provisioning 293,636 336,914 451,147 572,998 779,704 982,459 1,107,637 Money supply М3 125,414 191,492 244,731 322,876 458,870 634,470 708,667 Money supply М2 68,097 110,896 124,895 146,209 192,180 278,966 288,329 Money supply М1 58,233 93,815 99,303 111,258 144,949 200,090 205,564 Currency in circulation 25,266 43,719 42,980 45,165 53,650 68,461 65,066 Sight deposits 32,967 50,096 56,323 66,093 91,299 131,629 140,498 Dinar time an savings deposits 9,864 17,081 25,592 34,951 47,231 78,876 82,765 Foreign currency deposits 57,317 80,596 119,837 176,667 266,690 355,504 420,338 Capital accounts -140,560 83,099 117,788 142,753 181,772 242,254 289,801

NBS 8,090 6,992 17,418 33,580 41,450 7,454 9,923 Banks -148,650 76,107 100,370 109,173 140,322 234,800 279,878

Provisioning for losses 308,782 62,323 88,628 107,369 139,062 105,735 109,169

Analitical items Net monetary effects of foreign currency transactions -104,049 116,281 146,753 147,303 194,553 299,655 388,047 Net domestic assets excluding foreign currency government deposits 397,685 220,633 304,394 425,696 585,151 682,804 719,590 Net credit to non-government sectors 232,048 166,207 173,844 263,984 415,368 531,570 650,692 Annual growth rates М3 92.3 52.7 27.8 31.9 42.1 40.0 37.8 М2 107.0 62.9 12.6 17.1 31.4 47.0 39.4 М1 115.5 61.1 5.9 12.0 30.3 38.0 38.3Domestic credit Credit to government 82.7 50.9 -8.3 36.4 -8.9 -13.0 -26.5 Credit to households 85.2 205.8 83.0 125.2 98.7 54.1 25.1 Credit to enterprises 15.7 -38.0 28.4 34.0 40.2 2.9 18.5Source: NBS

in million dinars

Savings2006 2007 inrease, in %

December June June 2007December 2006

Household savings - total 3,413.1 4,055.0 18.8 -Dinar savings 67.5 91.8 36.0 -Foreign currency savings 3,480.6 3,963.2 13.9Savings term structure, in %: -a vista 38.6 37.3 -Long-term (over one year) 17.5 16.5Savings deposits currency structure, у %: - Foreign currency deposits 98.04 97.74 - Dinar deposits 1.96 2.26Source: NBS

Table 7. Household Savings

in million EUR

Foreign currency savingsterm structure - May 2007

37.2%

14.2%11.5%

21.0%

16.1%

a vista up to 3 monthsup to 6 months up to one yearover one year

Foreign currency savings

0.6 0.7 0.7 0.8 0.8 0.9 1.0 1.0 1.1 1.2 1.3 1.41.6 1.7

1.92.2

2.42.6

3.03.3

3.74.0

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

I qua

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r

IV q

uarte

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II qu

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r

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IV q

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II qu

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r

III q

uarte

r

IV q

uarte

r

I qua

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II qu

arte

r2002 2003 2004 2005 2006 2007

in billion EUR

Foreign currency savingsterm structure - December 2006

38.3%

13.0%11.8%

19.3%

17.6%

a vista up to 3 monthsup to 6 months up to one yearover one year

Table 8. Average net wages and employment level

Average net wages, in dinars

Avearge employment level, (thousands)*

Unemployment level, (thousands)

2001 6,078 2,102 -2002 9,208 2,067 -2003 11,500 2,040 -2004 14,108 2,051 -2005 17,443 2,069 8962006 21,707 2,026 916

2004January 12,078 2,008 -February 12,713 2,001 -March 12,911 2,065 -April 14,395 2,063 -May 13,455 2,057 -June 13,617 2,053 -July 14,630 2,051 -August 14,182 2,046 -September 14,444 2,037 -October 14,639 2,034 -November 15,042 2,028 -December 17,346 2,025 -

2005January 14,263 2,017 865February 15,295 2,010 874March 15,863 2,070 884April 17,193 2,064 888May 16,731 2,056 890June 17,441 2,051 893July 17,634 2,045 893August 17,928 2,037 894September 18,345 2,067 898October 18,265 2,062 891November 18,697 2,051 896December 22,079 2,045 896

2006January 18,191 2,037 902February 19,567 2,029 907March 20,094 2,032 920April 20,887 2,023 924May 20,713 2,016 919June 21,777 2,011 912July 21,774 2,008 911August 21,925 2,002 910September 22,259 2,026 915October 22,340 2,026 911November 23,148 2,021 912December 28,267 2,019 916

2007January 24,122 2,005 926February 25,228 1,997 922March 25,960 2,004 913April 26,632 2,002 898May 26,981 1,989 871June 27,882 1,995 849

*w/o military and policeSource: RSO, NEA

Jun-06 January-June 2006 Jun-07 January-

June 2007June 2007June 2006

January-june 2007January-june 2006

Net wages - total 21,777 20,192 27,882 26,127 23.7 24.4 Economy 21,216 19,342 26,331 24,733 19.9 23.0 Non-economic sectors 22,998 22,067 30,983 28,959 30.2 26.2Average pension benefits 13,461 12,744 14,839 14,473 6.5 9.2Sorce: RSO, EPF

Jun-06 January-June 2006 Jun-07 January-

June 2007June 2007June 2006

January-june 2007January-june 2006

Private ownership 23,765 20,633 27,378 25,056 11.3 16.8Mixed ownership 19,865 18,134 24,404 22,522 118.7 19.4Socially owned capital 14,448 13,349 19,995 17,749 33.7 27.8Public state owned enterprises 28,925 27,214 36,333 36,795 21.4 30.0Public local enterprises 26,521 24,827 29,992 29,463 9.3 14.1Administration, all levels 26,735 27,275 35,056 34,192 26.7 20.5Source: RSO

Table 9. Net wages and pension benefits in 2007

Table 10. Net wages - according to enterprise ownership/capital structure, in 2007

real growth ratesin dinars

real growth ratesin dinars

Wages and Pension benefits in EUR

0

50

100

150

200

250

300

350

400

1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5

2001 2002 2003 2004 2005 2006 2007

Average net wages Average pension benefits

Privatization method January February March April May June TOTALTenders (Т) 0 2 1 1 2 3 9

Tenders - cancelled contracts 0 0 1 0 0 0 1

Auctions (А) 14 13 19 20 20 29 115

Auctions - cancelled contracts 0 0 0 0 0 0 0

Capital market (Тk) 4 6 9 7 7 4 37Capital market - cancelled contracts (Тkr) 1 1 2 2 2 1 9Capital market - partialyprivatized (Tkp) *

2 1224 21 32 18 109

TOTAL (T+A+Tk+Tkr) 19 22 31 30 31 37 170Tenders (Т) 632 1,800 714 2,962 3,173 9,281

Tenders - cancelled contracts 0 0

Auctions (А) 3,515 1,620 2,153 1,775 1,078 2,999 13,140

Auctions - cancelled contracts 0Capital market (Тk) 257 1,375 1,482 1,943 3,367 204 8,628Capital market - cancelled contracts (Тkr)

11 295164 1,041 202 16 1,729

Capital market - partialyprivatized (Tkp) * 215 1,091

3,384 2,859 5,246 1,403 14,198TOTAL (T+A+Tk+Tkr) 3,783 3,922 5,599 5,473 7,609 6,392 32,778

in million EURTenders (Т) 41.38 1.75 18.90 5.19 14.02 81.24Tenders - cancelled contracts 0.00Auctions (А) 9.10 17.63 14.08 45.92 23.29 34.66 144.67Auctions - cancelled contracts 0.00Capital market (Тk) 1.20 5.47 13.48 9.64 17.89 3.69 51.37Capital market - cancelled contracts (Тkr) 0.03 0.00

2.41 39.20 0.33 0.41 42.37

Capital market - partialyprivatized (Tkp) *

0.15 0.160.00 0.21 0.00 0.09 0.60

TOTAL (T+A+Tk+Tkr+Tkp) 10.48 64.64 31.72 113.86 46.70 52.86 320.25

Tenders (Т) 25.00 4.00 3.00 4.32 3.93 40.25Tenders - cancelled contracts 0.00Auctions (А) 6.64 1.46 5.06 5.22 1.64 7.65 27.65

Auctions - cancelled contracts 0.00Capital market (Тk) 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Capital market - cancelled contracts (Тkr)

0.00 0.000.00 0.00 0.00 0.00 0.00

Capital market - partialyprivatized (Tkp) *

0.00 0.00 0.00 0.000.00 0.00 0.00

TOTAL (T+A+Tk+Tkr+Tkp) 6.64 26.46 9.06 8.22 5.96 11.58 67.90Source: Privatization Agency* Partialy privatized in accordance with previous privatization laws

Inve

stm

ent

Num

ber o

f sol

d en

terp

rises

Num

ber o

f em

ploy

ees

Table 12. Results of privatization in 2007Sa

le p

rice

RS Bonds 25,507 9,919 1,573 13,285.2 11,827.9 1,329.2Shares 115,992 181,944 19,868 87,298.7 96,918.1 10,055.5

Total Turnover on Belgrade Stock Exchange 141,499 191,863 21,441 100,583.9 108,746.0 11,384.7

Number of Transactions Turnovermillion RSD

Table 1. Turnover of Securities on Belgrade Stock Exchange Indices

of Total TurnoverJuly 2007July 20062006 Jan-July 2007 Jul-07 2006

Source: MOF on Belgrade Stock Exchange Data Basis

July 2007June 2007

135.8 220.1 88.3

Jan-July 2007 Jul-07 July 2007Average 2006

Jan-July 2007Jan-July 2006

251.8

Development of Belgrade Stock Exchange Indices

0

1000

2000

3000

4000

5000

6000

Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07

BELEX lineBELEX 15

Market Capitalization on Belgrade Stock Exchange

0

200

400

600

800

1000

1200

1400

1600

39083 39114 39142 39173 39203 39234 39264

In billionRSD

RS Bonds Shares

Foreign Investors Participation in Total Turnover on Belgrade Stock Exchange

05

101520253035404550

39083 39114 39142 39173 39203 39234 39264

%

FIT Foreign Investors Participation in Total TurnoverFIS Foreign Investors Participation in Total Turnover of SharesFIB Foreign Investors Participation in Total Turnover of Bonds

BELEX sentiment

140

106.2597121

139.09126.43

136.25122.7

0

100

200

39083 39114 39142 39173 39203 39234 39264 39295

Share in Total Turnover on Belgrade Stock Exchange in 2006, in First Seven Months of 2007 and July 2007

13.2% 10.9% 11.7%

86.8% 89.1% 88.3%

0102030405060708090

100

2006 Jan-July 2007 Jul-07

% SharesRS Bonds

Auction Date Amount Offered

Submitted Bids

Average Discount

Rate

Auction Date

Amount Offered

Submitted Bids

Average Discount

Rate10-Jan-2006 500.0 1,147.8 14.6% 31-Jan-2006 600.0 285.8 14.6%24-Jan-2006 1,000.0 1,157.6 14.6% 28-Feb-2006 514.2 7.5 14.5%7-Feb-2006 900.0 1,486.9 14.6% 4-Apr-2006 500.0 3.9 14.6%

21-Feb-2006 1,000.0 1,045.0 14.6% 3-May-2006 496.1 0.0 0.0%07 mart 2006 500.0 1,029.4 14.5% - - - -21 mart 2006 500.0 773.1 14.5% - - - -

11-Apr-2006 500.0 698.2 14.5% - - - -25-Apr-2006 1,000.0 1,002.3 14.6% - - - -9-May-2006 900.0 1,451.7 14.5% - - - -

23-May-2006 1,000.0 1,165.9 14.5% - - - -30-May-2006 500.0 770.1 14.5% - - - -

6-Jun-2006 500.0 856.9 14.5% - - - -20-Jun-2006 500.0 560.6 14.4% - - - -11-Jul-2006 500.0 591.1 14.4% - - - -25-Jul-2006 1,000.0 1,044.4 14.3% - - - -8-Aug-2006 900.0 1,434.9 14.2% - - - -

22-Aug-2006 1,000.0 1,322.4 14.0% - - - -29-Aug-2006 500.0 774.2 13.5% - - - -5-Sep-2006 500.0 1,073.2 13.0% - - - -

19-Sep-2006 500.0 568.4 12.2% - - - -10-Oct-2006 500.0 658.0 12.0% - - - -24-Oct-2006 1,000.0 1,252.6 11.9% - - - -7-Nov-2006 1,000.0 1,603.4 11.4% - - - -

21-Nov-2006 1,000.0 1,359.8 11.1% - - - -28-Nov-2006 500.0 600.8 10.9% - - - -5-Dec-2006 500.0 966.8 10.4% - - - -

19-Dec-2006 500.0 587.3 10.1% - - - -23-Jan-2007 1,000.0 1,096.6 9.9% - - - -6-Feb-2007 1,000.0 1,779.3 9.5% - - - -

27-Feb-2007 500.0 616.7 8.9% - - - -6-Mar-2007 500.0 798.0 8.7% - - - -

20-Mar-2007 1,000.0 1,056.0 8.0% - - - -24-Apr-2007 1,000.0 1,043.8 6.9% - - - -8-May-2007 1,000.0 1,832.4 6.5% - - - -

29-May-2007 1,000.0 1,039.5 6.1% - - - -5-Jun-2007 500.0 802.1 6.0% - - - -

19-Jun-2007 1,000.0 1,003.3 6.0% - - - -24-Jul-2007 800.0 800.0 6.0% - - - -

Source: MOF

Table 2. Auction of Tresaury Bills of the Republic of Serbia

Six Month Treasury BillsThree Month Treasury Bills

in million RSD

State of Debt on Basis of Issuance of Three Month Treasury Bills

0

1000

2000

3000

4000

5000

6000

10/0

1/20

06

24/0

1/20

06

07/0

2/20

06

21/0

2/20

06

07/0

3/20

06

21/0

3/20

06

11/0

4/20

06

25/0

4/20

06

09/0

5/20

06

23/0

5/20

06

30/0

5/20

06

06/0

6/20

06

20/0

6/20

06

11/0

7/20

06

25/0

7/20

06

08/0

8/20

06

22/0

8/20

06

29/0

8/20

06

5/09

/200

6

19/0

9/20

06

10/1

0/20

06

24/1

0/20

06

7/11

/200

6

21/1

1/20

06

28/1

1/20

06

5/12

/200

6

19/1

2/20

06

23/0

1/20

07

06/0

2/20

07

27/0

2/20

07

06/0

3/20

07

20/0

3/20

07

24/0

4/20

07

08/0

5/20

07

29/0

5/20

07

05/0

6/20

07

19/0

6/20

07

24/0

7/20

07

in million RSD

Supply, Demand and Average Discount Rate on Auctions of Three Month Treasury Bills

0

500

1000

1500

2000

2500

3000

3500

4000

11.0

1.20

05.

25.0

1.20

05.

08.0

2.20

05.

22.0

2.20

05.

08.0

3.20

05.

22.0

3.20

05.

12.0

4.20

05.

26.0

4.20

05.

10.0

5.20

05.

24.0

5.20

05.

07.0

6.20

05.

21.0

6.20

05.

12.0

7.20

05.

26.0

7.20

05.

02.0

8.20

05.

09.0

8.20

05.

23.0

8.20

05.

06.0

9.20

05.

20.0

9.20

05.

11.1

0.20

05.

25.1

0.20

05.

01.1

1.20

05.

08.1

1.20

05.

22.1

1.20

05.

06.1

2.20

05.

20.1

2.20

05.

10.0

1.20

06.

24.0

1.20

06.

07.0

2.20

06.

21.0

2.20

06.

07.0

3.20

06.

21.0

3.20

06.

11.0

4.20

06.

25.0

4.20

06.

09.0

5.20

06.

23.0

5.20

06.

30.0

5.20

06.

06.0

6.20

06.

20.0

6.20

06.

11.0

7.20

06.

25.0

7.20

06.

08.0

8.20

06.

22.0

8.20

06.

29.0

8.20

06.

05.0

9.20

06.

19.0

9.20

06.

10.1

0.20

06.

24.1

0.20

06.

07.1

1.20

06.

21.1

1.20

06.

28.1

1.20

06.

05.1

2.20

06.

19.1

2.20

06.

23.0

1.20

07.

06.0

2.20

07.

27.0

2.20

07.

06.0

3.20

07.

20.0

3.20

07.

24.0

4.20

07.

08.0

5.20

07.

29.0

5.20

07.

05.0

6.20

07.

19.0

6.20

07.

