Consolidated state budget deficit in 2018, the same as in 2017: 2.88% of GDP

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The consolidated state budget deficit in 2018 was of 2.88% of the GDP, the same level as in 2017, the figures posted on Monday by the Ministry of Public Finances reveal.

The budget deficit is thus within the target of 2.97% of GDP set by the authorities.

Main figures:

  • The revenues of the consolidated state budget – RON 295.1 billion, i.e. 31.1% of GDP (29.4% of GDP in 2017). Revenues larger by 17.2% in nominal terms. Money collected as contributions to social security – up by 36.8%;
  • VAT revenues – up by 11.3% against 2017 to RON 59.6 billion in 2018;
  • Excise duties revenues – RON 28.5 billion (3% of GDP), up by 7.2% against the previous year;
  • Taxes and property taxes – up by 2% against 2017, collection of non-fiscal revenues up by 24%;
  • Incomes revenues – down by 24.8%, given the cut in income tax level from 16% to 10% since January 1, 2018;
  • Amounts from the European Union for payments done – RON 27.1 billion, by 57.8% higher than in 2017;
  • Expenditures of the consolidated state budget – RON 322.4 billion, by 16.8% larger than in the previous year. Most important increase – staff expenditures by 23.7% against 2017, given the wage increases;
  • Expenditures on goods and services – up by 9.8%;
  • Subsidies up by 7.6% against 2017, the same share of GDP of 0.7%;
  • Interests were by 27.8% higher than in the previous year, i.e. 1.4% of GDP;
  • Expenditures for social assistance up by 9.5%, given the increase of the pension points by 9% since July 1, 2017 and by 10% since July 1, 2018;
  • Expenditures for investments, including the capital expenses and development programmes from internal and external sources – RON 34.2billion, by 27.9% higher than in 2017.

 

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