Budget deficit down to 1.26pc of GDP in 7 months

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The execution of the consolidated state budget deficit in 7 months has concluded with a deficit of RON 11.9 billion, i.e. 1.26% of the GDP, down against RON 14.97 billion, i.e. 1.61% of the GDP in H1, the figures released by the Finance Ministry on Friday reveal.

Last year, in 7 months, the deficit was of RON 5.1 billion, i.e. 0.63% of the GDP.

The budget revenues amounted to RON 160.8 billion, i.e. 17% of the GDP, by 13.9% higher against the same period last year, on the increase due to higher collection of incomes from social security contributions (+37.5%) and from non-fiscal incomes (+20.7%). The VAT incomes have also increased by 35.9% to RON 31.9 billion in 7 months.

Lower incomes were registered from income tax by 22.7%, due to the decrease of income tax from 16% to 10%.

The amounts from the EU for payments were of RON 7.6 billion, by 16.7% higher than in the same period of 2017.

The consolidated state budget expenditures amounted to RON 172.8 billion, by 18% higher than in the similar period last year, mainly due to higher staff expenditures by 25.1%, higher expenses at local budgets. Subsidies were larger by 6.3% and the expenses for social assistance by 13.1%. Investments, including capital expenditures, amounted to RON 10.9 billion, by 29.8% higher than in the similar period in 2017.


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