24.0

7.20

07.

in million RSD

5%7%9%11%13%15%17%19%21%23%

Amount Offered Amount Demanded Average Discount rate

Table 1. Consolidated general government, from 2005 to 2007in mil. dinars

2005

TotalJanuary -

June Total January February March April May JuneJanuary -

June

Nominal growth Jan - June 07 / Jan

- June 06

Real growth Jan - June 07 / Jan -

June 06I PUBLIC REVENUES 701,657.7 379,005.5 846,905.4 96,973.8 62,725.9 81,987.2 79,930.3 75,603.5 73,794.2 471,015.0 124.3 118.01. Current revenues 693,708.5 374,653.4 836,683.6 96,097.4 61,511.6 80,831.3 79,091.4 74,680.9 72,911.4 465,124.1 124.1 117.9 1.1.Tax revenues 639,484.7 346,562.1 745,481.3 65,332.3 57,128.3 73,497.5 73,114.6 69,325.5 67,547.8 405,946.0 117.1 111.2 Personal income tax 94,282.5 55,073.9 118,595.9 7,785.9 8,061.8 9,057.3 9,264.0 9,037.8 9,872.1 53,078.7 96.4 91.5 Corporate income tax 10,307.9 10,857.5 18,313.4 1,005.7 1,499.5 9,186.1 1,827.2 2,001.4 1,753.1 17,273.0 159.1 151.1 Value added tax 215,938.5 104,177.9 225,136.7 25,423.1 15,638.5 19,416.6 23,937.3 21,134.3 19,903.1 125,453.0 120.4 114.4 Excises 71,275.2 37,777.6 86,850.8 7,895.8 5,072.2 7,205.7 9,225.4 8,076.6 6,725.3 44,201.0 117.0 111.1 Customs 38,964.7 22,335.6 45,266.9 3,054.8 3,995.6 4,979.3 4,602.4 4,843.0 4,454.0 25,929.2 116.1 110.2 Other tax revenue 24,109.7 13,758.2 30,135.4 2,094.1 3,105.2 2,717.4 2,433.0 3,287.8 2,600.3 16,237.8 118.0 112.1 Social contributions 184,606.0 102,581.4 221,182.2 18,072.8 19,755.5 20,935.1 21,825.4 20,944.7 22,239.9 123,773.3 120.7 114.6 1.2.Non-tax revenue 54,223.9 28,091.3 91,202.3 30,765.1 4,383.4 7,333.8 5,976.8 5,355.4 5,363.6 59,178.1 210.7 200.1 of which: license revenue 0.0 0.0 27,072.0 25,449.6 0.0 0.0 0.0 0.0 0.0 25,449.62. Kapital revenues 7,949.2 4,352.1 10,221.8 876.4 1,214.3 1,155.9 838.9 922.6 882.8 5,890.9 135.4 128.5

II PUBLIC EXPENDITURES 665,438.4 362,255.6 811,790.3 63,767.6 64,117.7 74,953.8 70,975.5 68,733.2 71,732.7 416,319.0 114.9 109.11. Current expenditures 632,450.7 343,083.2 745,476.5 59,527.6 60,146.3 67,772.2 64,297.8 64,782.0 67,151.1 384,700.4 112.1 106.5 Expenditure for employees 166,152.9 92,017.5 205,355.4 16,452.8 17,583.1 17,876.7 18,163.6 18,721.8 19,372.9 108,350.4 117.7 111.8 Purchase of goods and services 92,265.7 48,482.0 113,484.7 7,714.4 7,828.7 10,013.8 10,208.4 10,656.1 10,361.7 57,626.9 118.9 112.9 Interest payment 22,728.6 10,656.7 20,095.9 1,757.4 348.8 3,625.8 1,937.9 158.1 1,033.9 8,861.8 83.2 79.0 Subsidies 54,462.1 22,787.0 54,418.5 3,041.3 2,934.1 3,300.0 3,102.1 3,540.2 3,764.4 19,682.1 86.4 82.0 Social assistance and insurance 279,786.0 161,031.5 333,323.4 29,411.4 30,227.3 31,427.1 29,938.2 30,441.3 31,394.6 182,839.9 113.5 107.8

of which: pensions 186,312.4 108,446.8 227,734.0 20,614.0 20,665.3 20,697.7 20,225.1 21,503.6 21,573.4 125,279.1 115.5 109.7 Other current expenditure 17,055.3 8,108.5 18,798.6 1,150.3 1,224.3 1,528.9 947.6 1,264.6 1,223.6 7,339.3 90.5 86.02. Capital expenditures 32,987.7 19,172.4 66,313.8 4,240.0 3,971.3 7,181.6 6,677.8 3,951.2 4,581.6 31,618.6 164.9 156.6 of which: NIP 0.0 0.0 9,139.1 1,697.4 2,164.3 4,539.2 4,054.7 1,242.9 1,629.3 15,327.7

III OTHER PROCEEDS 46,001.3 16,802.2 107,534.8 384.2 1,055.0 1,849.1 6,848.7 3,276.1 3,640.5 17,053.6 101.5 96.41. Grants 194.3 219.8 692.3 17.5 15.3 21.3 24.3 32.5 63.3 174.2 79.3 75.3

2. Privatization proceeds 32,016.9 12,999.7 79,014.5 185.4 1,001.1 1,070.8 6,654.3 975.5 4,802.1 14,689.2 113.0 107.33. Domestic financing 7,175.7 1,632.9 21,051.5 4.8 7.0 494.8 7.2 1,968.6 -1,457.5 1,024.9 62.8 59.6

4. Foreign financing 6,614.4 1,949.9 6,776.5 176.5 31.6 262.2 162.9 299.5 232.6 1,165.3 59.8 56.8

IV OTHER EXPENSES 42,231.6 24,893.0 20,948.0 13,112.4 1,553.8 1,260.6 1,091.9 11,797.9 2,990.6 31,807.2 127.8 121.31. Debt repayment to domestic and foreign creditors* 25,252.3 18,917.9 33,851.6 4,026.8 1,225.7 1,109.9 448.0 10,834.8 2,784.5 20,429.7 108.0 102.6

2. Net lending 7,350.0 2,714.9 7,356.6 144.1 328.1 150.7 643.9 963.1 206.1 2,436.0 89.7 85.2

3. Pension repayments (including premature repayments) 9,629.3 3,260.2 -20,260.2 8,941.5 0.0 0.0 0.0 0.0 0.0 8,941.5 274.3 260.5

V CONSOLIDATED BALANCE - SURPLUS / DEFICIT (I-II) 36,219.3 16,749.9 35,115.1 33,206.2 -1,391.7 7,033.4 8,954.8 6,870.3 2,061.5 54,696.0 326.5 310.1VI NET CHANGE IN THE STOCK OF CASH (V+III-IV)** 39,989.0 8,659.2 121,701.9 20,478.0 -1,890.5 7,621.9 14,711.6 -1,651.5 2,711.5 39,942.4 461.3 438.1

* Including repayments of Old foreign currency savings and Loan for economic recovery (Rehabilitation loan)** Consolidated balance - surplus / deficit plus the net cash inflow from financing activitiesNote: Excise revenues include excises from oil derivates, that belong to the Public Enterprise "Serbian Roads", from 01 January 2006.

20062007

Indices

Table 2. Revenues and expenditures of the Republic budget, from 2003 to 2007in mil. dinars

A. Revenues and expenditures 2003 2004 2005 2006 January February March April May June July January - July

I TOTAL REVENUES 261,968.1 334,336.0 418,455.1 499,106.0 69,381.3 32,688.6 49,637.7 48,289.2 43,756.5 41,012.2 51,052.2 335,817.71. Tax revenues 245,837.6 310,650.3 390,132.5 436,792.0 41,508.7 30,398.2 44,829.0 44,383.1 40,798.0 38,489.7 48,371.2 288,777.91.1. Personal income tax 51,915.8 54,752.8 50,573.5 63,644.2 4,267.7 4,224.6 4,796.7 5,063.3 4,871.4 5,515.3 5,422.6 34,161.41.2. Corporate income tax 5,123.7 6,533.7 9,446.6 16,858.6 926.9 1,388.7 8,445.9 1,689.5 1,861.2 1,691.2 1,410.1 17,413.5

1.3. Value added tax / Retail sales tax 103,488.2 133,751.5 215,938.5 225,136.7 25,423.1 15,638.5 19,416.6 23,937.3 21,134.3 19,903.1 26,188.2 151,641.11.4. Excises 56,228.8 69,061.8 71,275.2 81,619.4 7,493.8 4,808.9 6,783.3 8,692.5 7,658.8 6,439.0 9,918.2 51,794.5

1.5. Customs 23,266.6 34,287.4 38,964.7 45,266.9 3,054.8 3,995.6 4,979.3 4,602.4 4,843.0 4,454.0 4,955.1 30,884.3

1.6. Other tax revenue 5,814.5 12,263.0 3,933.9 4,266.3 342.3 341.8 407.2 398.1 429.4 487.1 477.1 2,883.0

2. Non-tax revenue 16,130.5 23,685.7 28,322.6 62,313.9 27,872.6 2,290.5 4,808.7 3,906.1 2,958.5 2,522.5 2,681.0 47,039.8 of which: collected interest 374.8 670.5 962.9 2,597.6 379.5 360.1 236.2 270.9 357.6 45.2 211.2 1,860.8

of which: license revenue 0.0 0.0 0.0 27,072.0 25,449.6 0.0 0.0 0.0 0.0 0.0 0.0 25,449.6

II TOTAL EXPENDITURES 276,782.3 335,123.8 391,606.9 468,804.8 38,900.9 38,967.1 46,229.5 42,279.2 36,561.3 40,295.2 44,710.2 287,943.41. Current expenditures 265,212.9 319,679.8 376,466.8 436,375.5 36,855.2 36,463.4 41,153.6 37,452.2 34,720.7 38,104.7 42,611.5 267,361.21. Expenditures for employees 58,223.9 69,969.5 84,161.3 115,369.3 12,415.7 11,344.6 11,417.4 11,413.4 11,969.5 12,366.5 12,600.2 83,527.3

2. Purchase of goods and services 16,758.8 16,913.2 18,176.7 30,454.5 1,776.7 1,958.8 2,662.5 2,555.2 2,463.1 2,519.5 3,702.6 17,638.53. Interest payment 10,977.9 13,490.3 16,997.0 19,228.7 1,596.3 240.5 3,577.4 1,792.4 107.8 823.6 43.7 8,181.6

4. Subsidies 29,747.0 34,466.9 28,722.2 30,619.5 1,748.9 1,683.2 1,848.2 1,637.1 1,561.9 1,850.9 2,444.6 12,774.85. Social assistance 31,773.0 32,566.8 42,953.3 52,558.2 4,258.7 4,590.0 5,146.5 4,489.8 3,520.1 4,447.4 6,729.5 33,181.96. Other current expenditures 4,152.0 3,839.7 4,506.7 5,211.5 753.5 650.0 682.7 250.3 384.1 353.3 569.6 3,643.6

7. Current and capital transfers 113,580.3 148,433.4 180,949.7 182,933.7 14,305.3 15,996.3 15,819.0 15,314.1 14,714.3 15,743.4 16,521.2 108,413.6

2. Capital expenditures 11,569.4 15,444.0 15,140.1 32,429.3 2,045.7 2,503.7 5,075.9 4,826.9 1,840.6 2,190.5 2,098.7 20,582.2

III BUDGET SURPLUS / DEFICIT (I-II) -14,814.1 -787.8 26,848.2 30,301.2 30,480.4 -6,278.5 3,408.2 6,010.0 7,195.2 717.0 6,342.0 47,874.3

IV PRIMARY SURPLUS / DEFICIT -4,211.1 12,032.0 42,882.2 46,932.2 31,697.2 -6,398.1 6,749.3 7,531.5 6,945.3 1,495.4 6,174.5 54,195.1

V FISCAL BALANCE (III +VIII - IX) 6,005.8 10,336.3 41,624.5 95,134.4 30,192.6 -5,916.6 3,822.1 9,533.0 6,626.1 4,310.8 7,061.8 55,629.8

B. Debt repayment and financingVI DEBT REPAYMENT 19,262.3 19,071.2 23,735.0 31,524.5 3,741.8 1,172.1 1,043.7 585.8 10,736.1 2,706.2 2,028.4 22,014.11. Debt repayment to domestic creditors 18,923.0 18,911.8 21,895.5 25,759.6 3,741.8 1,139.2 -239.5 173.0 10,736.1 2,414.4 2,028.4 19,993.3

2. Debt repayment to foreign creditors 339.2 79.7 1,839.5 5,274.5 0.0 32.9 1,283.2 206.4 0.0 262.2 0.0 1,784.7

3. Debt repayment on contingent liabilities 0.0 79.7 0.0 490.4 0.0 0.0 0.0 206.4 0.0 29.6 0.0 236.0

VII FINANCING 9,212.5 11,589.2 10,121.9 20,291.5 -106.6 -44.2 324.6 -81.1 1,839.1 -1,493.7 -68.8 369.4

1. Domestic financing 2,032.9 5,911.9 4,998.5 18,747.8 4.8 7.0 494.8 7.2 1,968.6 -1,457.5 0.0 1,024.9

2. Foreign financing 7,179.6 5,677.4 5,123.3 1,543.7 -111.4 -51.1 -170.1 -88.3 -129.5 -36.2 -68.8 -655.5

C. Privatization proceeds and net lending

VIII PRIVATIZATION PROCEEDS 29,919.6 12,907.4 19,682.4 71,951.3 -156.7 683.8 527.6 4,147.2 384.5 3,249.3 1,229.6 10,065.4

IX NET LENDING 9,099.6 1,783.4 4,906.0 7,118.0 131.1 321.9 113.7 624.3 953.6 -344.5 509.9 2,309.9

X TOTAL REVENUES MINUS TOTAL EXPENDITURES (III + VII - VI + VIII - IX) -4,043.9 2,854.3 28,011.4 83,901.4 26,344.2 -7,132.9 3,103.1 8,866.1 -2,270.8 110.9 4,964.6 33,985.1XI NET FINANCING (VIII - IX + VII - VI - X = - III) 14,814.1 787.8 -26,848.2 -30,301.2 -30,480.4 6,278.5 -3,408.2 -6,010.0 -7,195.2 -717.0 -6,342.0 -47,874.3

Table 3. Tax revenuesin mil. dinars

Taxes Personal income tax

Corporate income tax

VAT / Retail sales tax Excises Customs Other taxes

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

2003 Total 245,837.7 51,915.8 5,123.7 103,488.2 56,228.8 23,266.6 5,814.52004 Total 310,650.1 54,752.8 6,533.7 133,751.3 69,061.8 34,287.5 12,263.0January 25,816.7 3,088.9 317.0 15,104.2 4,627.9 2,015.7 662.9February 26,513.2 3,433.3 594.0 15,928.4 4,067.4 2,239.5 250.5March 30,545.4 3,900.6 2,732.7 16,359.5 4,513.8 2,715.9 322.8April 32,295.3 4,403.8 494.7 18,520.0 5,757.0 2,858.1 261.7May 31,415.3 4,071.3 503.0 16,595.8 6,939.4 2,949.1 356.7June 31,395.6 4,439.6 577.9 16,885.5 5,617.4 3,514.5 360.6July 34,445.9 4,308.9 575.6 19,929.5 6,338.6 3,008.9 284.3August 32,857.4 4,173.3 530.1 16,888.8 7,315.4 3,658.0 291.8Septembar 32,594.3 4,393.5 607.0 17,553.3 6,049.2 3,738.9 252.4October 37,236.6 4,207.0 657.8 21,766.3 6,548.5 3,821.8 235.2November 33,153.9 4,377.3 582.1 18,002.3 5,825.6 4,107.2 259.4December 41,863.0 5,776.0 1,274.5 22,405.0 7,675.1 4,336.9 395.52005 Total 390,132.5 50,573.5 9,446.6 215,938.5 71,275.2 38,964.7 3,933.9January 27,804.9 4,035.2 806.5 15,199.4 4,985.6 2,502.2 276.0February 28,698.3 4,562.9 1,339.0 14,712.6 4,823.3 2,961.4 299.2March 35,924.6 5,085.9 5,060.0 16,396.1 4,848.3 4,162.2 372.0April 35,621.7 5,192.3 1,137.7 20,713.4 4,977.7 3,282.0 318.6May 36,024.1 5,233.9 777.6 17,682.2 7,874.8 4,063.4 392.2June 39,764.5 5,515.2 762.0 19,474.2 8,219.5 5,364.4 429.3July 37,481.8 5,250.3 1,217.8 20,467.3 7,849.7 2,270.5 426.2August 35,993.5 5,169.1 818.0 18,003.7 7,879.0 3,777.4 346.4Septembar 34,926.2 5,197.5 1,194.6 18,500.1 5,921.9 3,818.1 294.0October 43,450.1 5,475.9 1,182.5 23,654.2 8,703.4 4,118.6 315.4November 38,694.7 5,464.9 1,230.4 19,882.6 7,523.5 4,266.5 326.7December 42,407.8 7,461.0 1,332.6 20,450.9 8,012.7 4,680.2 470.42006 Total 436,792.0 63,644.2 16,858.6 225,136.7 81,619.4 45,266.9 4,266.3January 41,508.7 4,267.7 926.9 25,423.1 7,493.8 3,054.8 342.3February 30,398.2 4,224.6 1,388.7 15,638.5 4,808.9 3,995.6 341.8March 44,829.0 4,796.7 8,445.9 19,416.6 6,783.3 4,979.3 407.2April 44,383.1 5,063.3 1,689.5 23,937.3 8,692.5 4,602.4 398.1May 40,798.0 4,871.4 1,861.2 21,134.3 7,658.8 4,843.0 429.4June 38,489.7 5,515.3 1,691.2 19,903.1 6,439.0 4,454.0 487.1July 48,371.2 5,422.6 1,410.1 26,188.2 9,918.2 4,955.1 477.1I-VII Total 288,777.9 34,161.4 17,413.5 151,641.1 51,794.5 30,884.3 2,883.0

Period

Note: VAT refunds in July 2007 were 5.959,1 mil. dinars

2005

2006

2007

Table 4. Value added tax and excisesin mil. dinars

VAT VAT - domestic VAT - importsRetail sales tax (from previous

years)Excises Excises on oil

derivates

Tobaco excises Other excises

1 = 2 + 3 + 4 2 3 4 5 = 6 + 7 + 8 6 7 8January 15,104.2 28.9 2,998.4 12,076.8 4,627.9 3,103.5 1,030.8 493.6February 15,928.4 7,134.6 6,759.1 2,034.7 4,067.4 2,477.7 1,098.8 490.9March 16,359.5 4,808.1 9,163.2 2,388.3 4,513.8 2,843.2 1,184.1 486.5April 18,520.3 8,875.2 8,700.8 944.2 5,757.0 3,757.0 1,368.7 631.3May 17,598.2 6,253.1 10,334.0 1,011.1 6,939.4 4,633.5 1,548.7 757.2June 15,878.5 3,743.4 10,960.8 1,174.3 5,617.4 3,155.2 1,714.5 747.8July 19,933.8 9,028.9 10,188.4 716.5 6,338.6 3,814.1 1,825.5 699.0August 16,888.8 4,684.4 11,636.9 567.6 7,315.4 4,738.9 1,702.1 874.4Septembar 17,553.3 4,919.0 12,033.8 600.5 6,049.2 3,326.5 1,934.8 787.9October 21,766.3 8,526.7 12,812.5 427.1 6,548.5 4,086.0 1,818.7 643.9November 18,002.3 5,249.6 12,263.0 489.7 5,825.6 3,224.3 1,742.2 859.1December 22,405.0 7,188.8 13,829.3 1,386.8 7,675.1 4,884.8 2,075.9 714.32005 Total 215,938.5 70,440.9 121,680.2 23,817.5 71,275.2 44,044.8 19,044.5 8,185.9January 15,199.4 6,160.0 8,515.2 524.2 4,985.6 2,648.4 1,659.9 677.2February 14,712.6 3,529.3 10,153.4 1,029.9 4,823.3 2,716.6 1,634.3 472.3March 16,396.1 2,695.2 13,234.0 467.0 4,848.3 2,539.1 1,728.7 580.6April 20,713.4 8,419.3 11,250.5 1,043.7 4,977.7 2,493.0 1,892.3 592.4May 17,682.2 4,274.2 12,969.3 438.7 7,874.8 4,821.4 2,102.5 950.8June 19,474.2 6,573.8 12,125.0 775.5 8,219.5 3,218.1 3,496.5 1,504.8July 20,467.3 6,240.8 13,830.2 396.3 7,849.7 4,321.6 2,635.6 892.5August 18,003.7 4,596.7 12,952.2 454.8 7,879.0 4,705.1 2,275.0 899.0Septembar 18,500.1 4,978.5 13,180.3 341.2 5,921.9 3,321.0 1,776.4 824.6October 23,654.2 9,730.5 13,652.3 271.4 8,703.4 6,547.2 1,435.4 720.7November 19,882.6 5,983.8 13,659.1 239.8 7,523.5 4,686.2 2,109.9 727.5December 20,450.9 5,312.3 14,713.8 424.7 8,012.7 3,898.0 3,400.4 714.32006 Total 225,136.7 68,494.3 150,235.2 6,407.2 81,619.4 45,915.7 26,147.0 9,556.7January 25,423.1 14,338.9 10,733.5 350.7 7,493.8 3,618.2 3,071.2 804.4February 15,638.5 3,555.4 11,755.6 327.5 4,808.9 2,369.3 1,916.9 522.6March 19,416.6 3,585.3 15,488.1 343.2 6,783.3 3,802.0 2,361.9 619.4April 23,937.3 9,229.8 14,263.8 443.6 8,692.5 4,796.5 2,938.7 957.3May 21,134.3 5,492.4 15,211.1 430.7 7,658.8 3,760.3 2,965.2 933.2June 19,903.1 5,060.4 14,440.4 402.3 6,439.0 2,577.1 2,919.3 942.6July 26,188.2 9,848.8 16,243.7 95.7 9,918.2 5,888.7 3,117.8 911.8I-VII Total 151,641.1 51,111.1 98,136.3 2,393.7 51,794.5 26,812.2 19,291.1 5,691.2

