0.49pc budget deficit in 9 months

The budget deficit registered in the first nine months of 2016 increased to RON 3.7 billion, i.e. 0.49% of the GDP, as compared to last year – RON 6.1 billion, i.e. 0.87% of GDP, the Finance Ministry informs.

The budgetary revenues amounted to RON 165.8 billion, i.e. 21.9% of GDP, by 2% lower in nominal terms against the similar period last year.

Budgetary revenues collected by the National Agency for Fiscal Administration (ANAF) reached approx. RON 150 billion in the first nine months, by 0.3% higher than the estimated programme and by 1.8% (RON 2.51 billion) larger than the similar period last year.

Increases were registered in collecting profit tax (+12.3%), social security contributions (+6.9%), excises (+6.4%), wage tax and income tax (+3.8%)

VAT revenues fell against the similar period last year by 8.6%, following the cut in VAT standard quota from 24% to 20% and the VAT quota for foodstuff to 9%.

The expenditures of the general consolidated budget amounted to RON 169.5 billion, up by 4% against the same period last year, but lower by 0.6 percentage points as share in the GDP, mainly due to the wage increases in the second part of 2015 and to the increase of the minimum wage.

Investment expenses, including capital expenses and the development programmes, amounted to RON 17.3 billion (2.3% of GDP).