Consolidated state budget deficit up in November to 0.73pc of GDP

The consolidated state budget deficit increased four times in November, the execution of the budget in 11 months concluded with a deficit of RON 5.5 billion, against a negative balance of only RON 1.3 billion during the first 10 months of 2016.

According to Finance Ministry data, during the first 11 months the consolidated state budget deficit reached 0.73% of the GDP, up from 0.17% during January-October.

The revenues of the consolidated state budget were of RON 205.6 billion, i.e. 27.1% of GDP, by 1.9% lower in nominal terms against the previous year.

Expenditures – RON 211.1 billion, up in nominal terms by 3.3%, down by 0.9% as share in the GDP. Against the first ten months the revenues increased by RON 18 billion, expenditures by RON 22.3 billion.

Revenues from profit tax (up by 10.5%), social security contributions (+7.3%), excises (+5%), income tax (+5%), VAT revenues (down by 9.2% against the similar period in 2015).

The consolidated state budget expenditures with the staff – up by 9.8%.

Interest and subsidies remained at the same level, i.e. 1.3% of GDP and 0.7% of GDP respectively.

Expenses for investments, including capital expenditures, and the ones for development programmes funded by internal and external sources reached RON 21.7 billion, i.e. 2.9% of GDP.