Period

2005

2006

2007

Taxes on consumption, from January 2005 to July 2007

0

10,000

20,000

30,000Ja

nuar

y

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

emba

r

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

emba

r

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

2005 2006 2007

in m

il. d

inar

s

VAT Excises Customs

Direct taxes, from January 2005 to July 2007

0

2,000

4,000

6,000

8,000

10,000Ja

nuar

y

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

emba

r

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

emba

r

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

2005 2006 2007

in m

il. d

inar

s

Personal income tax Corporate income tax

Table 5. Non-tax revenuein mil. dinars

Donations 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 52003 Total 116.1 16,014.4 2,918.5 6,123.6 6,972.32004 Total 847.9 22,837.8 1,036.6 7,903.2 13,898.0January 0.0 926.6 48.4 548.7 329.5February 0.0 1,183.1 69.3 591.3 522.5March 0.0 2,836.1 93.7 756.5 1,985.9April 0.0 1,875.4 107.8 686.7 1,080.9May 0.0 1,962.4 76.3 737.6 1,148.5June 0.0 2,293.9 94.2 852.1 1,347.6July 0.0 2,132.0 106.0 794.6 1,231.4August 0.0 1,347.4 71.8 714.8 560.7Septembar 0.0 2,082.7 79.6 783.7 1,219.4October 0.0 2,613.1 96.9 748.0 1,768.1November 0.0 3,462.9 82.0 1,383.2 1,997.7December 0.0 5,607.0 105.5 712.9 4,788.62005 Total 0.0 28,322.6 1,031.6 9,310.1 17,980.9January 0.0 1,545.6 101.8 722.9 720.8February 0.0 1,749.2 96.5 839.8 812.9March 0.0 4,343.5 114.7 1,101.4 3,127.3April 0.0 2,092.6 79.8 938.7 1,074.1May 0.0 2,792.4 58.9 1,107.7 1,625.8June 0.0 2,523.7 30.2 1,200.6 1,292.9July 0.0 2,849.3 4.8 1,644.4 1,200.1August 0.0 29,169.8 34.3 28,247.6 887.9Septembar 0.0 4,897.2 164.1 1,154.3 3,578.9October 150.0 2,183.1 114.2 1,231.7 837.2November 0.0 3,063.4 229.2 1,229.2 1,605.0December -148.4 5,102.5 1,598.3 1,381.9 2,122.32006 Total 1.7 62,312.3 2,626.9 40,800.2 18,885.3January 0.0 27,872.5 488.6 26,623.3 760.6February 0.0 2,290.5 469.3 1,221.8 599.4March 0.0 4,808.7 253.1 1,350.9 3,205April 1.1 3,905.1 501.1 1,301.1 2,102.9May 0.0 2,958.5 484.6 1,337.8 1,136.1June 0.0 2,522.5 77.8 1,314.8 1,129.9July 0.0 2,681.0 535.4 1,471.2 674.4I-VII Total 1.1 47,038.7 2,810.0 34,621.0 9,607.8

Period

2005

2006

2007

Table 6. Total expenditures of Republic budgetin mil. dinars

Total expenditures

Current expenditures

Expenditure for employees

Purchase of goods and services

Interest payment Subsidies Grants and

transfersSocial

assistance Other current expenditures

Capital expenditures

Expenditures for fixed and

natural assets

Expenditures for NIP

Debt repayment Net lending

1 = 2 + 10 + 13 + 14

2 = 3 + 4 + 5 + 6 + 7 + 8 + 9 3 4 5 6 7 8 9 10 = 11 + 12 11 12* 13 14

2003 Total 305,145.1 265,213.8 58,223.9 16,758.8 10,977.9 29,747.0 113,581.2 31,773.0 4,152.0 11,569.4 11,569.4 ... 19,262.3 9,099.62004 Total 356,002.9 319,704.3 69,969.5 16,913.2 13,490.3 34,466.9 148,458.0 32,566.8 3,839.7 15,444.0 15,444.0 ... 19,071.2 1,783.4January 26,396.4 25,834.4 6,191.8 772.3 288.2 2,012.7 14,019.8 2,425.7 123.8 199.2 199.2 ... 362.8 0.0February 28,666.7 27,365.9 6,317.9 1,140.8 282.0 2,598.4 12,981.8 3,436.1 609.0 963.4 963.4 ... 276.7 60.8March 35,165.3 32,545.7 6,770.4 1,534.5 3,139.4 2,620.4 15,310.0 2,867.3 303.6 1,835.7 1,835.7 ... 577.3 206.6April 32,915.4 30,355.3 6,753.1 1,512.2 462.0 2,426.5 15,187.0 3,727.8 286.7 2,017.8 2,017.8 ... 382.0 160.2May 31,579.2 29,889.0 6,851.4 1,361.5 1,607.2 2,353.8 13,643.6 3,703.6 367.9 1,232.0 1,232.0 ... 237.1 221.2June 47,926.1 31,882.8 7,129.8 1,628.3 883.9 2,057.5 15,916.0 3,967.0 300.3 1,167.2 1,167.2 ... 14,466.3 409.8July 36,496.3 32,777.6 7,348.6 1,183.7 1,961.2 2,428.4 14,674.6 4,573.9 607.2 1,217.2 1,217.2 ... 2,426.9 74.7August 35,534.4 31,210.1 7,205.2 1,590.0 449.3 2,253.1 15,765.1 3,381.7 565.7 1,038.8 1,038.8 ... 1,806.8 1,478.8Septembar 35,724.1 32,401.6 7,147.5 1,156.9 2,181.0 2,611.9 15,686.7 3,357.5 260.0 801.7 801.7 ... 1,684.7 836.2October 35,231.0 33,081.1 7,030.9 1,856.5 2,034.4 2,615.9 15,287.6 3,952.1 303.7 1,154.9 1,154.9 ... 764.2 230.9November 36,616.9 33,649.2 7,354.3 1,962.6 1,678.3 2,608.1 16,119.5 3,540.7 385.8 1,191.0 1,191.0 ... 730.9 1,045.8December 37,996.0 35,474.0 8,060.3 2,477.5 2,030.3 2,135.2 16,358.0 4,019.8 393.0 2,321.4 2,321.4 ... 19.5 181.12005 Total 420,247.9 376,466.8 84,161.3 18,176.7 16,997.0 28,722.2 180,949.7 42,953.3 4,506.7 15,140.1 15,140.1 ... 23,735.0 4,906.0January 37,541.3 36,115.9 9,362.8 915.0 930.1 1,675.6 18,342.7 4,636.8 253.0 640.7 640.7 ... 698.7 86.0February 32,842.6 30,541.7 7,704.8 1,002.2 154.2 2,245.4 16,296.3 2,804.8 334.1 579.5 579.5 ... 284.9 1,436.5March 42,849.3 39,668.8 7,979.7 2,050.5 4,323.6 2,362.8 17,711.9 4,749.7 490.5 1,646.1 1,646.1 ... 1,266.2 268.2April 35,420.8 33,225.0 7,774.0 1,506.9 1,810.7 2,210.3 16,131.9 3,347.0 444.2 1,113.9 1,113.9 ... 1,020.0 61.9May 37,279.3 35,015.0 7,811.6 2,000.3 180.8 2,368.4 18,050.0 4,144.9 459.1 1,646.0 1,646.0 ... 281.4 336.9June 55,578.3 38,117.5 8,980.9 2,364.4 2,815.8 3,428.1 15,851.4 4,175.6 501.3 2,194.3 2,194.3 ... 14,835.0 431.5July 41,728.8 33,923.5 10,144.0 2,950.6 12.0 1,953.9 14,274.3 4,036.5 552.3 1,426.5 1,426.5 ... 6,093.1 285.7August 38,854.7 34,755.7 10,157.9 2,947.4 325.3 2,341.6 14,475.5 4,010.4 497.4 1,777.2 1,777.2 ... 1,818.5 503.3Septembar 44,559.6 39,273.3 10,053.5 2,598.5 4,622.1 2,755.0 14,852.8 4,104.1 287.3 2,263.9 2,263.9 ... 2,468.9 553.5October 41,740.6 38,628.7 11,202.0 3,549.6 1,833.3 2,984.3 13,062.6 5,127.1 869.8 1,099.3 1,041.8 57.5 921.9 1,090.7November 44,640.4 39,699.9 11,145.8 3,383.8 157.2 2,863.0 15,643.3 5,803.0 703.9 4,088.9 2,053.2 2,035.8 304.0 547.5December 54,411.8 37,410.6 13,052.2 5,185.3 2,063.5 3,431.3 8,241.1 5,618.5 -181.2 13,953.0 6,907.2 7,045.8 1,531.9 1,516.42006 Total 507,447.4 436,375.5 115,369.3 30,454.5 19,228.7 30,619.5 182,933.7 52,558.2 5,211.5 32,429.3 23,290.2 9,139.1 31,524.5 7,118.0January 42,773.8 36,855.2 12,415.7 1,776.7 1,596.3 1,748.9 14,305.3 4,258.7 753.5 2,045.7 348.4 1,697.4 3,741.8 131.1February 40,461.2 36,463.4 11,344.6 1,958.8 240.5 1,683.2 15,996.3 4,590.0 650.0 2,503.7 339.4 2,164.3 1,172.1 321.9March 47,386.9 41,153.6 11,417.4 2,662.5 3,577.4 1,848.2 15,819.0 5,146.5 682.7 5,075.9 536.8 4,539.2 1,043.7 113.7April 43,489.2 37,452.2 11,413.4 2,555.2 1,792.4 1,637.1 15,314.1 4,489.8 250.3 4,826.9 772.3 4,054.7 585.8 624.3May 48,251.0 34,720.7 11,969.5 2,463.1 107.8 1,561.9 14,714.3 3,520.1 384.1 1,840.6 597.8 1,242.9 10,736.1 953.6June 42,656.9 38,104.7 12,366.5 2,519.5 823.6 1,850.9 15,743.4 4,447.4 353.3 2,190.5 561.2 1,629.3 2,706.2 -344.5July 47,248.4 42,611.5 12,600.2 3,702.6 43.7 2,444.6 16,521.2 6,729.5 569.6 2,098.7 1,121.6 977.1 2,028.4 509.9I-VII Total 312,031.3 267,361.2 83,527.3 17,638.5 8,181.6 12,774.8 108,413.6 33,181.9 3,643.6 20,582.2 4,277.5 16,304.7 21,778.0 2,309.9

Period

* According to the Temporary Financing Decree for the period January - June 2007, expenditures for NIP are financed from the Republic budget revenues. According to the Budget Law for 2007, all expenditures for NIP are presented at economic classification code 551 - outflows for non-financial assets (financed from the assets for implementation of NIP).

2005

2006

2007

Table 7. Total expenditures for employees in state administration

in mil. dinars

Expenditure for employees Wages and salaries Social contributions (by

employer)Other expenditure for

employees

1 = 2 + 3 + 4 2 3 42003 Total 58,223.9 47,808.3 8,700.4 1,715.32004 Total 69,969.5 57,180.2 11,134.4 1,655.0January 6,191.8 5,127.5 1,022.2 42.1February 6,317.9 5,162.9 1,037.5 117.6March 6,770.4 5,559.0 1,125.6 85.7April 6,753.1 5,594.7 1,103.8 54.7May 6,851.4 5,640.9 1,111.5 99.0June 7,129.8 5,642.6 1,124.7 362.5July 7,348.6 5,743.9 1,156.4 448.3August 7,205.2 5,883.7 1,168.1 153.3Septembar 7,147.5 5,817.2 1,156.8 173.6October 7,030.9 5,759.8 1,147.0 124.0November 7,354.3 6,025.5 1,194.1 134.6December 8,060.3 6,142.4 1,226.6 691.32005 Total 84,161.3 68,100.0 13,574.5 2,486.8January 9,362.8 6,342.8 1,262.2 1,757.8February 7,704.8 6,250.5 1,272.2 182.1March 7,979.7 6,307.0 1,272.4 400.4April 7,774.0 6,356.3 1,285.9 131.8May 7,811.6 6,375.0 1,292.8 143.8June 8,980.9 7,118.8 1,418.7 443.4July 10,144.0 8,179.6 1,606.6 357.8August 10,157.9 8,054.9 1,590.1 513.0Septembar 10,053.5 8,031.3 1,640.8 381.4October 11,202.0 8,611.9 1,706.9 883.1November 11,145.8 8,677.1 1,726.6 742.1December 13,052.2 9,302.2 1,766.7 1,983.42006 Total 115,369.3 89,607.4 17,841.8 7,920.1January 12,415.7 8,947.2 1,748.2 1,720.3February 11,344.6 9,092.9 1,774.0 477.6March 11,417.4 9,213.4 1,795.7 408.3April 11,413.4 9,225.2 1,795.0 393.2May 11,969.5 9,697.3 1,898.1 374.1June 12,366.5 9,896.5 1,944.3 525.7July 12,600.2 9,848.9 1,921.6 829.7I-VII Total 83,527.3 65,921.3 12,877.0 4,729.0

Period

2005

2006

2007

Wages and salaries in state administration, from January 2005 to July 2007

5,12

7

5,55

9

5,59

5

5,64

1

5,64

3

5,74

4

5,88

4

5,81

7

5,76

0

6,02

6

6,14

2

6,34

3

6,25

1

6,30

7

6,35

6

6,37

5 7,11

9

8,18

0

8,05

5

8,03

1 8,61

2

8,67

7 9,30

2

8,94

7

9,09

3

9,21

3

9,22

5 9,69

7

9,89

6

9,84

9

5,16

3

0

3,000

6,000

9,000

12,000Ja

nuar

y

Febr

uary

Mar

ch

Apr

il

May

June July

Aug

ust

Sep

tem

bar

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

Apr

il

May

June July

Aug

ust

Sep

tem

bar

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

Apr

il

May

June July

2005 2006 2007

in m

il. d

inar

s

Share of wages and salaries in state adminitration in total expenditures of Republic budget, quarterly

17.6

15.016.2 16.3 16.7

15.5

19.418.9

20.921.4

0

5

10

15

20

25

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2005 2006 2007

in %

Table 8. Expenditure for interest paymentsin mil. dinars

Interest paymentsDomestic interest

payments

Foreign interest payments

Interest payments on activated contingent liabilities

Borrowing related charges

1 = 2 + 3 + 4 + 5 2 3 4 52003 Total 10,977.9 2,380.1 8,564.0 0.0 33.82004 Total 13,490.3 2,037.3 11,321.4 0.0 131.6January 288.2 242.0 46.2 0.0 0.0February 282.0 159.1 66.9 0.0 56.0March 3,139.4 114.9 3,024.2 0.0 0.3April 462.0 119.5 313.4 0.0 29.0May 1,607.2 114.3 1,455.8 0.0 37.1June 883.9 883.6 0.0 0.0 0.3July 1,961.2 98.1 1,862.7 0.0 0.3August 449.3 169.3 200.4 0.0 79.5Septembar 2,181.0 62.5 2,099.7 0.0 18.7October 2,034.4 109.6 1,922.5 0.0 2.3November 1,678.3 131.3 1,514.9 0.0 32.1December 2,030.3 69.75 1,959.83 0.0 0.742005 Total 16,997.0 2,273.9 14,466.8 0.0 256.3January 930.1 911.9 18.1 0.0 0.1February 154.2 69.2 83.5 0.0 1.4March 4,323.6 22.5 4,300.9 0.0 0.3April 1,810.7 86.3 1,724.3 0.0 0.1May 180.8 86.4 95.8 0.0 -1.4June 2,815.8 857.2 1,937.4 0.0 21.1July 12.0 -26.1 17.8 0.0 20.4August 325.3 92.7 213.0 0.0 19.6Septembar 4,622.1 35.3 4,565.4 0.0 21.5October 1,833.3 53.4 1,680.9 72.2 26.8November 157.2 82.6 51.7 0.0 22.9December 2,063.5 44.6 1,669.6 135.3 214.02006 Total 19,228.7 2,316.0 16,358.5 207.5 346.7January 1,596.3 881.8 714.5 0.0 0.0February 240.5 68.7 100.6 0.0 71.3March 3,577.4 -89.6 3,737.6 0.0 -70.7April 1,792.4 24.4 1,680.9 87.1 0.0May 107.8 34.5 73.3 0.0 0.0June 823.6 651.6 32.8 138.9 0.2July 43.7 17.2 17.9 8.6 0.0I-VII Total 8,181.6 1,588.6 6,357.6 234.6 0.7

Period

2005

2006

2007

Table 9. Subsidies from republican budgetin mil. dinars

SubsidiesSubsidies to non-

financial public corporations

Subsidies to financial public corporations

Subsidies to private enterprises

1 = 2 + 3 + 4 2 3 4

2003 Total 29,747.0 29,540.5 130.0 76.42004 Total 34,466.9 34,366.8 100.1 0.0January 2,012.7 2,012.7 0.0 0.0February 2,598.4 2,588.4 10.0 0.0March 2,620.4 2,620.4 0.0 0.0April 2,426.5 2,426.5 0.0 0.0May 2,353.8 2,348.4 5.4 0.0June 2,057.5 2,057.5 0.0 0.0July 2,428.4 2,421.1 7.4 0.0August 2,253.1 2,253.1 0.0 0.0Septembar 2,611.9 2,602.9 9.0 0.0October 2,615.9 2,614.9 1.0 0.0November 2,608.1 2,608.1 0.0 0.0December 2,135.2 2,126.3 8.9 0.02005 Total 28,722.2 28,680.5 41.7 0.0January 1,675.6 1,675.6 0.0 0.0February 2,245.4 2,245.4 0.0 0.0March 2,362.8 2,362.8 0.0 0.0April 2,210.3 2,210.3 0.0 0.0May 2,368.4 2,368.4 0.0 0.0June 3,428.1 3,428.1 0.0 0.0July 1,953.9 1,953.9 0.0 0.0August 2,341.6 2,341.6 0.0 0.0Septembar 2,755.0 2,755.0 0.0 0.0October 2,984.3 2,984.3 0.0 0.0November 2,863.0 2,863.0 0.0 0.0December 3,431.3 3,431.3 0.0 0.02006 Total 30,619.5 30,619.5 0.0 0.0January 1,748.9 1,748.9 0.0 0.0February 1,683.2 1,683.2 0.0 0.0March 1,848.2 1,848.2 0.0 0.0April 1,637.1 1,637.1 0.0 0.0May 1,561.9 1,561.9 0.0 0.0June 1,850.9 1,850.9 0.0 0.0July 2,444.6 2,444.6 0.0 0.0I-VII Total 12,774.8 12,774.8 0.0 0.0

