Budget Revenue Up 8 Percent Through August — But How Much Is Real Growth, How Much Is Inflation?
Tax revenue over eight months reached 131.5 billion denars. The ministry does not separate real growth from the inflation effect.
Total budget revenues through August stood at 230.6 billion denars — 60.77 percent of the planned annual amount, and up 8 percent from the same period last year. The figure was released by the Finance Ministry after a coordination meeting between Minister Gordana Dimitrieska-Kochoska, Public Revenue Office director Elena Petrova, and Customs Administration director Boban Nikolovski.
Tax revenue specifically, over the first eight months, reached 131.5 billion denars — up 8.2 percent year-on-year. The growth, according to the ministry, is present across all major tax categories.
"The budget is being executed according to the planned dynamics. Together with the tax and customs authorities, we are closely monitoring revenue and any movements that could affect execution. At this point there are no significant deviations from the plan, but we remain vigilant and will react in time if circumstances require it," Dimitrieska-Kochoska said.
The statement gives growth in percentages and absolute figures, but does not address how much of the increase comes from real economic activity versus inflation — which directly lifts nominal VAT and excise revenue without any real rise in consumption. Without a separate breakdown, the 8 percent figure sounds good but doesn't tell the whole story.
MKNews Hub · Economy · September 19, 2026
