Consolidated general budget deficit down to 0.2 pc of GDP


The consolidated general budget’s deficit decreased to 0.2% of GDP in the first seven months of this year, compared to 1% of GDP in the same period of the previous year, which creates the prerequisites for meeting the deficit target of 2.2% of GDP for the entire 2014, according to the budget execution published by the Ministry of Public Finance.

At end-July 2014, a primary surplus of 0.96% of GDP was recorded, compared to 0.25% of GDP in the same period of last year.

According to the Ministry of Finance, the revenues to the consolidated general budget, totaling 120.9 billion lei, representing 18.3% of GDP, were by 4.1% higher in nominal terms compared to the same period a year earlier.

Thus, increases were recorded compared to the same period of last year in the revenues from social insurance contributions (+1.77 billion lei), taxes and property charges (+990.5 million lei), excise duties (+1.273 million lei), profit tax (+864.5 million lei) and VAT (+643.5 million lei).

The amounts reimbursed by the EU for the payments made decreased by 10.4% from the same period of the previous year, with the mention that in the consolidated general budget, recorded are only the amounts reimbursed for the projects whose beneficiaries are public institutions.

According to the relevant ministry, the expenditures of the consolidated general budget, amounting to 121.9 billion lei, decreased both in nominal terms, by 0.2% from the same period a year earlier, as well as in real terms, being lower by one percentage point as share in the GDP.

 

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