Period

2005

2006

2007

Table 10. Transfers and grants from the Republic budgetin mil. dinars

Transfers and grantsGrants to

international organizations

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 62003 Total 113,581.2 0.9 47,190.9 47,190.9 0.0 66,389.42004 Total 148,458.0 24.5 61,451.1 60,765.7 685.4 86,982.3January 14,019.8 0.0 6,146.3 6,146.3 0.0 7,873.5February 12,981.8 0.0 6,242.9 6,158.9 84.0 6,738.9March 15,310.0 0.0 7,389.3 7,097.0 292.4 7,920.7April 15,187.0 0.0 6,486.9 6,486.5 0.4 8,700.1May 13,643.6 0.0 6,888.3 6,888.3 0.0 6,755.3June 15,916.0 0.0 6,963.3 6,963.3 0.0 8,952.6July 14,674.6 0.0 6,647.8 6,647.8 0.0 8,026.8August 15,765.1 0.0 6,595.0 6,595.0 0.0 9,170.1Septembar 15,686.7 0.0 6,323.0 6,310.1 13.0 9,363.7October 15,287.6 0.0 7,199.7 7,180.7 19.0 8,087.8November 16,119.5 0.0 7,178.1 7,175.9 2.1 8,941.4December 16,358.0 0.0 6,769.9 6,769.9 0.0 9,588.12005 Total 180,949.7 0.0 80,830.6 80,419.7 410.9 100,119.2January 18,342.7 0.0 7,098.8 7,098.8 0.0 11,243.8February 16,296.3 0.0 6,988.8 6,988.8 0.0 9,307.5March 17,711.9 1.5 8,050.0 7,998.8 51.2 9,660.5April 16,131.9 0.0 7,014.0 6,984.6 29.4 9,117.8May 18,050.0 0.0 7,535.8 7,471.9 63.9 10,514.2June 15,851.4 2.6 4,507.3 4,433.6 73.7 11,341.5July 14,274.3 38.2 3,126.2 3,043.7 82.5 11,109.8August 14,475.5 7.1 3,010.4 2,956.1 54.2 11,458.1Septembar 14,852.8 36.6 3,045.6 2,938.6 107.0 11,770.5October 13,062.6 2.3 2,488.2 2,415.0 73.2 10,572.1November 15,643.3 19.1 3,568.2 3,522.9 45.3 12,056.0December 8,241.1 57.9 3,462.1 3,381.6 80.5 4,721.12006 Total 182,933.7 165.3 59,895.5 59,234.5 661.0 122,872.9January 14,305.3 0.0 4,280.7 4,280.7 0.0 10,024.5February 15,996.3 32.8 4,067.3 4,066.6 0.7 11,896.2March 15,819.0 28.6 4,373.7 4,343.0 30.7 11,416.8April 15,314.1 8.3 4,307.4 4,301.0 6.4 10,998.4May 14,714.3 6.5 4,214.3 4,208.7 5.6 10,493.5June 15,743.4 43.2 4,648.0 4,580.2 67.8 11,052.2July 16,521.2 5.1 5,387.2 4,323.3 1,063.8 11,128.9I-VII Total 108,413.6 124.4 31,278.6 30,103.5 1,175.1 77,010.6

Period

2005

2006

2007

Republic budget expenditures - transfers to SSO and other levels of government

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

emba

r

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

emba

r

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

2005 2006 2007

in m

il. d

inar

s

Transfers to SSO

Transfers to other levels of government

Share of transfers to SSO and other levels of government in total expenditures of Republic budget

0

10

20

30

40

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

emba

r

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

emba

r

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

2005 2006 2007

in %

Transfers to SSOTransfers to other levels of government

Table 11. Transfers and grants to SSO from republican budgetin mil. dinars

Transfers 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

Pension fund for self-

employed

Current transfers to Pension fund

for farmers

Current transfers to National

Employment Agency

Capital grants and transfers to

SSO

1 = 2 + 102 = 3 + 4 + 5 + 6 +

7 + 8 + 9 3 4 5 6 7 8 9 102003 Total 66,389.4 66,389.4 4,056.2 0.0 0.0 53,619.2 102.6 3,495.0 5,116.4 0.02004 Total 86,982.3 86,982.3 2,656.0 0.0 0.0 67,351.5 108.0 8,116.9 8,750.0 0.0January 7,873.5 7,873.5 213.3 0.0 0.0 6,455.6 0.0 653.3 551.3 0.0February 6,738.9 6,738.9 233.3 0.0 0.0 5,555.6 0.0 336.2 613.8 0.0March 7,920.7 7,920.7 253.3 0.0 0.0 6,355.6 0.0 760.5 551.3 0.0April 8,700.1 8,700.1 233.3 0.0 0.0 7,105.6 0.0 528.2 833.0 0.0May 6,755.3 6,755.3 233.3 0.0 0.0 5,105.6 0.0 583.2 833.0 0.0June 8,952.6 8,952.6 233.3 0.0 0.0 7,365.6 0.0 583.2 770.5 0.0July 8,026.8 8,026.8 520.0 0.0 0.0 5,905.6 0.0 830.7 770.5 0.0August 9,170.1 9,170.1 520.0 0.0 0.0 7,005.6 0.0 836.2 808.4 0.0Septembar 9,363.7 9,363.7 176.0 0.0 0.0 7,296.0 0.0 1,083.3 808.4 0.0October 8,087.8 8,087.8 61.3 0.0 0.0 6,982.8 0.0 235.3 808.4 0.0November 8,941.4 8,941.4 61.3 0.0 0.0 7,183.1 0.0 1,134.5 562.5 0.0December 9,588.1 9,588.1 61.3 0.0 0.0 6,783.1 0.0 1,935.3 808.35 0.02005 Total 100,119.2 100,119.2 2,800.0 0.0 0.0 79,100.0 0.0 9,499.9 8,719.2 0.0January 11,243.8 11,243.8 0.0 0.0 0.0 9,251.5 0.0 1,200.7 791.7 0.0February 9,307.5 9,307.5 0.0 0.0 0.0 7,401.3 0.0 1,114.6 791.7 0.0March 9,660.5 9,660.5 0.0 0.0 0.0 7,451.5 0.0 1,200.7 1,008.3 0.0April 9,117.8 9,117.8 0.0 0.0 0.0 7,603.3 0.0 614.6 900.0 0.0May 10,514.2 10,514.2 0.0 0.0 0.0 8,291.3 0.0 1,214.6 1,008.3 0.0June 11,341.5 11,341.5 0.0 0.0 0.0 9,140.8 0.0 1,300.7 900.0 0.0July 11,109.8 11,109.8 0.0 0.0 0.0 8,885.2 0.0 1,324.6 900.0 0.0August 11,458.1 11,458.1 0.0 0.0 0.0 8,695.2 0.0 1,862.9 900.0 0.0Septembar 11,770.5 11,770.5 0.0 0.0 0.0 9,569.8 0.0 1,300.7 900.0 0.0October 10,572.1 10,572.1 0.0 0.0 0.0 8,371.4 0.0 1,300.7 900.0 0.0November 12,056.0 12,056.0 0.0 0.0 0.0 9,855.3 0.0 1,300.7 900.0 0.0December 4,721.1 4,721.1 0.0 0.0 0.0 2,434.3 0.0 1,386.8 900.0 0.02006 Total 122,872.9 122,872.9 0.0 0.0 0.0 96,950.6 0.0 15,122.3 10,800.0 0.0January 10,024.5 10,024.5 0.0 17.6 7.1 7,999.1 0.0 1,300.7 700.0 0.0February 11,896.2 11,896.2 0.0 23.0 40.3 9,823.9 0.0 1,300.7 708.3 0.0March 11,416.8 11,416.8 0.0 28.6 12.3 9,166.9 0.0 1,300.7 908.3 0.0April 10,998.4 10,998.4 0.0 30.8 21.3 9,070.1 0.0 726.2 1,150.0 0.0May 10,493.5 10,493.5 0.0 21.0 29.4 8,078.5 0.0 1,497.9 866.7 0.0June 11,052.2 11,052.2 0.0 1.2 3.0 8,695.2 0.0 1,386.1 966.7 0.0July 11,128.9 11,128.9 516.7 6.1 0.1 8,140.5 0.0 1,465.6 1,000.0 0.0I-VII Total 77,010.6 77,010.6 516.7 128.3 113.5 60,974.1 0.0 8,977.9 6,300.0 0.0

Note: From June 2006, current transfers to employees pension fund include also transfer to military pension fund.

Period

2005

2006

2007

Table 1. Revenues of Autonomous Province of Vojvodinain mil. dinars

Total revenues Taxes Personal income tax

Corporate income tax Other taxes Transfers and

grants Other revenue Proceeds from borrowing

Privatization proceeds

1 = 2 + 6 + 7 + 8 + 9 2 = 3 + 4 + 5 3 4 5 6 7 8 9

2003 Total 13,343.8 2,924.1 2,059.6 809.3 55.3 10,344.4 75.32004 Total 14,243.5 3,418.9 2,931.8 389.1 98.0 10,613.1 211.5January 1,259.1 253.8 213.6 30.3 9.9 942.2 4.6 0.0 58.5February 1,384.9 309.5 263.1 39.7 6.7 944.8 7.0 0.0 123.6March 1,668.4 529.9 287.0 236.1 6.8 1,079.6 8.9 0.0 50.0April 1,614.3 364.0 336.0 17.6 10.4 1,104.4 10.0 0.0 135.9May 1,666.4 382.1 298.8 69.2 14.1 1,117.1 10.2 0.0 157.0June 1,739.0 459.1 316.2 99.7 43.2 1,098.1 15.8 0.0 166.0July 1,746.9 398.0 317.6 45.8 34.6 1,136.1 9.8 0.0 203.0August 1,665.5 385.8 325.8 38.9 21.1 1,127.7 10.0 0.0 142.0Septembar 2,097.4 396.0 338.3 42.5 15.2 1,118.6 20.5 0.0 562.3October 1,657.2 389.4 332.4 38.6 18.4 1,126.1 19.1 0.0 122.6November 2,083.8 398.5 337.9 40.8 19.8 1,215.1 18.9 0.0 451.3December 2,111.4 662.0 448.2 162.1 51.7 1,188.9 22.0 0.0 238.52005 Total 20,694.3 4,928.1 3,814.9 861.3 251.9 13,198.7 156.8 0.0 2,410.7January 2,115.2 343.1 289.6 53.5 0.0 1,583.7 5.0 0.0 183.4February 1,823.2 412.7 347.1 65.6 0.0 1,251.0 6.0 0.0 153.5March 2,451.1 994.2 383.1 611.1 0.0 1,247.6 10.6 0.0 198.7April 1,848.4 462.2 390.7 71.5 0.0 1,258.5 14.0 0.0 113.7May 2,173.0 435.4 364.0 71.4 0.0 1,264.9 15.8 0.0 456.9June 1,942.9 490.5 388.9 101.6 0.0 1,259.0 24.2 0.0 169.2July 1,737.1 476.3 380.0 96.3 0.0 1,239.5 16.8 0.0 4.5August 1,950.2 420.3 387.5 32.8 0.0 1,304.5 18.0 0.0 207.4Septembar 2,173.1 483.8 382.9 100.9 0.0 1,268.2 17.0 0.0 404.1October 1,934.5 459.0 383.9 75.1 0.0 1,331.9 21.0 0.0 122.6November 1,949.6 482.4 400.5 81.9 0.0 1,353.4 20.2 0.0 93.6December 3,330.8 631.3 538.2 93.1 0.0 1,590.9 35.0 0.0 1,073.62006 Total 25,429.1 6,091.2 4,636.4 1,454.8 0.0 15,953.1 203.6 0.0 3,181.2January 2,177.0 345.9 267.1 78.8 0.0 1,584.5 11.8 0.0 234.8February 1,943.5 400.6 289.8 110.8 0.0 1,433.7 3.8 0.0 105.4March 2,741.7 1,060.9 320.7 740.2 0.0 1,466.5 9.7 0.0 204.6April 3,183.7 477.2 339.5 137.7 0.0 1,461.3 20.3 0.0 1,224.9May 2,112.7 449.5 309.3 140.2 0.0 1,579.8 8.7 0.0 74.7June 2,764.9 397.3 335.4 61.9 0.0 1,608.2 10.2 0.0 749.2July 3,274.0 471.7 351.8 119.9 0.0 1,606.1 20.1 1.8 1,174.3I-VII Total 18,197.5 3,603.1 1,861.8 1,269.6 0.0 10,740.1 84.6 0.0 3,767.9

Period

2005

2006

2007

Table 2. Expenditures of the Autonomous Province of Vojvodinain mil. dinars

Total expenditures


Expenditures for

employees


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

2003 Total 13,247.9 11,976.5 9,299.9 1,042.9 0.1 856.0 389.5 15.7 372.4 105.9 0.0 1,165.52004 Total 14,841.0 14,657.7 11,098.3 1,150.7 0.0 1,339.4 544.4 27.9 497.0 164.2 0.0 19.1January 1,132.3 1,116.8 1,003.8 11.0 0.0 70.4 29.1 0.2 2.3 0.3 0.0 15.2February 1,101.1 1,100.8 997.7 62.8 0.0 13.2 6.5 0.8 19.8 0.3 0.0 0.0March 1,565.6 1,563.2 1,154.4 74.6 0.0 216.5 90.5 2.5 24.7 2.4 0.0 0.0April 1,490.8 1,489.7 1,172.2 77.7 0.0 159.0 34.2 3.2 43.4 1.1 0.0 0.0May 1,595.9 1,588.3 1,187.1 90.8 0.0 195.8 60.8 7.4 46.4 7.6 0.0 0.0June 1,571.9 1,556.5 1,166.0 87.7 0.0 208.7 54.5 3.7 35.9 15.4 0.0 0.0July 1,667.4 1,643.7 1,202.0 129.0 0.0 233.9 27.3 4.5 47.0 7.9 0.0 15.8August 1,628.0 1,603.5 1,203.3 66.3 0.0 266.7 47.4 0.3 19.5 24.5 0.0 0.0Septembar 1,409.1 1,385.2 1,193.7 65.1 0.0 18.8 82.1 2.1 23.4 23.9 0.0 0.0October 2,244.9 2,229.0 1,199.9 100.5 0.0 756.1 111.8 4.8 55.9 15.9 0.0 0.0November 1,966.7 1,935.5 1,301.2 92.4 0.0 354.6 128.6 11.6 47.1 31.2 0.0 0.0December 2,792.4 2,669.9 1,315.2 287.6 0.0 288.5 622.2 38.0 118.4 102.4 0.0 20.12005 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 51.1January 1,689.4 1,689.2 117.2 13.4 0.0 11.4 1,542.9 2.1 2.2 0.2 0.0 0.0February 1,655.1 1,652.9 126.1 52.8 0.0 113.5 1,312.7 30.1 17.7 2.2 0.0 0.0March 1,778.3 1,768.6 135.5 45.4 0.0 222.2 1,311.7 23.1 30.7 9.7 0.0 0.0April 1,653.6 1,651.9 133.7 59.2 0.0 19.1 1,356.8 25.2 57.9 1.7 0.0 0.0May 1,750.7 1,715.9 132.9 85.6 0.1 10.5 1,378.7 24.8 83.3 34.8 0.0 0.0June 2,553.4 2,518.2 130.8 80.2 0.0 632.8 1,601.1 34.0 39.3 35.2 0.0 0.0July 1,825.1 1,797.2 140.4 91.1 0.0 59.3 1,427.3 31.8 47.3 27.9 0.0 0.0August 1,994.9 1,970.3 134.4 91.0 0.0 173.7 1,460.5 39.8 70.9 24.6 0.0 0.0Septembar 1,818.3 1,779.9 134.5 83.2 0.0 2.1 1,487.1 45.8 27.2 38.4 0.0 0.0October 2,302.0 2,281.6 143.3 104.6 0.1 68.8 1,879.3 45.5 40.0 20.4 0.0 0.0November 2,905.0 2,891.0 136.5 133.7 0.0 623.8 1,898.2 39.0 59.8 14.0 0.0 0.0December 3,049.3 2,920.2 177.8 214.8 0.0 349.4 2,046.5 47.7 84.0 129.1 0.0 0.02006 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 0.0January 1,760.1 1,757.9 152.9 26.9 0.0 17.3 1,537.1 17.1 6.6 2.2 0.0 0.0February 1,791.9 1,782.1 149.4 38.7 0.0 52.2 1,473.9 44.1 23.8 9.8 0.0 0.0March 2,158.4 2,150.0 149.2 87.1 0.0 164.3 1,685.2 29.4 34.8 8.4 0.0 0.0April 2,743.0 2,731.2 149.0 86.8 0.0 917.3 1,523.9 34.9 19.3 11.8 0.0 0.0May 2,277.3 2,259.2 155.4 113.7 0.0 177.7 1,704.1 30.6 77.7 18.1 0.0 0.0June 2,308.2 2,307.0 152.1 113.2 0.1 190.0 1,782.2 31.2 38.2 1.2 0.0 0.0July 2,383.0 2,345.9 158.0 147.0 0.0 120.0 1,849.4 34.2 37.3 37.1 0.0 0.0I-VII Total 15,421.9 15,333.3 1,066.0 613.4 0.1 1,638.8 11,555.8 221.5 237.7 88.6 0.0 0.0

Note: From January 2006, transfers and grants also include expenditures for employees in the education sector on the Vojvodina territory.

