The January-August execution of the consolidated general budget showed a deficit of RON 7.11 bln, or 1.17 pc GDP, from 2.24 pc GDP year on year, and 1.15 pc GDP in late July, according to a Ministry of Finance press release. The first eight months budgetary deficit is down RON 5.86 bln year on year. Under the IMF agreement, the Romanian government pledged to slash the budget deficit to 2.2 GDP this year, from 4.3 pc GDP in 2011. The consolidated general budget revenues totaled RON 125.6 bln (20.7 pc GDP) in late August, up 8 pc from the year-earlier interval in nominal terms, or 0.6 pc GDP. The amounts disbursed by the European Union for public payments rose 43.3 pc. The consolidated general spending were 2.7 pc, to RON 132.8 bln (21.9 pc GDP), or down 0.5 pc GDP.