Next year's projection has been made in an appropriate manner, but everything depends on circumstances within Europe's economy. Provided there are at least stable conditions, since we have shown this year that an economic growth higher than the one projected can be achieved, then a 4.5% growth can be realised in 2012.

This was stated Sunday by Vice PM and Finance Minister Zoran Stavreski, who together with Gjorce Petrov municipal mayor Sokol Mitrevski signed an agreement financing the project "Reconstruction of Old and Construction of New Service Streets" throughout the municipality.

"Nowadays, all mayor economic factors must underline that risks threatening the economic growth exist. The economy of Europe is in question and everything depends on whether adequate solutions to the debt crisis will be found in developed countries. It is expected that Macedonia's economy - with its support from the budget, through capital investments and with direct backing of 150 million euros from the European Investment Bank - can deliver the envisaged economic growth," Stavreski stated.

The budget is mainly funded by taxes, excise tax and duties, the minister told reporters. "In past months, the budget was filled up relatively well i.e. revenues are in compliance with projections. I expect projections to be met by year's end, thus resulting in the envisaged budgetary policy to be realised without problems. In any case, in terms of expenditures capital investments are realised better this year, which creates an additional pressure over the budget, but it's positive pressure," Vice PM Stavreski underlined.