Period

2005

2006

2007

Vojvodina revenues, from 2005 to 2007

3,27

4

2,76

5

2,11

3

3,18

4

2,74

2

1,94

3.5

2,17

7

3,33

1

1,95

0

1,93

52,17

3

1,95

0

1,73

71,94

32,17

3

1,84

8

1,82

32,11

5

2,11

1

2,08

4

1,65

7

2,09

7

1,66

6

1,66

6

1,61

4

1,66

8

1,38

5

1,25

9

2,45

1

1,73

9

1,74

7

0

1,000

2,000

3,000

4,000

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

emba

r

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

emba

r

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

2005 2006 2007

in m

il. d

inar

s

Vojvodina expenditures, from 2005 to 2007

2,38

3

2,30

8

2,27

7

2,74

3

2,15

8

1,79

2

1,76

0

3,04

9

2,90

5

2,30

2

1,81

8

1,99

5

1,82

5

2,55

3

1,75

1

1,65

4

1,65

5

1,77

8

1,68

9

2,79

2

1,96

72,24

5

1,40

9

1,62

8

1,66

7

1,57

2

1,59

6

1,49

1

1,56

6

1,10

1

1,13

2

0

1,000

2,000

3,000

4,000January

February

March

April

May

June July

August

Septembar

October

November

December

January

February

March

April

May

June July

August

Septembar

October

November

December

January

February

March

April

May

June July

2005 2006 2007

in m

il. d

inar

s

Table 1. Local government revenuesin mil. dinars

Total revenues Taxes Personal income tax Property tax Other taxes Transfers and

grants Other revenue Proceeds from borrowing

Privatization proceeds

1 = 2 + 6 + 7 + 8 + 9 2=3+4+5 3 4 5 6 7 8 9

2003 Total 71,519.3 53,380.8 22,229.4 3,654.6 27,496.8 40.5 15,227.7 1,744.4 1,125.92004 Total 86,674.2 65,707.9 19,243.4 12,004.9 34,459.6 580.2 19,842.1 289.7 254.3January 6,439.5 3,448.8 2,321.7 800.4 326.8 1,235.6 1,678.7 46.0 30.4February 7,494.1 4,641.4 2,822.8 1,464.1 354.5 1,315.3 1,431.7 0.0 105.7March 8,329.9 4,816.5 3,150.2 1,220.3 445.9 1,493.3 1,949.1 3.3 67.7April 7,775.9 4,505.2 3,288.2 847.2 369.8 1,319.8 1,866.0 0.0 84.9May 8,454.3 5,049.5 3,113.2 1,486.5 449.8 1,368.1 1,909.3 72.6 54.8June 9,329.0 4,759.3 3,260.2 1,091.3 407.7 1,471.6 2,370.5 115.7 611.9July 8,593.7 4,442.3 3,289.8 762.1 390.3 1,602.8 2,232.5 86.3 229.8August 10,115.9 5,585.9 3,427.5 1,630.5 527.8 1,298.8 2,963.5 68.0 199.7Septembar 9,182.8 5,067.9 3,504.0 1,033.5 530.5 1,374.6 2,440.7 188.4 111.2October 9,299.1 4,919.8 3,417.4 1,040.8 461.6 1,691.7 2,177.4 228.1 282.1November 9,848.1 5,586.2 3,549.9 1,520.1 516.3 1,499.4 2,407.6 275.8 79.1December 12,178.6 6,995.2 4,749.1 1,583.1 663.0 1,872.0 2,809.6 406.9 94.92005 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 1,952.2January 8,073.1 4,470.2 3,165.6 893.2 411.5 1,445.0 2,011.7 103.6 42.6February 10,584.0 5,877.6 3,711.6 1,690.2 475.8 1,528.0 2,617.2 352.6 208.6March 11,241.9 6,379.2 4,257.8 1,568.4 553.0 1,679.9 2,956.1 149.9 76.8April 9,616.6 5,346.8 3,908.5 954.7 483.6 1,606.4 2,558.1 71.1 34.2May 11,249.5 6,547.7 4,010.0 1,886.6 651.1 1,597.0 2,731.6 290.2 83.0June 11,721.1 6,336.5 4,233.1 1,189.9 913.5 1,965.6 3,102.0 253.5 63.5July 11,210.9 6,165.2 4,200.8 1,329.8 634.6 2,001.6 2,476.9 530.9 36.3August 11,647.9 6,753.2 4,129.0 1,828.7 795.5 1,666.2 2,792.3 379.1 57.1Septembar 11,525.9 6,401.5 4,156.6 1,575.1 669.8 1,823.5 2,649.1 571.6 80.2October 12,305.8 6,110.6 4,200.3 1,208.1 702.2 2,020.3 3,569.6 508 97.3November 13,183.2 7,325.9 4,417.1 2,221.8 687.0 2,219.6 2,973.6 630.5 33.6December 17,142.3 8,470.0 5,924.9 1,762.8 782.3 3,090.7 4,061.0 1391.8 128.82006 Total 139,502.2 76,184.4 50,315.3 18,109.2 7,759.9 22,643.8 34,499.2 5,232.8 942.0January 11,492.1 5,002.6 3,251.3 1,133.8 617.5 2,710.7 3,455.6 290.9 32.3February 12,142.1 6,311.2 3,547.5 2,048.3 715.4 2,733.3 2,980.2 82.7 34.7March 12,933.4 6,250.1 3,939.9 1,552.7 757.5 2,768.6 3,428.7 432.3 53.7April 11,884.3 5,896.1 3,861.2 1,336.3 698.6 2,798.8 2,609.3 251.2 328.9May 12,744.6 6,715.7 3,857.3 2,072.1 786.3 2,736.6 3,074.5 170.0 47.8June 12,536.7 6,134.6 4,021.4 1,424.8 688.4 2,883.5 2,968.7 268.8 281.1July 13,330.7 5,998.4 4,092.3 1,230.5 675.6 3,362.9 3,140.3 665.1 164.0I-VII Total 87,068.0 42,309.4 26,570.8 10,798.5 4,940.1 19,994.4 21,660.8 2,161.0 942.4

Period

2005

2006

2007

Table 2. Local government expendituresin mil. Dinars

Total expenditures


Expenditures for employees


Interest payment Subsidies Transfers and

grantsSocial

insuranceOther

expendituresCapital

expenditures Debt 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

January 4,846.4 4,176.7 1,338.2 802.5 68.0 1,147.3 501.1 95.8 223.8 602.9 41.1 25.7February 5,856.5 5,113.6 1,585.2 1,154.1 12.2 1,107.0 687.3 145.5 422.3 673.3 65.1 4.5March 6,579.0 5,948.9 1,811.4 1,281.7 14.7 1,292.0 901.8 225.3 422.0 497.7 131.9 0.5April 8,050.8 6,748.0 1,882.6 1,370.5 8.4 2,045.2 743.1 207.7 490.5 1,222.4 73.5 6.9May 7,536.5 6,386.7 1,571.5 1,586.1 12.9 1,836.6 644.7 173.8 561.1 1,082.4 49.5 17.9June 9,271.4 7,449.8 1,812.1 1,518.0 21.3 2,232.3 1,001.8 290.8 573.5 1,745.6 71.3 4.7July 8,508.8 7,352.3 1,843.8 1,680.5 72.2 2,069.6 805.0 255.5 625.7 1,062.3 47.3 46.9August 8,277.8 6,718.7 1,820.0 1,457.7 11.9 1,995.0 782.2 220.9 431.0 1,471.4 82.8 4.9Septembar 9,055.3 7,252.8 1,934.7 1,692.0 10.4 2,144.7 873.9 190.4 406.7 1,713.2 71.8 17.5October 9,037.9 7,314.6 1,775.9 1,677.8 12.4 1,936.5 1,220.0 221.1 470.9 1,669.0 51.1 3.2November 9,018.8 7,352.7 2,153.9 1,830.1 13.9 1,618.4 1,145.1 150.3 441.0 1,584.4 57.3 24.4December 14,514.3 12,260.2 2,667.2 3,000.7 18.0 3,535.1 1,944.9 424.0 670.3 2,163.2 72.6 18.32005 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 15,487.8 815.3 175.4January 7,090.3 5,569.3 1,804.7 1,280.2 85.3 1,097.6 836.7 166.9 297.9 1,223.6 287.4 10.0February 7,698.0 6,701.7 2,103.1 1,744.5 17.3 1,077.1 1,121.2 232.3 406.2 918.2 70.2 7.9March 8,933.3 7,556.7 2,332.5 1,921.9 14.7 1,241.3 1,253.2 287.8 505.3 1,316.8 56.7 3.1April 8,391.3 7,320.5 2,303.0 1,779.5 19.7 1,505.1 945.3 217.5 550.4 996.7 60.6 13.5May 9,654.7 7,913.9 2,026.0 2,254.2 17.0 1,501.7 1,199.7 325.6 589.7 1,661.8 77.4 1.6June 10,545.5 8,075.9 2,136.5 2,355.0 24.4 1,565.2 1,193.9 226.2 574.7 2,394.0 70.2 5.4July 11,407.0 9,090.4 2,044.4 2,584.1 86.4 2,208.1 1,202.6 320.9 643.9 1,777.9 518.3 20.4August 10,895.7 8,058.1 2,115.7 2,319.9 28.8 1,808.2 985.0 233.1 567.4 2,760.4 68.0 9.2Septembar 11,167.7 8,001.0 2,127.7 2,264.5 24.4 1,706.3 1,216.4 181.3 480.4 3,049.5 76.8 40.4October 12,472.9 9,198.5 2,431.1 2,742.8 40.0 1,773.0 1,329.3 345.9 536.4 3,175.4 71.6 27.4November 13,472.4 9,578.0 2,269.0 2,722.6 23.5 2,045.3 1,716.2 270.4 531.0 3,726.9 140.8 26.7December 22,578.6 16,148.1 3,236.8 4,691.3 106.8 3,894.1 3,051.8 442.1 725.2 6,191.5 238.6 0.42006 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 1,736.6 166.0January 9,035.3 6,700.7 2,305.5 1,588.6 120.4 1,271.7 735.3 346.4 332.8 2,040.8 285.0 8.8February 9,015.4 7,445.5 2,380.9 2,024.5 55.0 1,193.0 1,101.2 238.5 452.4 1,512.4 51.3 6.2March 10,599.8 8,436.3 2,544.2 2,291.8 35.4 1,401.7 1,272.3 373.8 517.1 2,060.5 65.9 37.1April 10,332.5 8,473.7 2,677.2 2,275.9 54.4 1,447.1 1,078.5 351.7 588.9 1,783.9 64.7 10.2May 11,216.6 9,029.9 2,234.0 2,562.9 49.3 1,937.5 1,142.0 452.9 651.3 2,078.5 98.7 9.5June 11,668.5 9,322.7 2,594.6 2,702.0 63.0 1,887.1 1,113.5 356.7 605.8 2,207.5 105.6 32.7July 15,057.7 11,169.6 2,546.7 3,041.3 129.8 2,809.1 1,652.5 325.2 665.0 3,647.5 238.1 2.5I-VII Total 76,925.0 49,408.6 17,283.1 16,489.3 507.3 11,944.8 8,095.3 2,445.2 3,813.2 15,330.5 909.3 107.0

Period

2005

2006

2007

Local government revenues, from 2005 to 2007

12,5

37

12,7

45

11,8

8412,9

33

12,1

42

11,4

92

17,1

42

13,1

83

12,3

06

11,5

26

11,6

48

11,2

11

11,7

21

11,2

50

9,61

711,2

42

10,5

84

8,07

3

12,1

79

9,84

8

9,29

9

9,18

3

10,1

16

8,59

4

9,32

9

8,45

4

7,77

6

8,33

0

7,49

4

6,44

0

0

5,000

10,000

15,000

20,000Ja

nuar

y

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

emba

r

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

emba

r

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June

2005 2006 2007

in m

il. d

inar

s

Local government expenditures, from 2005 to 2007

11,6

69

4,84

6 5,85

7

6,57

9 8,05

1

7,53

7 9,27

1

8,50

9

8,27

8

9,05

5

9,03

8

9,01

9

14,5

14

7,09

0

7,69

8 8,93

3

8,39

1 9,65

5

10,5

46

11,4

07

10,8

96

11,1

68 12,4

73

13,4

72

22,5

79

9,03

5

9,01

5 10,6

00

10,3

33

11,2

17

0

5,000

10,000

15,000

20,000

25,000Ja

nuar

y

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

emba

r

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June July

Augu

st

Sept

emba

r

Oct

ober

Nov

embe

r

Dec

embe

r

Janu

ary

Febr

uary

Mar

ch

April

May

June

2005 2006 2007

in m

il. d

inar

s

Table 3. Local government revenues (cities Belgrade, Kragujevac, Nis, Novi Sad and municipalities)

in mil. dinarsTotal revenues Belgrade Kragujevac Nis Novi Sad Municipalities

January 6,439.5 2,295.0 112.7 254.6 575.7 3,201.5February 7,494.1 2,839.3 145.3 273.6 635.1 3,600.8March 8,329.9 3,100.8 165.5 271.6 782.9 4,009.1April 7,775.9 2,881.1 154.0 274.4 690.4 3,776.0May 8,454.3 3,106.1 158.8 302.7 638.4 4,248.3June 9,329.0 3,849.5 205.2 303.4 685.0 4,285.9July 8,593.7 2,972.2 167.5 268.7 758.0 4,427.3August 10,115.9 4,095.1 177.4 309.5 777.6 4,756.3Septembar 9,182.8 3,228.3 164.0 303.2 973.8 4,513.5October 9,299.1 3,063.5 193.0 312.2 763.2 4,967.2November 9,848.1 3,420.0 393.7 343.5 838.2 4,852.7December 12,178.6 4,039.8 338.7 377.3 1,030.2 6,392.62005 Total 107,040.9 38,890.7 2,375.8 3,594.7 9,148.5 53,031.2January 8,073.0 2,902.4 153.6 250.3 643.2 4,123.5February 10,583.9 4,247.4 207.9 272.9 909.5 4,946.2March 11,241.8 4,610.3 194.9 310.1 930.9 5,195.6April 9,616.6 3,264.1 200.9 303.5 1,133.1 4,715.0May 11,249.3 4,124.6 231.3 311.7 932.8 5,648.9June 11,721.4 4,191.6 243.6 441.5 1,040.6 5,804.1July 11,211.1 3,801.9 257.6 346.4 877.2 5,928.0August 11,648.0 4,249.7 235.5 304.1 868.4 5,990.3Septembar 11,526.0 4,446.1 184.6 420.1 896.7 5,578.5October 12,305.8 4,585.2 425.6 370.6 793.2 6,131.2November 13,183.1 4,592.4 423.3 365.4 1,055.0 6,747.0December 17,142.3 5,200.4 504.9 824.6 1,277.5 9,334.92006 Total 139,502.3 50,216.1 3,263.7 4,521.2 11,358.1 70,143.2January 11,492.1 4,503.2 201.2 329.2 1,004.3 5,454.2February 12,142.1 4,291.2 312.6 342.0 1,066.3 6,130.0March 12,933.4 4,841.0 223.4 381.8 1,044.8 6,442.4April 11,884.2 4,143.1 232.5 359.6 1,021.8 6,127.2May 12,744.6 4,554.9 269.8 384.6 971.0 6,564.3June 12,536.7 4,014.0 191.7 319.3 986.2 7,025.5July 13,330.6 4,348.3 357.2 381.0 1,035.4 7,208.7I-VII Total 87,068.0 30,695.7 1,788.4 2,497.5 7,129.8 44,956.6

2005

2006

2007

Share of cities and municipalities in total revenues of local government, from January to July 2007

Belgrade32.6%

Municipalities54.1%

Nis2.9%

Kragujevac2.7%

Novi Sad7.8%

Share of cities and municipalities in total expenditure of local government, from January to July 2007

Municipalities44.7%

Belgrade43.3%

Nis2.2%

Novi Sad7.5% Kragujevac

2.3%

Table 1. Revenue of employees pension fundin mil. dinars

Total revenues Social contributions

Transfers and grants Other revenues Proceeds from

borrowingPrivatization

proceeds

1 = 2 + 3 + 4 + 5 + 6 2 3 4 5 62003 Total 148,341.0 78,621.0 55,119.0 2,641.0 7,500.0 4,460.02004 Total 183,519.5 107,677.0 67,351.0 4,165.5 1,990.0 2,336.0January 15,089.0 7,873.0 6,456.0 336.0 0.0 424.0February 15,953.0 8,968.0 5,556.0 354.0 0.0 1,075.0March 16,840.0 9,705.0 6,356.0 432.0 0.0 347.0April 19,079.0 10,586.0 7,106.0 407.0 650.0 330.0May 18,157.0 10,253.0 5,106.0 457.0 2,120.0 221.0June 20,370.0 10,007.0 7,366.0 399.0 2,411.0 187.0July 20,378.0 10,329.0 5,906.0 628.0 2,400.0 1,115.0August 18,537.0 10,597.0 7,006.0 425.0 0.0 509.0Septembar 18,674.0 10,775.0 7,296.0 406.0 0.0 197.0October 18,733.3 10,565.0 6,982.8 406.4 0.0 779.1November 19,043.9 11,057.2 7,183.1 442.7 0.0 360.9December 19,166.8 15,160.2 10,583.5 650.1 -7,570.4 343.42005 Total 220,021.0 125,875.4 82,903.4 5,343.2 10.6 5,888.4January 19,317.8 9,436.9 9,251.5 439.2 0.0 190.2February 19,316.8 11,054.9 7,401.3 435.5 0.0 425.1March 20,286.3 11,956.4 7,451.5 460.5 0.0 417.9April 19,675.2 11,577.9 7,603.3 419.2 0.0 74.8May 20,490.0 11,569.1 8,291.3 470.5 0.0 159.1June 22,140.5 12,538.8 8,691.3 484.0 0.0 426.4July 21,170.8 12,761.9 7,851.3 493.3 0.0 64.3August 21,281.9 12,948.2 7,661.3 460.1 0.0 212.3Septembar 23,790.7 14,638.1 8,535.9 454.9 0.0 161.8October 21,546.6 13,840.6 7,091.5 484.9 0.0 129.6November 24,774.1 15,577.5 8,575.4 493.0 0.0 128.2December 28,136.5 18,696.9 7,654.4 1,269.2 0.0 516.02006 Total 261,927.2 156,597.2 96,060.0 6,364.3 0.0 2,905.7January 19,094.1 11,879.0 6,665.8 474.3 0.0 75.0February 22,345.4 13,194.1 8,490.6 483.6 0.0 177.1March 22,506.5 13,868.1 7,833.5 544.0 0.0 260.9April 23,827.2 14,607.4 7,736.7 534.9 0.0 948.2May 21,700.8 13,957.2 6,746.2 529.2 0.0 468.2June 23,567.7 14,914.1 7,361.8 769.4 0.0 522.4July 22,450.7 14,731.3 6,684.5 604.2 0.0 430.8I-VII Total 155,492.4 97,151.2 51,519.1 3,939.6 0.0 2,882.6

Period

2005

2006

2007

Table 2. Expenditures of employees pension fundin mil. dinars

Total expenditures Current expenditures



Interest payment

Transfers and grants

Social insurance benefits

Other current expenditures



1 = 2 + 9 + 10 + 11

2 = 3 + 4 + 5 + 6 + 7 + 8 3 4 5 6 7 8 9 10 11

2003 Total 146,125.0 145,811.0 1,119.0 1,792.0 171.0 32.0 142,632.0 54.0 11.0 303.0 0.02004 Total 183,084.0 179,822.0 1,451.0 1,477.0 6,753.0 0.0 170,096.0 45.0 182.0 2,953.0 127.0January 15,917.0 15,857.0 126.0 35.0 746.0 0.0 14,946.0 4.0 5.0 52.0 3.0February 15,545.0 15,464.0 126.0 109.0 265.0 0.0 14,963.0 1.0 14.0 18.0 49.0March 16,996.0 16,934.0 134.0 155.0 275.0 0.0 16,369.0 1.0 42.0 20.0 0.0April 18,786.0 18,332.0 131.0 89.0 473.0 0.0 17,637.0 2.0 16.0 419.0 19.0May 18,307.0 17,361.0 129.0 155.0 906.0 0.0 16,170.0 1.0 9.0 931.0 6.0June 20,359.0 17,447.0 127.0 121.0 118.0 0.0 17,070.0 11.0 11.0 2,897.0 4.0July 21,046.0 18,590.0 130.0 128.0 433.0 0.0 17,899.0 0.0 41.0 2,408.0 7.0August 17,921.0 16,591.0 130.0 123.0 200.0 0.0 16,123.0 15.0 51.0 1,216.0 63.0Septembar 18,350.0 18,275.0 173.0 117.0 81.0 0.0 17,897.0 7.0 67.0 6.0 2.0October 19,024.3 19,009.7 141.2 121.9 354.0 0.0 18,391.8 0.8 13.1 0.5 1.0November 18,884.9 18,835.5 142.4 152.2 309.3 0.0 18,228.4 3.2 20.7 23.6 5.1December 20,065.5 27,425.1 413.2 190.2 1,095.1 0.0 25,725.0 1.6 49.1 -7,289.1 -119.62005 Total 221,201.7 220,121.3 1,902.8 1,496.3 5,255.4 0.0 211,419.2 47.6 338.9 702.0 39.5January 18,458.8 18,392.9 44.0 125.9 122.1 0.0 18,098.1 2.8 37.2 2.3 26.4February 19,236.5 19,216.9 138.8 136.6 15.8 0.0 18,924.3 1.4 14.6 0.0 5.0March 20,022.4 20,011.9 176.1 140.0 3.6 0.0 19,690.5 1.7 8.1 0.0 2.4April 18,980.2 18,949.4 146.0 68.3 4.2 0.0 18,729.2 1.7 24.4 0.0 6.4May 21,148.8 21,135.5 179.2 212.5 3.9 0.0 20,737.5 2.4 10.3 0.0 3.0June 22,034.2 21,793.8 180.5 149.7 4.4 0.0 21,434.5 24.7 38.9 192.3 9.2July 20,707.3 20,702.2 184.0 165.3 4.4 0.0 20,347.0 1.5 5.1 0.0 0.0August 21,144.6 21,065.2 246.8 136.9 858.7 0.0 19,822.6 0.2 10.2 69.0 0.2Septembar 24,105.7 23,867.5 178.1 127.8 2,855.6 0.0 20,709.0 -3.0 54.6 183.5 0.1October 22,068.0 21,909.5 187.8 156.1 1,172.1 0.0 20,392.7 0.8 50.5 100.4 7.6November 24,653.8 24,376.8 196.6 147.7 2,559.5 0.0 21,471.4 1.6 38.9 226.4 11.7December 25,883.5 25,515.3 351.4 205.4 1,297.6 0.0 23,650.5 10.4 60.6 307.0 0.62006 Total 258,443.8 256,936.9 2,209.3 1,772.2 8,901.9 0.0 244,007.3 46.2 353.4 1,080.9 72.6January 21,351.2 21,329.3 133.2 164.4 16.2 0.0 21,013.6 1.9 17.7 0.0 4.2February 21,941.4 21,916.6 197.7 152.5 50.7 0.0 21,513.8 1.9 22.0 2.8 0.0March 22,323.3 22,301.5 209.1 167.5 9.8 0.0 21,913.1 2.0 21.0 0.8 0.0April 22,843.3 22,807.5 192.3 140.0 50.8 0.0 22,422.8 1.6 31.9 3.9 0.0May 22,998.9 22,983.0 201.3 165.2 0.9 0.0 22,613.5 2.1 15.9 0.0 0.0June 22,908.7 22,868.7 202.8 147.2 26.8 0.0 22,490.8 1.1 17.6 2.3 20.1July 23,122.3 23,089.9 204.9 144.2 1.2 0.0 22,736.5 3.1 17.6 0.0 14.9I-VII Total 157,489.1 157,489.1 1,341.3 1,081.0 156.4 0.0 154,704.1 13.7 143.7 9.8 39.2

