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October 1, 2020
BUSINESS

Ministry of Public Finance: Budget deficit of 0.04 pct of GDP at end-November 2014

The budget execution at end-November 2014 ended with a deficit of 0.04% of GDP compared to a negative balance of 1.53% of GDP in the same period of the previous year, according to the data released on Monday by the Ministry of Public Finance (MFP).

For 2014, the Romanian authorities and the International Monetary Fund (IMF)  agreed on a budget deficit of 2.2% of GDP both in terms of cash methodology, as well as in terms of the ESA methodology of the European Union.

The consolidated general budget’s revenues, amounting to 195 billion lei, representing 28.9% of GDP, were by 6.8% higher in nominal terms compared to the same period of last year. Increases were recorded compared to the same period of the previous year in terms of revenues from social security contributions (+2.615 billion lei), excise duties (+2.684 billion lei), taxes and property charges (+1.773 billion lei), profit tax (+1.267 billion lei), income tax (+556 million lei) and VAT (+294 million lei).

The amounts received from the European Union in the account of the payments made stood at 8.5 billion lei, by 24.8% higher compared to the same period of last year.

The consolidated general budget’s expenditures, amounting to 195.3 billion lei, increased in nominal terms by 1.5% compared to the same period of the previous year, but decreased by 1.1 percentage points as share in the GDP.

The personnel-related costs increased by 3.8% from the same period of last year, due to the rise in gross minimum salary to 850 lei as of January 1, 2014 and to 900 lei from July 1, 2014, as well as due to paying the rights decided by judicial decisions.

The expenditures for investments, which include capital expenditures and those related to development programmes funded from domestic and foreign sources were 24.2 billion lei, 3.6% of GDP respectively, compared to 25.3 billion lei in the same period of last year.

 

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