ZAGREB, May 24 (Xinhua) -- Croatian Finance Minister Zdravko Maric presented on Thursday positive financial results from last year and praised the economic conditions in the country.
The minister said that budget revenues had reached 122.7 billion kuna (about 19.5 billion U.S. dollars) in 2017, 5 percent more than the previous year. At the same time budget expenditures were lower than planned, state news agency Hina reported.
The positive numbers were the result of positive economic trends and tax reform, Maric explained during a government session. More revenues were collected thanks to the 2.8 percent gross domestic product (GDP) growth, a product of another record tourist season and growing consumption, export and investments.
Maric praised strong fiscal discipline and responsible spending of budget money. Budget expenditures last year totaled 125 billion kuna (19.8 billion U.S. dollar), which is an increase of four percent compared to the year before but less than originally planned.
The minister noted that the share of public debt in GDP is continuously decreasing and that it totaled 78 percent at the end of 2017. Compared to the year before it is a decrease of about six percentage points.
"Regardless of the fact that public debt is still above the 60 percent of GDP set by the Maastricht criteria, the share of public debt in GDP has been going down almost at twice the rate prescribed by those criteria," said Maric, referring to the euro convergence criteria which EU member states are required to meet to enter the third stage of the Economic and Monetary Union (EMU) and adopt the euro as their currency.