Period

2005

2006

2007

Table 3. Revenues of self-employed pension fundin mil. dinars


Transfers and grants Other revenues Privatization

proceeds

1 = 2 + 3 + 4 + 5 2 3 4 52003 Total 6,355.8 4,674.1 115.4 1,566.3 0.02004 Total 9,140.3 7,272.7 108.0 1,759.6 0.0January 594.1 554.0 0.0 39.3 0.8February 655.0 626.1 0.0 25.1 3.8March 806.7 768.5 0.0 37.4 0.8April 792.8 565.9 0.0 26.1 200.8May 678.0 638.4 0.0 34.8 4.8June 966.7 639.0 0.0 26.9 300.8July 632.2 407.9 0.0 224.1 0.2August 617.8 565.7 0.0 51.9 0.2Septembar 703.5 667.6 0.0 35.7 0.2October 758.1 719.1 0.0 38.8 0.2November 888.0 839.0 0.0 48.8 0.2December 4,185.1 1,071.7 0.0 1,963.2 1,150.22005 Total 12,278.0 8,062.9 0.0 2,552.1 1,663.0January 755.1 658.6 0.0 95.6 0.9February 850.2 738.7 0.0 110.5 1.0March 1,141.8 1,034.9 0.0 105.9 1.0April 956.0 845.9 0.0 109.1 1.0May 1,193.1 1,080.1 0.0 112.5 0.5June 1,261.2 1,171.3 0.0 88.9 1.0July 1,189.4 1,069.6 0.0 119.3 0.5August 1,244.7 1,112.4 0.0 132.3 0.0Septembar 1,160.6 1,071.3 0.0 89.3 0.0October 1,279.9 1,106.4 0.0 173.4 0.1November 1,358.1 1,193.6 0.0 164.5 0.0December 2,465.6 1,334.4 0.0 1,131.1 0.12006 Total 14,855.7 12,417.2 0.0 2,432.4 6.1January 1,139.9 1,001.0 0.0 138.9 0.0February 1,253.9 1099.5 0.0 154.3 0.1March 1,354.7 1,242.0 0.0 112.7 0.0April 1,250.3 1,095.1 0.0 155.2 0.0May 1,269.9 1,117.8 0.0 152.1 0.0June 1,231.6 1,084.7 0.0 146.9 0.0July 1,311.3 1,175.2 0.0 136.0 0.1I-VII Total 8,811.6 7,815.3 0.0 996.1 0.2

Period

2005

2006

2007

Table 4. Expenditures of self-employed pension fundin mil. dinars

Total expenditures




Interest payment






1 = 2 + 9 + 10 + 11

2 = 3 + 4 + 5 + 6 + 7 + 8 3 4 5 6 7 8 9 10 11

2003 Total 5,684.5 5,675.9 112.0 152.6 0.3 0.0 5,403.0 8.0 3.8 0.0 4.82004 Total 6,445.7 6,283.3 144.1 83.3 0.0 0.0 6,051.0 4.9 156.7 0.0 5.7January 589.5 589.5 16.3 5.3 0.0 0.0 567.3 0.6 0.0 0.0 0.0February 616.8 599.4 14.4 6.9 0.0 0.0 578.0 0.1 17.4 0.0 0.0March 612.6 610.8 11.7 8.3 0.0 0.0 590.7 0.1 1.8 0.0 0.0April 804.9 598.2 16.0 6.5 0.0 0.0 575.0 0.7 6.7 0.0 200.0May 899.6 598.6 12.8 6.5 0.0 0.0 579.2 0.1 1.0 0.0 300.0June 608.9 601.9 12.7 7.5 0.0 0.0 581.7 0.0 0.8 0.0 6.2July 836.0 835.5 12.5 11.4 0.0 0.0 811.5 0.1 0.5 0.0 0.0August 637.3 636.3 12.7 8.1 0.0 0.0 615.5 0.0 1.0 0.0 0.0Septembar 643.8 643.1 12.6 7.2 0.0 0.0 623.2 0.1 0.7 0.0 0.0October 670.3 666.0 12.4 8.0 0.0 0.0 645.5 0.1 4.3 0.0 0.0November 734.3 731.5 12.8 9.6 0.0 0.0 659.0 50.1 2.8 0.0 0.0December 2,111.4 959.4 22.5 15.0 0.1 0.0 921.8 0.0 2.0 0.0 1,150.02005 Total 9,765.4 8,070.2 169.4 100.3 0.1 0.0 7,748.4 52.0 39.0 0.0 1,656.2January 687.0 684.9 19.8 7.5 0.0 0.0 656.3 1.3 2.1 0.0 0.0February 700.2 700.0 23.8 9.6 0.0 0.0 665.3 1.3 0.2 0.0 0.0March 744.8 743.0 13.4 8.4 0.0 0.0 671.0 50.2 1.8 0.0 0.0April 745.2 745.2 13.4 8.0 0.0 0.0 723.7 0.1 0.0 0.0 0.0May 742.6 742.6 9.6 8.3 0.0 0.0 724.6 0.1 0.0 0.0 0.0June 760.5 760.2 17.3 10.9 0.0 0.0 732.0 0.0 0.3 0.0 0.0July 758.4 758.4 13.6 8.2 0.0 0.0 736.3 0.3 0.0 0.0 0.0August 758.3 758.2 16.8 9.2 0.2 0.0 731.9 0.1 0.1 0.0 0.0Septembar 762.3 761.8 16.1 10.0 0.0 0.0 735.6 0.1 0.5 0.0 0.0October 824.0 823.9 17.0 9.2 0.1 0.0 797.4 0.2 0.1 0.0 0.0November 816.7 816.7 16.6 9.8 0.0 0.0 790.2 0.1 0.0 0.0 0.0December 1,393.2 1,369.7 50.1 43.1 0.0 0.0 1,256.5 20.0 23.5 0.0 0.02006 Total 9,693.2 9,664.6 227.5 142.2 0.3 0.0 9,220.8 73.8 28.6 0.0 0.0January 800.3 800.2 0.0 7.9 0.0 0.0 792.1 0.2 0.1 0.0 0.0February 828.0 827.7 17.9 9.3 0.0 0.0 800.4 0.1 0.3 0.0 0.0March 839.8 839.8 21.6 11.2 0.0 0.0 806.8 0.2 0.0 0.0 0.0April 1,025.6 1,016.1 33.3 9.8 0.0 0.0 851.8 121.2 0.1 0.0 9.4May 881.3 881.2 18.8 14.2 0.0 0.0 838.0 10.2 0.1 0.0 0.0June 893.9 893.9 19.3 11.5 0.1 0.0 854.9 8.1 0.0 0.0 0.0July 902.7 900.5 19.2 19.3 0.0 0.0 855.3 6.7 2.2 0.0 0.0I-VII Total 6,171.6 6,159.4 130.1 83.2 0.1 0.0 5,799.3 146.7 2.8 0.0 9.4

Period

2005

2006

2007

Table 5. Revenues of farmers pension fundin mil. dinars


Transfers and grants Other revenues Privatization

proceeds

1 = 2 + 3 + 4 + 5 2 3 4 52003 Total 4,751.1 973.5 3,749.8 27.8 0.02004 Total 9,396.7 1,218.6 8,141.3 36.8 0.0January 786.5 123.8 653.3 9.4 0.0February 498.1 161.5 336.2 0.4 0.0March 899.8 128.1 760.5 11.2 0.0April 606.0 74.0 528.2 3.8 0.0May 742.4 153.3 583.3 5.8 0.0June 731.8 142.5 583.3 6.0 0.0July 856.0 21.5 830.5 4.0 0.0August 967.4 126.2 836.2 5.0 0.0Septembar 1,256.2 167.8 1,083.3 5.1 0.0October 387.9 147.4 235.3 5.2 0.0November 1,358.2 219.7 1,134.5 4.0 0.0December 2,627.2 282.6 1,935.3 9.3 400.02005 Total 11,717.5 1,748.4 9,499.9 69.2 400.0January 1,367.5 156.5 1,200.7 10.3 0.0February 1,307.0 190.1 1,114.6 2.3 0.0March 1,450.5 237.1 1,200.7 12.7 0.0April 749.8 128.0 614.6 7.2 0.0May 1,399.7 177.1 1,214.6 8.0 0.0June 1,451.6 141.2 1,300.7 9.7 0.0July 1,470.5 138.6 1,324.6 7.2 0.1August 2,072.6 200.6 1,862.9 9.1 0.0Septembar 1,458.5 149.1 1,300.7 8.7 0.0October 1,461.8 152.0 1,300.7 8.6 0.5November 1,574.4 266.7 1,300.6 7.1 0.0December 1,679.8 285.7 1,386.9 7.2 0.02006 Total 17,443.7 2,222.7 15,122.3 98.1 0.6January 1,510.4 199.0 1,300.7 10.7 0.0February 1,503.0 198.3 1,300.7 4.0 0.0March 1,472.0 156.2 1,300.7 15.1 0.0April 861.5 120.9 726.2 14.3 0.1May 1,652.5 142.6 1,498.0 11.9 0.0June 1,513.6 110.9 1,386.1 16.6 0.0July 1,598.1 118.7 1,465.6 13.8 0.0I-VII Total 10,111.1 1,046.6 8,978.0 86.4 0.1

Period

2005

2006

2007

Table 6. Expenditures of farmers pension fundin mil. dinars

Total expenditures




Interest payment






1 = 2 + 9 + 10 + 11

2 = 3 + 4 + 5 + 6 + 7 + 8 3 4 5 6 7 8 9 10 11

2003 Total 4,809.8 4,809.6 2.0 199.2 0.0 0.0 4,608.1 0.3 0.2 0.0 0.02004 Total 9,400.6 9,400.4 2.4 298.1 0.0 0.0 9,099.8 0.1 0.2 0.0 0.1January 769.0 769.0 0.2 49.4 0.0 0.0 719.4 0.0 0.0 0.0 0.0February 449.7 449.7 0.2 17.2 0.0 0.0 432.3 0.0 0.0 0.0 0.0March 778.8 777.1 0.2 22.7 0.0 0.0 754.2 0.0 1.7 0.0 0.0April 771.3 771.3 0.3 16.1 0.0 0.0 754.9 0.0 0.0 0.0 0.0May 611.3 611.3 0.3 15.3 0.0 0.0 595.7 0.0 0.0 0.0 0.0June 770.1 770.0 0.2 8.2 0.0 0.0 761.6 0.0 0.0 0.0 0.1July 835.5 835.5 0.2 0.3 0.0 0.0 835.0 0.0 0.0 0.0 0.0August 857.4 857.3 0.2 34.6 0.0 0.0 822.5 0.0 0.1 0.0 0.0Septembar 1,375.4 1,375.4 0.3 18.3 0.0 0.0 1,356.8 0.0 0.0 0.0 0.0October 427.2 427.2 0.2 13.5 0.0 0.0 413.5 0.0 0.0 0.0 0.0November 1,372.4 1,372.2 0.2 24.1 0.0 0.0 1,347.9 0.0 0.2 0.0 0.0December 2,689.9 2,289.9 0.3 15.2 0.0 0.0 2,274.4 0.0 0.0 0.0 400.02005 Total 11,708.0 11,305.9 2.8 234.9 0.0 0.0 11,068.2 0.0 2.0 0.0 400.1January 1,363.4 1,363.4 0.2 28.9 0.0 0.0 1,334.3 0.0 0.0 0.0 0.0February 1,289.4 1,289.4 0.2 18.6 0.0 0.0 1,270.6 0.0 0.0 0.0 0.0March 1,409.1 1,409.1 0.2 57.9 0.0 0.0 1,350.9 0.1 0.0 0.0 0.0April 666.5 666.5 0.1 27.7 0.0 0.0 638.7 0.0 0.0 0.0 0.0May 1,444.6 1,444.6 0.2 13.1 0.0 0.0 1,431.3 0.0 0.0 0.0 0.0June 1,452.3 1,452.3 0.4 15.4 0.0 0.0 1,436.5 0.0 0.0 0.0 0.0July 1,456.8 1,451.8 0.2 13.5 0.0 0.0 1,438.1 0.0 5.0 0.0 0.0August 2,145.1 2,145.1 0.3 9.4 0.0 0.0 2,135.3 0.1 0.0 0.0 0.0Septembar 1,430.3 1,430.3 0.3 4.8 0.0 0.0 1,425.2 0.0 0.0 0.0 0.0October 1,514.3 1,514.3 0.3 36.6 0.0 0.0 1,477.3 0.1 0.0 0.0 0.0November 1,594.5 1,594.4 0.2 83.4 0.0 0.0 1,510.7 0.1 0.1 0.0 0.0December 1,567.7 1,567.7 0.7 43.8 0.0 0.0 1,523.2 0.0 0.0 0.0 0.02006 Total 17,334.0 17,328.9 3.3 353.1 0.0 0.0 16,972.1 0.4 5.1 0.0 0.0January 1,563.1 1,563.1 0.0 42.1 0.0 0.0 1,521.0 0.0 0.0 0.0 0.0February 1,530.1 1,530.1 0.3 10.0 0.0 0.0 1,519.8 0.0 0.0 0.0 0.0March 1,522.0 1,522.0 0.3 1.1 0.0 0.0 1,520.5 0.1 0.0 0.0 0.0April 794.6 794.6 0.6 48.4 0.0 0.0 745.6 0.0 0.0 0.0 0.0May 1,600.7 1,600.7 0.0 20.8 0.0 0.0 1,579.9 0.0 0.0 0.0 0.0June 1,583.7 1,583.7 0.3 26.7 0.0 0.0 1,556.6 0.1 0.0 0.0 0.0July 1,595.8 1,595.8 0.6 21.5 0.0 0.0 1,573.7 0.0 0.0 0.0 0.0I-VII Total 10,190.0 10,190.0 2.1 170.6 0.0 0.0 10,017.1 0.2 0.0 0.0 0.0

Period

2005

2006

2007

Table 7. Revenues of health fundin mil. dinars


Transfers and grants Other revenues Proceeds from

borrowingPrivatization

proceeds1 = 2 + 3 + 4 + 5

+ 6 2 3 4 5 62003 Total 66,638.0 47,483.0 4,095.0 15,060.0 0.0 0.02004 Total 83,937.7 59,174.6 2,750.2 22,013.0 0.0 0.0January 6,434.4 4,395.8 213.3 1,825.2 0.0 0.0February 6,747.1 4,972.6 233.3 1,541.2 0.0 0.0March 8,015.2 5,468.0 253.3 2,293.9 0.0 0.0April 8,969.2 5,903.9 233.3 2,832.0 0.0 0.0May 7,001.6 5,341.9 233.3 1,426.4 0.0 0.0June 8,382.3 5,625.1 233.3 2,523.9 0.0 0.0July 9,365.4 5,742.9 520.0 3,102.5 0.0 0.0August 8,310.6 6,302.1 520.0 1,488.5 0.0 0.0Septembar 9,343.2 6,309.0 176.0 2,858.2 0.0 0.0October 10,911.6 5,954.7 61.3 2,724.9 2166.6 4.1November 8,445.7 6,428.5 61.3 1,948.4 0.0 7.5December 12,457.2 8,298.0 61.3 4,089.2 0.0 8.62005 Total 104,383.4 70,742.5 2,800.0 28,654.2 2,166.6 20.2January 7,115.6 5,497.7 0.0 1,617.9 0.0 0.0February 9,693.5 6,448.0 0.0 2,324.6 920.9 0.0March 9,839.0 6,785.9 0.0 3,034.0 0.0 19.0April 8,623.1 6,575.0 0.0 2,048.1 0.0 0.0May 9,405.4 6,797.9 0.0 2,603.4 0.0 4.2June 10,502.3 7,336.1 0.0 3,165.0 0.0 1.1July 9,685.2 6,943.7 0.0 2,741.4 0.0 0.1August 10,800.5 7,281.8 0.0 2,635.9 882.8 0.0Septembar 10,785.6 7,199.2 0.0 3,086.1 500.0 0.3October 10,106.5 7,349.3 0.3 2,754.3 0.0 2.6November 10,141.9 7,603.2 -0.3 2,539.0 0.0 0.0December 14,179.2 10,095.0 0.0 4,084.0 0.0 0.22006 Total 120,877.8 85,912.8 0.0 32,633.7 2,303.7 27.6January 9,162.8 6,949.0 0.0 2,213.7 0.0 0.0February 10,258.7 7,556.8 0.0 2,701.9 0.0 0.0March 10,969.6 7,941.6 0.0 3,004.0 0.0 24.0April 11,612.9 8,306.1 0.0 3,301.6 0.0 5.2May 11,167.5 8,182.1 0.3 2,984.9 0.0 0.3June 11,770.0 8,629.0 0.0 3,140.9 0.0 0.1July 12,247.7 8,616.6 0.0 3,631.1 0.0 0.0I-VII Total 77,189.3 56,181.3 0.3 20,978.2 0.0 29.6

