0.2 pc budget deficit in the first seven months of the year

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The consolidated general budget in seven months of 2016 ended with a deficit of RON 1.74 billion, or 0.2%, informs the Ministry of Finance.

The consolidated general budget revenues, amounting to RON 129.6 billion, accounting for 17.1% of GDP, were by 2.4% lower in nominal terms as compared to the same period last year. In the same period, the revenues collected by ANAF were by 1.4% higher against the same period in 2015 and by 0.5% higher than the programme for this year.

Increases were registered against the same period of the previous year in tax receipts (+10.5%), excises (+7.1%), social security contributions (+ 6.6%), payroll tax and income tax (+2.8%) and the tax on use of goods (+ 14.7%).

VAT receipts fell against the same period of 2015 by 10.1%, being affected by the standard VAT rate cut from 24% to 20% from January 1, 2016, which was reflected in the February revenues and the introduction of a reduced rate of 9% for foodstuff, applied from June 1, 2015.

The consolidated general budget expenditures were of RON 131.4 billion, up in nominal terms by 4.7% against the same period last year, but lower by 0.2 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 12.8 billion, i.e. 1.7% of GDP, by about 2.7% higher as compared to the same period last year.

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