The Macedonian Ministry of Finance said Friday that the budget execution in the first quarter (Q1) of the year was stable, while revenues showed an upward trend.
Total Budget revenues reached 81.2 billion denars, which represents an increase of 5.7% compared to the same period in 2025. Total tax revenues increased by 4.7%, with the highest increase recorded in the Profit Tax of 23.6% and the Personal Income Tax of 12.3%.
VAT refunds increased by 17.3%, or a total of MKD 12 billion were refunded to the economy. At the same time, revenues from import duties are higher by 9.1%.
Non-tax revenues also went up by 16.4% in Q1 2026 compared to the same period last year.
On the expenditure side, total expenditures amounted to MKD 106.3 billion, which represents an increase of 18.4% compared to the first quarter of last year. Particularly significant is the growth in capital expenditures, which in the first quarter reached MKD 8.3 billion, which is an increase of 196.5% compared to the same period last year, which, according to the Ministry of Finance, indicates an increased dynamics of the realization of capital investments.
