0.46 pc of GDP budget deficit in two months: revenues higher by 4.1 pc


The general consolidated budget reveals a deficit of RON 3.1 billion (0.46 percent of the GDP) in late February, after the revenues went up by 4.1 percent on a year-on-year basis, and the expenses went up by 5.8 percent according to data from the Ministry of Public Finance, reports Mediafax. In late February of last year, the budget deficit was RON 2.4 billion, that is, 0.39 percent of the GDP. In January, the general consolidated budget reported a RON 1.5 billion excess, supported by higher revenues from VAT and excise taxes, and lower expenses by 57 percent on the capital segment (investments). The deficit target for this year was negotiated with the international financial institutions to 2.2 percent of the GDP. The budget revenues over the first two months of this year total RON 30.5 billion and represent 4.6 percent of the GDP. There were increases compared to last year in the revenues from tax on profit (RON 129.5 million), VAT (RON 296.7 million), excise taxes (RON 171.4 million). The revenues from social contributions went up by 4.8 percent due to the higher number of employees, as well as the gross salary. There were higher revenues at local fiscal administration from non-fiscal revenues (9.9 percent more), taxes on property (11.3 percent more) and taxes on using goods (8 percent). The expenditure of the consolidated general budget, in amount of RON 33.6 billion remained at the same level as percentage of the GDP, namely 5.1 percent.

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