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June 28, 2022

0.14 pc GDP budget deficit after Q1

The budgetary execution in the first quarter ended with a deficit of RON 900 M, accounting for 0.14 pc of the GDP, down from 0.46 pc of the GDP at the end of February and 0.67 pc of the GDP in the similar interval of 2013, the Ministry of Finance announced.
In the accords signed with international financial institutions, Romania committed itself to keeping the consolidated general budgetary deficit under 2.2 pc of the GDP. The incomes to the consolidated general budget amounted to a total RON 48.8 bn in Q1, which represents 7.4 pc of the GDP. Compared to the same interval of the previous year, the incomes soared 3.8 pc. Increases compared to the Q1 2013 were registered by the incomes from profit tax (+ RON 235 M), excise duties (+ RON 639 M), social insurance contributions (+ RON 587 M). Incomes from VAT diminished against a year ago by 0.5 pc, while the sums collected from this tax advanced by 3.2 pc and repayments were 11 pc higher. At the level of local administrations, there were also registered increases in terms of property taxes and dues compared to the previous year, by 11.7 pc, goods usage taxes – 6.9 pc and nonfiscal incomes – 6.7 pc.
The expenses of the general consolidated budget, worth RON 49.7 bn, diminished in nominal terms by 2.9 pc against the same period of the previous year, respectively by 0.6 percent points as share of the GDP, to 7.4 pc of the GDP.

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