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March 28, 2023

RON 11.3 bln deficit in H1, below IMF cap

Operative data issued by the Ministry of Public Finance yesterday shows the execution of the general consolidated budget in the period from January 1 to June 30, 2011 closed with a deficit of RON 11.3 bln or 2.07 per cent of the GDP, under the deficit target cap – RON 12.6 bln – set in the supplementary letter of intent under the stand-by arrangement with the International Monetary Fund.

The revenue collected by the general consolidated budget amounted to RON 85 bln, higher by 9.6 per cent compared to the previous year, mostly because of a higher revenue collected from the value-added tax (+31.5 per cent), excise duties (+27.1 per cent) and capital revenue (+58.9 per cent). The revenue collected from social security subscriptions continued to improve, being 4.7 per cent bigger than in the same period last year and the revenue obtained as corporate profit tax exceeded by 1.42 per cent the sums collected in the first half f 2010.

The main year-on-year gap continues to be in the region of non/fiscal revenue which dropped by 8.2 per cent. The amounts received from the European Union on the account of payments made went up by 16.4 per cent year-on-year. The total general consolidated budget expenditure in the amount of RON 96.2 bln registered a mild nominal rise of 0.7 per cent compared to H1 2010, explained by the bigger expenditure with the co-financing of projects benefiting for non-repayable financing, but, as a share of the GDP, it decreased by 0.9 percentage points. At the same time, expenditures with goods and services were up 4.6 per cent year-on-year.

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