Consolidated general budget deficit, down to 0.4 pc of GDP at end-August

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The consolidated general budget after eight months of 2016 recorded a deficit of RON 3.1 billion, or 0.4 percent of GDP, the Ministry of Finance informs on Monday, considering that, at the end of the same period of 2015, the consolidated general budget ended with a surplus of RON 6.5 billion, namely 0.92 percent of GDP.

Compared to the first seven months of the year, when the budgetary execution was RON 1.74 billion (0.2 percent of GDP), the consolidated general budget deficit has deepened to 0.4 percent of GDP.

According MFP, during that period, VAT revenues decreased by 9.4 percent compared to the same period of 2015, while the revenues from the profit tax increased by 10.7 percent.

The consolidated general budget revenues, amounting to RON 147.2 billion, accounting for 19.4 percent of GDP, were by 1.9 percent lower in nominal terms as compared to the same period last year. In the same period, the revenues collected by ANAF were by 1.2 percent higher against the same period in 2015 and by 0.1 percent higher than the programme for this year.

Increases were registered against the same period of the previous year in tax receipts (+10.7 percent), excises (+6.5 percent), social security contributions (+ 6.9 percent), payroll tax and income tax (+3 percent) and the tax on use of goods (+ 9.7 percent).

VAT receipts fell against the same period of 2015 by 9.4 percent, being affected by the standard VAT rate cut from 24 percent to 20 percent from January 1, 2016, which was reflected in the February revenues and the introduction of a reduced rate of 9 percent for foodstuff, applied from June 1, 2015. However, VAT revenues were 0.2 percent higher compared to ANAF programme.

The consolidated general budget expenditures were of RON 150.3 billion, up in nominal terms by 4.7 percent against the same period last year, but lower by 0.3 percentage points as share in the GDP.

Investment expenditures, including capital expenditures and those related to development programmes financed from internal and external sources were of RON 14.9 billion, i.e. or 2 percent of GDP.


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