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February 1, 2023
BUSINESS

2.4 pc-deficit by end of August; figures meet annual target

According to figures released yesterday by the Finance Ministry, the execution of the consolidated general budget for the interval January 1 – August 31, 2011 closed with a RON 12.97 bln-deficit, namely, 2.4 pc of GDP, which encourages a favourable forecast concerning the meeting of the annual target of 4.4 pc of GDP.

Thus, consolidated general budget revenue amounted to RON 116.4 bln, 9.5 pc above figures for the same interval of the preceding year, backed by July’s record revenue of RON 17.1 bln. Revenue rose particularly on the value-added tax segment, rising by 28.2 pc compared to the same interval of 2010, and the duty segment, where revenue rose by 16.2 pc. Amounts reimbursed by the European Union soared by 44.9 pc compared to the same interval of the preceding year, backed by EU funding expenses’ rising in turn by 58.9 pc. Consolidated general budget expenditure, amounting to RON 129.3 bln, rose by 1.7 pc in nominal terms from figures for the same interval of 2010, backed mainly by rising EU funding expenses, while shrinking by 1 pc in real terms, as GDP percentage. Expenditures in goods and services rose by 12 pc compared to the first eight months of 2010, due to payments for medical services and drugs. Investment expenses, capital expenses included, as well as those corresponding to development programs funded out of internal and external sources, amounted to RON 19.95bln in the first eight months of 2011, rising from RON 16.9 bln for the same interval of 2010.

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