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Bucharest
June 13, 2021
BUSINESS

Budget deficit advanced to 1.19 pc of the GDP in May

The execution of the consolidated general budget ended after the first five months with a deficit of RON 7.2 bln, equivalent to 1.19 pc of the GDP, against a deficit of 1.28 pc of the GDP in the similar interval of 2011 and to 0.83 pc of the GDP at four months this year, the Ministry of Public Finance announces in a press release. Compared to January-May 2011, the deficit has decreased by RON 200 M. The incomes to the general consolidated budget amounted to a total RON 77.5 bln at the end of May, up 9.6 pc year-on-year. As share of the GDP, incomes advanced against May 2011 from 12.2 pc to 12.8 pc. Fiscal incomes registered, in nominal terms, an increase by 11.7 pc compared to the previous year, with favourable evolutions being experienced by the value-added tax (+6.9 pc), excise duties (+8.2 pc), income tax (+18.9 pc), profit tax (+9.7 pc). At the level of local administrations, the budgetary execution shows a 5 pc increase against the previous year in the case of the incomes from property taxes and dues. The contributions to the social insurances system amounted to RON 21.5 bln, up 7.7 pc from the similar interval of last year, and totaled RON 7 bln. Meanwhile, the sums reimbursed by the European Union to the account of payments made from public resources advanced by 55 pc. The expenses made from the general consolidated budget were 14 pc higher, amounting to a total RON 84.8 pc, and their weight in the GDP increased from 13.5 pc to 14 pc.

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