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Bucharest
May 20, 2022
BUSINESS

Budget deficit, RON 4 bln higher

In the first four months of the year the general consolidated budget reported an estimated deficit of RON 12.1 bln (2.2 per cent of GDP), almost RON 4 bln higher than the RON 8.22 bln reported at the end of Q1. In the first four months of last year the budget reported a deficit of RON 9.35 bln (1.8 per cent of GDP). “According to the provisional data, the general consolidated budget’s execution in the first four months of this year ended with a deficit estimated at RON 12.1 bln, up by 0.35 per cent as a share of GDP compared to the same period of last year,” a release issued by the Public Finances Ministry informs. The revenues reported in the first four months of this year totaled RON 52.6 bln, 1.2 per cent lower than the one reported last year. They represent 9.8 per cent of the GDP estimated for this year (RON 538.9 bln). Expenditures totaled RON 64.7 bln, up by 3.4 per cent in nominal terms compared to the same period last year. They represent 12 per cent of GDP, down by 0.7 per cent compared to the same period last year. The VAT dropped by 9.2 per cent, the income tax by 7.3 per cent, the profit tax by 4.6 per cent and the social protection contributions by 3.6 per cent. “One can notice an improvement in the absorption of post-accession funds, with the sums returned by the European Commission for payments for European-financed projects being RON 1.1 bln higher compared to the same period last year,” the MFP release adds. Revenues from excise taxes dropped by RON 71.9 M compared to the same period last year.


Expenditures on investments, including capital expenditures as well as transfers for development programs, totaled RON 8.02 bln, up by 4.1 per cent compared to the same period last year, representing 12.4 per cent of the consolidated budget’s total expenditures.

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