Period

2005

2006

2007

Table 8. Expenditures of health fundin mil. dinars

Total expenditures




Interest payment






1 = 2 + 9 + 10 + 11

2 = 3 + 4 + 5 + 6 + 7 + 8 3 4 5 6 7 8 9 10 11

2003 Total 66,586.1 66,550.0 594.1 1,039.3 28.8 0.0 64,847.2 40.6 22.7 0.0 13.42004 Total 83,931.3 82,492.4 844.9 856.4 1,897.5 0.0 78,841.8 51.7 17.7 1,389.0 32.2January 4,766.3 4,765.2 36.5 21.3 291.0 0.0 4,415.2 1.2 1.1 0.0 0.0February 6,864.7 6,863.5 69.6 27.7 173.7 0.0 6,590.5 1.9 1.3 0.0 0.0March 8,328.9 8,328.2 80.2 29.9 265.2 0.0 7,948.4 4.6 0.7 0.0 0.0April 8,067.0 8,065.2 108.6 33.6 314.6 0.0 7,606.1 2.2 1.8 0.0 0.0May 8,664.0 8,661.9 70.0 32.5 117.7 0.0 8,438.3 3.3 2.1 0.0 0.0June 8,275.7 8,266.9 82.4 36.0 82.8 0.0 8,064.0 1.8 8.8 0.0 0.0July 8,415.2 8,406.4 77.2 29.5 197.6 0.0 8,076.6 25.5 8.8 0.0 0.0August 9,009.5 9,007.9 79.1 30.6 79.9 0.0 8,799.7 18.6 1.6 0.0 0.0Septembar 8,477.0 8,458.8 79.4 31.3 35.8 0.0 8,302.9 9.4 18.2 0.0 0.0October 10,588.5 10,584.1 81.7 35.5 57.5 0.0 10,401.7 7.7 4.5 0.0 0.0November 8,661.9 8,660.6 84.3 38.3 57.2 0.0 8,477.8 3.1 1.3 0.0 0.0December 12,641.0 12,583.0 160.2 112.5 37.0 0.0 12,268.0 5.4 12.5 0.0 45.52005 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 45.5January 6,267.7 6,266.7 44.4 29.7 28.5 0.0 6,159.1 5.1 0.9 0.0 0.0February 9,784.7 9,781.7 89.0 39.3 5.9 0.0 9,632.9 14.6 3.1 0.0 0.0March 8,775.4 8,769.5 104.3 43.6 0.1 0.0 8,617.8 3.8 5.9 0.0 0.0April 8,148.9 8,147.3 128.6 37.4 0.8 0.0 7,976.5 4.0 1.6 0.0 0.0May 9,416.3 9,414.2 105.4 37.3 0.7 0.0 9,262.0 8.8 2.1 0.0 0.0June 8,506.4 8,455.2 103.0 42.1 0.0 0.0 8,305.0 5.1 51.1 0.0 0.0July 9,088.0 9,081.9 107.2 40.4 1.8 0.0 8,929.6 2.9 6.1 0.0 0.0August 9,671.4 9,665.7 106.7 38.0 22.3 0.0 9,496.6 2.0 5.7 0.0 0.0Septembar 9,443.5 9,443.5 107.0 38.6 0.0 0.0 9,294.3 3.6 0.0 0.0 0.0October 9,502.2 9,497.5 107.8 40.0 4.9 0.0 9,338.7 6.1 4.7 0.0 0.0November 9,142.0 9,141.7 119.5 50.5 0.5 0.0 8,965.8 5.5 0.3 0.0 0.0December 17,839.3 17,804.2 240.5 90.0 54.8 0.0 17,414.0 4.9 5.8 0.0 29.32006 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 29.3January 7,038.0 6,918.3 62.2 58.1 24.9 0.0 6,766.6 6.4 119.8 0.0 0.0February 9,167.0 9,145.7 130.5 53.1 0.0 0.0 8,956.7 5.4 21.3 0.0 0.0March 10,666.6 10,656.1 154.9 84.1 3.5 0.0 10,411.5 2.2 10.5 0.0 0.0April 10,892.2 10,891.1 175.0 56.0 39.0 0.0 10,617.3 3.9 1.1 0.0 0.0May 11,688.7 11,679.7 141.7 55.8 0.1 0.0 11,477.3 4.9 9.0 0.0 0.0June 11,177.8 11,159.3 139.7 62.7 120.4 0.0 10,833.3 3.2 18.5 0.0 0.0July 12,274.6 12,268.7 146.0 58.2 0.0 0.0 12,059.8 4.7 5.7 0.0 0.0I-VII Total 72,904.9 72,718.9 950.1 427.9 187.8 0.0 71,122.4 30.8 185.8 0.0 0.0

Period

2005

2006

2007

Table 9. Revenues of national employment agencyin mil. dinars


Transfers and grants Other revenues

1 = 2 + 3 + 4 2 3 42003 Total 9,813.0 4,644.9 5,116.4 51.72004 Total 15,272.9 6,397.4 8,811.6 63.9January 1,059.5 504.9 551.3 3.3February 1,235.4 616.3 614.6 4.5March 1,225.8 668.9 551.3 5.6April 1,580.8 731.6 833.0 16.2May 1,485.5 647.9 833.0 4.6June 1,460.9 683.9 771.4 5.6July 1,461.4 684.1 770.5 6.8August 1,551.0 737.9 809.2 3.9Septembar 1,568.3 751.7 808.3 8.3October 1,531.6 716.8 808.3 6.5November 1,314.5 744.2 562.5 7.8December 1,889.7 973.6 907.3 8.82005 Total 17,364.4 8,461.8 8,820.7 81.9January 1,456.5 654.6 791.7 10.2February 1,576.5 780.2 791.7 4.6March 1,849.2 829.7 1,008.3 11.2April 1,722.4 810.1 900.0 12.3May 1,839.9 820.4 1,008.3 11.2June 1,796.2 889.0 900.0 7.2July 1,752.0 844.7 900.0 7.3August 1,798.2 878.8 906.7 12.7Septembar 1,790.8 875.2 906.6 9.0October 1,809.4 900.1 898.7 10.6November 1,823.3 915.1 900.0 8.2December 2,123.9 1,207.0 900.0 16.92006 Total 21,338.3 10,404.9 10,812.0 121.4January 1,530.3 821.6 700.2 8.5February 1,620.0 904.2 709.2 6.6March 1,902.0 983.6 908.7 9.7April 2,157.5 992.8 1150.7 14.0May 1,870.1 984.0 866.9 19.2June 2,013.7 1,032.5 969.5 11.7July 2,083.1 1,056.1 1,006.1 20.9I-VII Total 13,176.7 6,774.8 6,311.3 90.6

Period

2005

2006

2007

Table 10. Expenditures of national employment agencyin mil. dinars

Total expenditures




Interest payment






1 = 2 + 9 + 10 + 11

2 = 3 + 4 + 5 + 6 + 7 + 8 3 4 5 6 7 8 9 10 11

2003 Total 9,802.8 9,720.3 459.7 550.7 0.0 2.1 8,688.9 18.9 40.2 42.3 0.02004 Total 14,556.1 14,421.3 633.9 398.6 0.0 2.6 13,373.9 12.3 79.2 55.6 0.0January 1,205.6 1,204.7 54.4 26.0 0.0 0.0 1,123.8 0.5 0.9 0.0 0.0February 1,151.4 1,124.2 54.9 31.7 0.0 0.0 1,037.3 0.3 5.1 0.0 22.1March 1,535.1 1,505.1 73.2 44.8 0.0 0.0 1,385.8 1.3 16.2 0.0 13.8April 1,273.1 1,270.7 55.3 37.1 0.0 0.0 1,177.9 0.4 2.4 0.0 0.0May 1,647.9 1,636.3 68.4 38.5 0.0 0.0 1,529.1 0.3 11.5 0.0 0.1June 1,294.9 1,281.6 64.0 45.1 0.0 0.0 1,171.5 1.0 13.3 0.0 0.0July 1,446.8 1,437.6 67.9 41.8 0.0 0.0 1,327.9 0.0 9.2 0.0 0.0August 1,342.9 1,340.2 65.4 41.8 0.0 0.0 1,233.0 0.0 2.2 0.0 0.5Septembar 1,448.2 1,394.3 88.0 52.4 0.0 0.0 1,253.5 0.4 19.0 0.0 34.9October 1,241.0 1,212.5 90.9 50.4 0.0 0.0 1,070.7 0.5 23.7 0.0 4.8November 1,703.0 1,688.3 71.3 42.1 0.0 0.0 1,574.3 0.6 14.7 0.0 0.0December 1,767.6 1,753.1 166.3 60.8 0.0 0.0 1,525.0 1.0 14.5 0.0 0.02005 Total 17,057.5 16,848.6 920.0 512.5 0.0 0.0 15,409.8 6.3 132.7 0.0 76.2January 1,446.0 1,421.9 85.5 46.9 0.0 0.0 1,289.1 0.4 24.1 0.0 0.0February 1,261.6 1,259.7 86.8 59.6 0.0 0.0 1,112.9 0.4 1.9 0.0 0.0March 1,845.3 1,837.9 91.8 71.2 0.0 0.0 1,674.2 0.7 7.4 0.0 0.0April 1,428.1 1,392.2 81.9 46.4 0.0 0.0 1,263.3 0.6 35.9 0.0 0.0May 1,558.6 1,557.1 83.3 54.0 0.0 0.0 1,419.3 0.5 1.5 0.0 0.0June 1,564.9 1,560.7 87.0 36.6 0.0 0.0 1,436.0 1.1 4.2 0.0 0.0July 1,773.4 1,769.0 86.7 36.0 0.0 0.0 1,644.3 2.0 4.4 0.0 0.0August 1,667.3 1,663.4 86.9 63.7 0.0 0.0 1,512.8 0.0 3.9 0.0 0.0Septembar 1,707.6 1,703.9 86.6 55.0 0.0 0.0 1,562.0 0.3 3.7 0.0 0.0October 1,795.3 1,792.2 89.3 73.2 0.0 0.0 1,628.6 1.1 3.1 0.0 0.0November 1,837.1 1,834.9 102.9 59.7 0.0 0.0 1,671.5 0.8 2.2 0.0 0.0December 3,283.4 3,258.8 137.7 121.0 0.0 0.0 2,998.9 1.2 24.6 0.0 0.02006 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 0.0January 1,825.5 1,812.8 101.2 48.6 0.0 0.0 1,662.1 0.9 12.7 0.0 0.0February 1,799.3 1,797.4 91.3 46.0 0.0 0.0 1,659.5 0.6 1.9 0.0 0.0March 2,033.7 2,028.3 97.0 57.7 0.0 0.0 1,872.4 1.2 5.4 0.0 0.0April 1,957.5 1,943.7 98.3 67.9 0.0 0.0 1,776.8 0.7 13.8 0.0 0.0May 1,931.5 1,929.0 100.7 70.0 0.0 0.0 1,757.0 1.3 2.5 0.0 0.0June 2,059.1 2,045.4 104.0 50.8 0.0 0.0 1,889.6 1.0 13.7 0.0 0.0July 2,237.9 2,216.6 113.2 74.5 0.0 0.0 2,026.9 2.0 21.3 0.0 0.0I-VII Total 13,844.5 13,773.2 705.7 415.5 0.0 0.0 12,644.3 7.7 71.3 0.0 0.0

Period

2005

2006

2007

А. DIRECT LIABILITIES in million EUR

2000 2001 2002 2003 2004 2005 2006 July 31, 20074,108.0 3,870.5 4,151.9 4,239.6 4,064.5 4,255.5 3,837.0 3,563.9

10,059.0 9,561.1 7,230.2 6,563.6 5,266.9 5,364.1 4,745.5 4,717.0

14,167.1 13,431.7 11,382.0 10,803.2 9,331.4 9,619.6 8,582.6 8,280.8B. CONTINGENT LIABILITIES

0.0 2.2 147.2 220.0 344.4 663.1 769.5 848.5

14,167.1 13,433.9 11,529.3 11,023.2 9,675.8 10,282.7 9,352.0 9,129.3

TOTAL CONTINGENT LIABILITIES

TOTAL A+B

PUBLIC DEBT OF THE REPUBLIC OF SERBIA

ANALYSIS OF DEBT STOCK OF THE REPUBLIC OF SERBIA IN THE PERIOD 2000 - July, 2007 (end of year)

INTERNAL DEBTEXTERNAL DEBT

TOTAL DIRECT LIABILITIES

1. DIRECT LIABILITIES in million EURprincipal/interest 2001 2002 2003 2004 2005 2006 July, 2007principal 3.72 122.81 194.16 215.31 301.64 469.92 333.61interest 2.01 1.67 2.50 8.25 83.84 43.46 24.29total 5.72 124.49 196.66 223.56 385.48 513.38 357.90

Frozen Foreign Currency Savings principal 0.00 119.17 190.77 207.18 235.04 223.07 218.71Internal Debt - other principal+interest 5.72 5.31 5.89 16.38 150.44 290.32 139.19

principal 0.00 1.72 1.78 2.20 20.70 206.00 21.54interest 0.00 92.97 127.48 156.17 165.33 365.51 67.28total 0.00 94.69 129.26 158.37 186.03 571.51 88.82

principal 3.72 124.54 195.93 217.51 322.34 675.93 355.15interest 2.01 94.64 129.98 164.42 249.17 408.97 91.56total 5.72 219.18 325.92 381.92 571.51 1,084.89 446.72

2. CONTIGENT LIABILITIESprincipal 0.00 4.47 4.70 7.78 12.90 23.92 21.76interest 0.00 14.08 17.58 19.10 22.77 25.15 23.30total 0.00 18.56 22.28 26.88 35.68 49.07 45.06

principal 3.72 129.01 200.64 225.28 335.24 699.85 376.91interest 2.01 108.72 147.56 183.51 271.94 434.11 114.87total 5.72 237.73 348.20 408.80 607.18 1,133.96 491.77

EXTERNAL DEBT

TOTAL PUBLIC DEBT

REPUBLIC OF SERBIA PUBLIC DEBT SERVICING IN THE PERIOD 2001 - JULY 31st, 2007

INTERNAL DEBT

EXTERNAL DEBT

TOTAL DIRECT LIABILITIES

Debt-GDP ratio in the period 2000 - July, 2007

169.3

102.2

69.5 64.353.3 50.2

34.9 30.2

0

50

100

150

200

2000 2001 2002 2003 2004 2005 2006 July 31, 2007

in %

Currency Amount in original currency Amount in dinars

Share of outstanding debt, in

%RSD 35,502,516,149 35,502,516,149 4.9%EUR 6,746,161,907 536,508,089,506 73.9%USD 1,812,657,384 105,154,973,827 14.5%SDR 380,257,836 33,767,960,543 4.7%Other * 15,103,338,685 2.1%Total 726,036,878,711 100.0%

* GBP, JPY, CHF, DKK, SEK, NOK

Public Debt Stock of the Repulic of Serbia as of July 31, 2007Currency Structure

14.5%

73.9%

4.9%4.7%2.1%

RSD EUR USD SDR Other *

TOTAL PUBLIC DEBT 726,037,594,460FIXED INTEREST RATES 560,684,780,521VARIABLE INTEREST RATES 165,352,813,939EURIBOR 128,392,994,147LIBOR USD 22,145,119,620LIBOR CHF 6,578,694,436LIBOR GBP 844,258,847LIBOR JPY 636,574,529STIBOR 417,715,119NIBOR 792,587,533CIBOR 825,117,665Austrian market interest rate 4,719,752,043

TOTAL 100.0%FIXED INTEREST RATES 77.2%VARIABLE INTEREST RATES 22.8%EURIBOR 17.7%LIBOR USD 3.1%LIBOR CHF 0.9%LIBOR GBP 0.1%LIBOR JPY 0.1%STIBOR 0.1%NIBOR 0.1%CIBOR 0.1%Austrian market interest rate 0.7%

EURIBOR AND LIBOR EUR 77.6%LIBOR USD 13.4%LIBOR CHF 4.0%Other variable interest rates 5.0%

Public Debt Stock as of July 31, 2007(Interest rate mix)

23%

77%

FIXED INTEREST RATESVARIABLE INTEREST RATES

Floating Interest Rates mix as of July 31, 2007

78%

13%4% 5%

EURIBOR AND LIBOR EUR LIBOR USD

LIBOR CHF Other variable interest rates

No DEBT Currency CONTARCTED AMOUNT CONTARCTED AMOUNT IN EUR JULY 31, 2007

DEBT STOCK IN EUR DECEMBER 31, 2000

DEBT STOCK IN EUR JULY 31, 2007

DEBT STOCK IN USD DECEMBER 31, 2000

DEBT STOCK IN USD JULY 31, 2007

1 Long-Term Securities (Debt to NBS) RSD 19,701,120,000.00 247,725,892.42 86,590.59 210,003,281.87 80,434.27 287,893,262.54

2 Long-Term Securities (Liabilities Based on Late Pensions to Farmers) RSD 20,000,000,000.00 251,484,070.37 0.00 125,742,035.19 0.00 172,379,614.39

3 Long-Term Securities (Liabilities Based on Late Pensions ) RSD 23,500,000,000.00 295,493,782.69 0.00 49,248,963.78 0.00 67,515,348.97

4 Conversion of Loans Approved by Banks for Primary Agriculture Production to Public Debt of the Federation RSD 1,547,351,481.34 19,456,712.44 34,130,823.15 1,389,765.17 31,704,227.26 1,905,227.51

5 Short-Term Securities (Tbills) RSD 4,300,000,000.00 54,069,075.13 0.00 54,069,075.13 0.00 74,123,234.196 Frozen Foreign Currency Savings - NBS RSD 525,843,799.75 6,612,066.96 0.00 5,962,742.34 0.00 8,174,316.767 Frozen Foreign Currency Savings - citizens EUR 4,174,950,000.00 4,174,950,000.00 4,073,815,531.57 3,015,420,000.00 3,784,179,855.19 4,133,835,881.138 Frozen Foreign Currency Savings - banks EUR 98,815,796.71 98,815,796.71 0.00 68,916,341.03 0.00 94,477,334.289 Loan for Rehabilitation EUR 56,000,000.00 56,000,000.00 0.00 33,114,585.71 0.00 45,396,748.25

5,204,607,396.72 4,108,032,945.31 3,563,866,790.22 3,815,964,516.72 4,885,700,968.02






IBRD A EUR 477,430,009.81 477,430,009.81 477,430,009.81 413,167,930.51 443,486,213.69 566,411,450.50IBRD B EUR 907,264,030.56 907,264,030.56 907,264,030.56 785,146,292.02 842,760,365.85 1,076,356,167.26IBRD C EUR 430,695,928.04 430,695,928.04 430,695,928.04 411,228,472.08 400,074,780.50 563,752,649.13

1 УКУПНО ИБРД EUR 1,815,389,968.41 1,815,389,968.41 1,815,389,968.41 1,609,542,694.61 1,686,321,360.04 2,206,520,266.89

IDA - SAC- 3599 - YFStructural adjustment credit SDR 55,500,000.00 61,972,658.65 0.00 61,972,658.65 0.00 84,958,290.00

IDA - SACII-4017-YFStructural adjustment credit II SDR 30,100,000.00 33,610,396.85 0.00 33,610,396.85 0.00 46,076,478.00

IDA - PFSACI - 3643-YFLoan for private and banking sector development SDR 68,100,000.00 76,042,127.10 0.00 76,042,127.10 0.00 104,246,118.00

