BUSINESS

State budget deficit at two months: RON 2.34 bln or 0.4 pc of GDP

According to the Ministry of Public Finance, in the first two months of the year the general consolidated budget reported a deficit of RON 2.34 bln or 0.4 per cent of GDP, representing less than half of the 1.1 per cent of GDP level reported in the same period last year, Mediafax informs. The budget deficit in the first two months of this year dropped by 59.8 per cent or RON 3.47 bln from the level reported in the same period of 2009, with total revenues growing by 8.3 per cent and expenditures dropping by 4.4 per cent. Budget expenditures stood at RON 29.8 bln, while budget revenues reached RON 27.5 bln. Budget revenues from VAT grew by 33.5 per cent, revenues from excises by 12.9 per cent and non-fiscal revenues by 15.7 per cent. At the same time, revenues from profit tax dropped by 16.7 per cent while those from income tax dropped by 6 per cent. In what concerns budget expenditures, the MFP shows that expenditures on personnel dropped by 22.5 per cent compared to the same period last year, subsidies dropped by 18.6 per cent and expenditures on social programmes dropped by 4.1 per cent.

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