Finance Minister Ivan Suker has announced plans for a EUR17.5bn national budget which will contain increased expenditure balanced by increased revenues which, it is hoped, will eliminate macroeconomic instability within the economy.
Suker announced the draft budget at an annual conference of economists in Opatija. But, despite efforts to trim public expenditure it will amount to 1.1% more than in last year's budget. It is hoped the budget will help alleviate the effects of the economic downturn; but the Finance Minister conceded that it would not be possible to eliminate the budget deficit before 2010.
According to Suker the draft budget projects economic growth at 2-2.5%.
The government has reduced its expenditures in the defence, economic, development and health sectors, but the Infrastructure Ministry will experience the largest cut in its budget if the draft is passed by Parliament, with cuts amounting to EUR370m.
Subsidies for entrepreneurs and employment will also be cut back by EUR28.5m and local council budgets will be cut by EUR600,000.
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