IDA - PFSACII-3780-YFSecond loan for private and banking sector development SDR 58,700,000.00 65,545,856.99 0.00 65,545,856.99 0.00 89,856,786.00

IDA - SOSAC- 3750- YFSocial organization structural adjustment credit SDR 60,400,000.00 67,444,118.60 0.00 67,444,118.60 0.00 92,459,112.00

IDA - MOES - 3636-YFCredit for education system development SDR 8,000,000.00 8,932,995.84 0.00 8,294,515.88 0.00 11,370,948.11

IDA - TTFSE - 3651 - YFFacilitate of Trade and Traffic in South-east Europe SDR 4,650,000.00 5,192,303.83 0.00 5,072,339.81 0.00 6,953,668.37

IDA - SMEЕCA - 3693- YFProject for Faciltate of Export Financing SDR 8,345,236.90 9,318,495.82 0.00 9,318,495.82 0.00 12,774,721.74

IDA - 3723-YFTechnical assistance in the process of privatization and restructuring of banking sector and companies

SDR 8,400,000.00 9,379,645.63 0.00 8,444,858.64 0.00 11,577,052.93

IDA - LABORLIL - 3753 -YFEmployment Promotion Project SDR 2,000,000.00 2,233,248.96 0.00 1,987,431.45 0.00 2,724,568.89IDA - HIP - 3768 -YFHealth Investment Projec

SDR 14,700,000.00 16,414,379.86 0.00 11,796,341.76 0.00 16,171,599.64IDA - 3908 -YFCatastar registration SDR 20,100,000.00 22,444,152.05 0.00 6,125,998.11 0.00 8,398,128.07

IDА - 3870 -YFSerbian Energy Efficiency Project SDR 14,100,000.00 15,744,405.17 0.00 6,413,867.31 0.00 8,792,767.82

IDА -4071-YFPension administration reform and consolidation of pension revenues

SDR 16,600,000.00 18,535,966.37 0.00 286,506.00 0.00 392,770.95

IDA - 4105 -YFReviatlization of water irrigation system SDR 16,600,000.00 18,535,966.37 0.00 737,746.00 0.00 1,011,375.66

IDA - 4131-YFFirst loan for program development of policies in private and financial sector

SDR 38,000,000.00 42,431,730.25 0.00 42,431,730.25 0.00 58,169,640.00

2 TOTAL IDA SDR 424,295,236.90 473,778,448.36 0.00 405,524,989.22 0.00 555,934,026.17EIB - 22265 - Hospital Renewal Project EUR 50,000,000.00 50,000,000.00 0.00 50,000,000.00 0.00 68,544,943.67EIB - 22994 - Schools Rehabilitation Project EUR 25,000,000.00 25,000,000.00 0.00 8,500,000.00 0.00 11,652,640.42EIB - 21630 - Apex Global 1 EUR 20,000,000.00 20,000,000.00 0.00 7,576,201.10 0.00 10,386,205.55EIB - 22592 - Apex Global 2 EUR 45,000,000.00 45,000,000.00 0.00 10,778,934.12 0.00 14,776,828.64

3 TOTAL EIB EUR 140,000,000.00 0.00 76,855,135.22 0.00 105,360,618.30

4 EU 55 - Macroeconomic assistance EUR 49,500,000.00 49,500,000.00 0.00 49,500,000.00 0.00 67,859,494.245 Paris club* USD 2,385,034,326.02 1,739,759,490.74 4,939,660,444.57 1,729,629,081.31 4,588,465,874.55 2,371,146,559.146 London club USD 1,080,000,000.00 787,804,280.01 3,011,078,351.94 784,607,662.02 2,797,000,000.00 1,075,617,760.00

7 Republic of Italy - Private sector development EUR 33,250,000.00 33,250,000.00 0.00 25,125,000.00 0.00 34,443,834.20

8 Republic of Switzerland - FRY capital in EBRD EUR 17,246,800.00 17,246,800.00 16,232,688.00 10,348,080.00 15,078,594.12 14,186,171.21

9 CEB - rehabilitation and prevention of after floods consequences in Vojvodina EUR 9,600,000.00 9,600,000.00 0.00 9,600,000.00 0.00 13,160,629.19

10 CEB - reprogrammed loan EUR 27,738,794.99 27,738,794.99 0.00 16,249,086.12 0.00 22,275,853.86

OTHER CREDITORS 2,664,899,365.74 7,966,971,484.51 2,625,058,909.45 7,400,544,468.67 3,598,690,301.83

TOTAL IBRD+IDA+EIB+other creditors 5,094,067,782.51 9,782,361,452.92 4,716,981,728.50 9,086,865,828.72 6,466,505,213.19

10,298,675,179.23 13,890,394,398.23 8,280,848,518.72 12,902,830,345.43 11,352,206,181.20

B. CONTINGENT LIABILITIES

COMPERATIV ANALYSIS OF DEBT STOCK OF THE REPUBLIC OF SERBIA AS OF DECEMBER 31, 2000 AND JULY 31, 2007

PUBLIC DEBT OF THE REPUBLIC OF SERBIA

А. DIRECT LIABILITIES1. INTERNAL DEBT

2. EXTERNAL DEBT

TOTAL 1+2

TOTAL INTERNAL DEBT 1+2+3+4+5+6+7+8+9






EBRD - EPS - Urgent Reconstruction of Electric Energy Sector EUR 100,000,000.00 100,000,000.00 0.00 36,757,443.12 0.00 50,390,737.37

EBRD - Railways Serbia - Reconstruction of Corridor X EUR 57,000,000.00 57,000,000.00 0.00 48,235,376.28 0.00 66,125,823.01

EBRD - Road Serbia - Corridor X EUR 76,000,000.00 76,000,000.00 0.00 69,090,910.00 0.00 94,716,650.69EBRD - EPS - Urgent Reconstruction of Electric Energy Sector II EUR 60,000,000.00 60,000,000.00 0.00 17,175,724.90 0.00 23,546,181.92

EBRD - Nis - Improvement of Water Supply EUR 5,547,986.55 5,547,986.55 0.00 4,222,792.17 0.00 5,789,021.03

EBRD - Novi Sad - Improvement of water supply EUR 1,938,439.81 1,938,439.81 0.00 1,233,218.75 0.00 1,690,618.20EBRD - Kragujevac - Improvement of water supply EUR 3,939,486.20 3,939,486.20 0.00 3,012,428.22 0.00 4,129,734.45EBRD - Airtraffic Control EUR 30,820,000.00 30,820,000.00 0.00 0.00 0.00 0.00EBRD - Subotica - Reconstruction and modernization of municipal water network EUR 9,000,000.00 9,000,000.00 0.00 1,074,155.00 0.00 1,472,557.88

EBRD - Road Serbia - Highway Belgrade-Novi Sad and Bridge near Beska EUR 72,000,000.00 72,000,000.00 0.00 8,428,079.96 0.00 11,554,045.32

1 TOTAL EBRD EUR 416,245,912.56 416,245,912.56 0.00 189,230,128.40 0.00 259,415,369.86

EIB - 21499 - Railway Serbia - Railway Infrastructure Reconstruction EUR 70,000,000.00 70,000,000.00 0.00 70,000,000.00 0.00 95,962,921.14

EIB - 21631 - Road Serbia - Reconstruction of Road Network EUR 95,000,000.00 95,000,000.00 0.00 95,000,000.00 0.00 130,235,392.98

EIB - 21756 - EMS - Reconstruction of Electric Energy System EUR 59,000,000.00 59,000,000.00 0.00 17,000,000.00 0.00 23,305,280.85

EIB - 22096 - Belgrade Center Reconstruction EUR 90,000,000.00 90,000,000.00 0.00 25,776,711.00 0.00 35,337,264.07

EIB - 21386 - Road Serbia - Urgent Traffic Reconstruction EUR 37,000,000.00 37,000,000.00 0.00 36,333,333.33 0.00 49,809,325.73

EIB - 21386 - Airport "Nikola Tesla" Urgent Traffic Reconstructionа EUR 13,000,000.00 13,000,000.00 0.00 13,000,000.00 0.00 17,821,685.36

EIB - Road Serbia - Consolidated Reprogrammed Loans EUR 49,103,579.00 49,103,579.00 0.00 25,087,018.71 0.00 34,391,765.69

EIB - Railway Serbia - Consolidated Reprogrammed Loans EUR 7,255,987.00 7,255,987.00 0.00 3,707,083.80 0.00 5,082,037.01

EIB - 22264 - EPS - Equipment for Electric Energy System EUR 22,000,000.00 22,000,000.00 0.00 15,600,000.00 0.00 21,386,022.43

EIB - 22550 - Road Serbia - Project Euroroad II EUR 120,000,000.00 120,000,000.00 0.00 41,800,000.00 0.00 57,303,572.91EIB - Nis - Urgent reconstruction of water supply system EUR 10,000,000.00 10,000,000.00 0.00 0.00 0.00 0.00EIB - Novi Sad - Urgent reconstruction of water supply system EUR 15,000,000.00 15,000,000.00 0.00 0.00 0.00 0.00

EIB - 23040 - Air Navigation Control EUR 31,280,000.00 31,280,000.00 0.00 5,000,000.00 0.00 6,854,494.37

2 TOTAL EIB 618,639,566.00 618,639,566.00 0.00 348,304,146.84 0.00 477,489,762.54

KfW 1 - EPS - Reconstruction of Kolubara Coal-Mine and Termo Power Plant Nikola Tesla EUR 51,129,187.78 51,129,187.78 0.00 34,086,125.14 0.00 46,728,630.56

KfW 2 - EPS - Procurement of equipment for Tamnava EUR 16,000,000.00 16,000,000.00 0.00 0.00 0.00 0.00KfW 3 - ЕPS - Rehabilitation HPP Bajina Basta EUR 30,000,000.00 30,000,000.00 0.00 89,715.05 0.00 122,990.26

3 TOTAL KfW 97,129,187.78 97,129,187.78 0.00 34,175,840.19 0.00 46,851,620.82

EU - EPS - Reprogrammed EIB credit EUR 2,483,107.32 2,483,107.32 3,069,761.94 2,483,107.32 2,851,511.37 3,404,089.03EU - Railway Serbia - Reprogrammed EIB credit EUR 35,768,623.03 35,768,623.03 44,219,255.75 35,768,623.03 41,075,403.52 49,035,165.02EU - Road Serbia - Reprogrammed EIB credit EUR 185,544,881.02 185,544,881.02 229,381,392.19 185,544,881.02 213,073,085.11 254,363,268.37

4 TOTAL EU 225 EUR 223,796,611.37 223,796,611.37 276,670,409.88 223,796,611.37 257,000,000.00 306,802,522.42

5 Republic of Poland - EPS - EPS Rehabilitation USD 50,000,000.00 36,472,420.37 0.00 33,909,010.28 0.00 46,485,824.006 IDA - 3909 -YF - Traffic Infrastructure Reconstruction SDR 37,500,000.00 41,873,418.01 0.00 19,080,219.05 0.00 26,157,063.75

7 IDA - 4090 -YF**- SE Europe Energy Community Programm Serbian project (EPS, EMS) SDR 13,900,000.00 15,521,080.27 0.00 0.00 0.00 0.00

1,449,678,196.36 276,670,409.88 848,495,956.13 257,000,000.00 1,163,202,163.38

11,748,353,375.59 14,167,064,808.11 9,129,344,474.85 13,159,830,345.43 12,515,408,344.58

Remarks: Data for December 31st, 2000 exchange rate list No. 250, issued on date December 29th, 2000 Data for June 30th, 2007 exchange rate list No. 145 issued on date July 31th, 2007

*Paris club debt consists of following currencies: EUR, USD, GBP, CHF, JPY, DKK, SEK, NOK ** 1.660.000 SDRs belongs to EMS

TOTAL A + B

TOTAL CONTINGENT LIABILITIES 1+2+3+4+5+6+7

FISCAL STATISTICS (tables in Chapter II Fiscal movements)

Ministry of Finance is competent for the collection and processing of data concerning fiscal policy. Fiscal statistics encompasses: consolidated balance of general government as well as individual balances of central governmental– budget of the RS, budget of the AP Vojvodina, budget of the local government and mandatory social insurance organisations.

General government. General government comprises all the levels of government in the country. Subsectors constituting general government are the following: central government- Republic of Serbia, provincial government- AP Vojvodina, local government- municipalities, cities and mandatory social insurance funds.1 Fiscal statistics, with regard to the individual state subsectors, is especially significant for the understanding of interrelation between different governmental levels, division of functions as well as division of incomes. 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 total macroeconomic stability, reallocation of collected funds

1 Public enterprise Putevi Srbije is included in the consolidation of fiscal data into the general government regarding the operations financed from the part of the revenues originating from the excise duties on mineral oils, pertaining to this public enterprise.

originating from other economic sectors, burden of taxation of the economy, tax structure etc.

Central government-budget of the RS. Central government comprises all the ministries, agencies, and other special organisations defined as direct or indirect republic budget beneficiaries.2 The Government may define and achieve set goals concerning economic policy at the level of the entire country, primarily through the implementation of certain measures and programmes by the means of the budget of central government. Other governmental levels do not include as defined goals economic policies at the national level. The more centralized is the country, the more significant are the data related to this governmental level.3.

АP – Vojvodina. Budget of AP Vojvodina comprises all governmental authorities and other special organisations defined as AP Vojvodina budget beneficiaries.

Local self-government. Data concerning local self-government relate to the data collected in all cities and municipalities constituting the local self-

2 Indirect republic budget beneficiaries are primary and secondary schools, faculties, scientific institutes, social welfare institutions, cultural institutions and other institutions partly financed from republic budget funds. . 3 The largest amount of tax revenues, apart from property taxes, pertains to the budget of the RS. Income tax is renounced in the legally defined 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. This shows the importance of the central governmental level in the country.

government system. Span 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 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 local government4.

Mandatory social insurance organisations. Mandatory social insurance organisations comprise Employees' Fund, Farmers' Fund, Republic Fund for Pension and Invalidity Insurance for Self-employed, Social Insurance Fund and National Employment Agency.

BASIC FISCAL AGGREGATES Basic fiscal aggregates are total public revenues, total public expenditures, and the result of the difference between these two categories, surplus and deficit in the consolidated balance of general government or balances of individual governmental 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.

4 Primary and secondary schools pertain to the central government as their financing is mostly provided from it. A part of material expenses of schools is financed from local self-government funds but not in the extent sufficient for pertaining of these institutions to the local government. Pre-school institutions are local budget beneficiaries. They pertain to the local government during the observance of data regarding their revenues and expenditures.

The basic characteristics of tax revenues is their liability and non- existence of any direct reciprocal favour during the payment of taxes. The state collects taxes financing certain state functions from collected funds. The benefits related to certain functions cannot be directly connected to an individual who paid the tax.

Income tax comprises taxable wages, as well as the taxes on other forms of earnings of individuals except for the wages.

Corporate income tax comprises in addition to the corporate income tax also tax on dividends paid to the residents and non-residents, as well as the tax on interests, royalties and capital incomes realised by non- residents.

VAT comprises domestic VAT, VAT on imported goods, and the arrears of turnover taxes from the previous years.

Excise duties present consumption taxes concerning specific productes such as oil, tobacco, coffee, alcoholic beverages etc.

Customs duties and other import duties comprise revenues from duties paid during the import of goods and services, except for the VAT on imported goods included in VAT revenues.

Other tax revenues comprise taxes on use, ownership and carrying of goods, and other taxes. The property tax of local government is included in the cathegory of other tax revenues in the general government consolidated balance.

Non-tax revenues are heterogenic cathegory of revenues

including property revenues ( overdue interets, rental fees) compensations, taxes, fines and other revenues which cannot be allocated. As opposed to tax revenues, non-tax revenues imply the existence of reciprocal favour for the settled sum- e.g. the compensation for the usage of natural resources. However, there are revenues pertaining to non-tax revenues but not implying the reciprocal favour during the collection. Typical example of this sort of revenues are fines.

Capital revenues comprise only revenues originating from the sale of capital goods, as well as the capital transfers from non-governmental institutions. The sale of capital goods imply the sale of non-financial property, building structures, reserves and state-owned land.

Total expenditures in the Bulletin of Public Finance are presented according to the economic classification emphasizing the type of expenses, i.e. its economic characteristics and influence of state consumption on the market of goods and services, financial market and reallocation of income. In addition to the economic classification of expenditures there is also a functional classification emphasizing the function the state performs by using of funds for specific purposes.5. The Bulletin of Public Finance does not contain expenditures classified in accordance with the functional classification.

5 Division of expenditures according to the functional classification is the following: general public services, defence, internal security, economic affairs, enviromental protection, housing construction and municipal services, healthcare, recreation, culture and religion, education and social welfare.

Total expenditures are divided into current and capital expenditures.

Current expenditures present final budget outflows, and are not intended for the procurement of non-financial assets.

Expenditures on employees comprise the salaries of employees including income tax and contributions paid by employees, contributions paid by employers, as well as other contributions for the employees( transport allowance, sick leave allowance for the period up to 30 days).

The purchase of goods and services comprise the payment related to the coverage of expenses related to business transactions (electricity, phone bills etc.), business trip expenses, contracting services expenses, current maintenance and the procurement of material.

Repayment of interests is divided into the repayment of interests based on domestic debt, external debt, interests based on activated guarantees and accompanying borrowing expenses.

Subsidies comprise all the funds transferred to the economic sector (public enterprises, registered agricultural holdings etc.) for the coverage of running expenses or/and the grant intended for current business activities.

Social insurance expenditures present the payments to the insurees of mandatory social insurance organisations. In the frame of this cathegory the pensions of the insurees of all the three pension and invalidity funds are shown, sick leave allowances paid by the Republic fund for health insurance and benefits paid to the unemployed by the National Employment Agency.

Social welfare financed from the budget comprises the children and family benefits, benefits for war invalids, maternity benefits, housing benefits etc.

Other current expenditures comprise expenditures including grants to non-governmental organisations, mandatory taxes and penalties imposed by one governmental level to another, fines and penalties in accordance with the decision of courts and judicial bodies, injury compensations or compensations for damages incurred by natural disasters, and damages incurred by the public bodies.

Capital expenditures comprise all the payments intended for the procurement of non-financial assets, building of building structures and infrastructure, procurement of equpment and reserves and the purchase of land.

General government consolidated balance contains consolidated revenues and consolidated expenditures.

Consolidated revenues present a collection of revenues of individual governmental levels. In the consolidation procedure the transfers received from other governmental levels are exempted. In the consolidation procedure benefits paid by general government in the function of employer are exempted from the revenues of mandatory social insurance organisations

Consolidated expenditures present a collection of expenditures of individual governmental levels. In the consolidation procedure the transfers provided from one governmental level to another are exempted. In the consolidation procedure expenditures

paid by general government in the function of employer are exempted from the expenditures.

Consolidated surplus/ deficit present a difference between consolidated revenues and consolidated expenditures.

Balance surplus/ deficit of individual governmental levels is a difference between total revenues and total expenditures, at the certain governmental level.

Earnings not included in the revenues of general government present earnings based on domestic and external borrowing and earnigns based on the privatisation of state-owned enterprises.

Expenditures exempted from the general government expenditures are expenditures based on the repayment of principal originating from domestic or external debt and expenditures based on the procurement of financial assets

( budgetary credits).

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