0.27pc of GDP budget deficit in five months of 2017

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The execution of the general consolidated budget in the first five months of 2017 has concluded with a deficit of RON 2.2 billion, i.e. 0.27% of GDP, against the deficit of RON 0.8 billion, i.e. 0.1% of GDP registered in the similar period of 2016, the Ministry of Public Finances informs.

The revenues to the general consolidated budget increased in nominal terms by 7.9% and expenditures increased by 9.4%. The VAT revenues fell by 5% and excise revenues by 9.4%. The staff expenditures increased by 19.1% and the social assistance expenditures by 10.1%.

The revenues to the general consolidated budget amounted to RON 98.4 billion, i.e. 12.1% of the GDP.

Increases were recorded in receipts, social contributions (+15.9%), wages and income tax (+12.9%), foreign trade tax and international transactions (+10.1%), capital revenues (+13.2%) and property taxes (+20.6%) as compared to the previous year.

The revenues from other taxes and duties on goods and services have increased by 64.4% against the similar period of the previous year.

The amounts from the European Union for payments made amounted to RON 4.6 billion, of which RON 4.2 billion represent amounts related to agricultural projects.

The expenditures of the general consolidated budget amounted to RON 100.6 billion, up, in nominal terms, by 9.4% against the same period last year.

The expenditures on goods and services have decreased by 0.5%.

Interest rates were by 1.6% higher than in the same period of the previous year, and subsidies increased by 36.7%, the highest subsidies increase being registered in order to support the agricultural producers.

Social assistance expenditures increased by 10.1% as compared to the previous year, mainly influenced by the 5.25% increase of the pension point since January 1, 2017 to RON 917.5, as well as other measures which were approved during 2016 that contributed to higher social spending.

Expenditures on investments, including capital expenditures, as well as those related to the development programmes funded from domestic and external sources, amounted to RON 4.1 billion, i.e. 0.5% of GDP.

 

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