Albania's consolidated budget was in surplus of Lek 50.5 billion (Dollar 539 million/Euro 503 million) in the first five months of 2024, up from Lek 36.2 billion in the same period in 2023, the Minister of Finance Ervin Mete said in a post on Tuesday.

Consolidated budget revenue increased by 11.2% year-on-year to Lek 287.1 billion in the January-May period, whereas expenditures rose 6.4% to Lek 236.6 billion, the finance ministry said in a statement, quoting preliminary figures.

Tax revenue grew 12.3% to Lek 157.3 billion. Albania's consolidated budget was in deficit of Lek 31.3 billion at the end of 2023, finance ministry data showed last month. "The positive progress of the economy continues. Total revenues for the 5 months of 2024 were realized in the amount of Lek 287.1 billion or 103.4% of the plan for the same period. "Compared to a year ago, revenues increased by Lek 28.9 billion or 11.2% more," said the minister.

The revenues collected by the General Directorate of Taxes and the General Directorate of Customs (including Contributions collected by DPT) reached Lek 247 billion, Lek 22.8 billion or 10.2% more compared to the same period of 2023, as well as Lek 4.9 billion or 2% more than the 5-month plan for 2024.

Customs revenues (revenues from import VAT, excise duties, customs taxes, and royalties) were realized in the amount of Lek 89.7 billion, Lek 5.6 billion or 6.6% more than the 5 months of 2023, as well as Lek 108 million or 0.1% more than the customs revenue plan for the period under review in 2024.

Revenues from VAT on imports for the 5 months result at Lek 61.8 billion, Lek 3.6 billion or 6.2% more than the same period of the previous year, as well as Lek 461 million or 0.7% less than the plan for the 5 months 2024.

Excise revenues were realized in the amount of Lek 23.1 billion, Lek 2 billion or 9.4% more than the same period of 2023, as well as Lek 512 million or 2.3% more than the excise plan for the 5 months of 2024.

Revenues from mining rents in export were realized in the amount of Lek 1.3 billion, Lek 58 million or 4.4% less compared to the same period of last year and realization in the amount of 97.2% compared to the plan for the January-May period of 2024.

Revenues from customs taxes have been collected in the amount of Lek 3.5 billion, Lek 37 million or 1.1% more than 5 months of 2023, as well as realization in the amount of 102.7% against the plan.

Tax revenues (revenues from net VAT in the country, profit tax, personal income tax, national taxes, and contributions collected by DPT), for the 5 months of 2024, were realized in the amount of Lek 157.3 billion, Lek 17.3 billion or 12.3 % more than last year's 5-month period, as well as Lek 4.8 billion, or 3.1% more than the 2024 plan.

The revenue from VAT collected (net) was realized in the amount of Lek 23.2 billion, Lek 4.5 billion or 24.2% more than the 5 months of 2023, as well as Lek 39 million or 0.2% less than the VAT plan to be cashed in the 5th month period of 2024.

Revenues collected from the profit tax amounted to Lek 27.6 billion, Lek 1.7 billion, or 5.8% less than the 5 months of 2023, (this is due to the effect of the tax on energy producers in 2023) as well as Lek 1.5 billion or 6% more than the 5-month plan of 2024 for Income Tax.

Personal income tax was collected in the amount of Lek 26.8 billion, Lek 4 billion or 17.5% more than the 5-month 2023 plan, as well as Lek 905 million or 3.5% more than the 5-month 2024 plan.