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Bucharest
October 16, 2021
BUSINESS

Budget deficit of RON 4.2 bln at 3 months, in line with the IMF agreement

The budget deficit at three months topped RON 4.19 bln, equivalent to 0.67 pc of the GDP, which is in line with the target agreed with the IMF for this interval, of RON 4.5 bln, the Ministry of Finance informs. The execution of the general consolidated budget at two months ended with a deficit of RON 2.44 bln (0.39 pc of the GDP). Budgetary incomes amounted to RON 47.04 bln (7.5 pc of the GDP) at end-March and were 3 pc higher in nominal terms than during the same interval of last year.

As categories of inflows, VAT incomes increased by 9.5 pc, while the income tax and social security contributions went up 11.5 pc and 3.6 pc, respectively, driven by higher salary incomes generated by the restoration of salaries in the public sector and the higher minimum wage enforced as of February 1. Excise duties advance (+9.3 pc) as a consequence of a higher excise charged for diesel fuel and of the administrative reform aimed at improving the collection rate. Incomes from the profit tax diminished by 4.8 pc year-on-year, following the modification of the regulation deadlines for the previous year and of the new prudential provisions set in place for banks, under the international accounting norms.

The expenses of the general consolidated budget, worth RON 51.23 bln (8.2 pc of the GDP), went up 4.4 pc in nominal terms against a year ago. Personnel expenses increased by 19.9 pc, after the restoration of public wages. Other sectors with increases against 2012 were interests (14 pc) and subsidies (13.9 pc). The spending with investment, which includes social expenses, along with the spending on development programmes financed from internal and external sources reached RON 6 bln (0.96 pc of the GDP).

 

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