FinMin: Budget deficit to increase by RON 5 bln to 9.1% of GDP. Economic decline – 4.2%

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Romanian Minister of Finance has announced on Wednesday that the budget deficit has increased by RON 5 billion up to 9.15 of the GDP, after forecast in August had given a deficit of 8.6% of GDP.

The economic decline is 4.2%, according to the Ministry of Finance forecast, which offers a more optimistic perspective than the forecast provided by the European Commission.

The Government plans to increase budgets of several ministries at the upcoming budget rectification, such as: Development Ministry by one billion RON, by RON 1.1 bln the Agriculture Ministry, with RON 160 M compensations for the farmers affected by drought. The budget of the health insurance sole fond will be supplemented by RON 1.1 billion. The Health Ministry gets RON 1.2 billion more.

Among the ministries that are losing funds there are the Environment, Economy and Finance ones.

At the same time, RON 1.1 billion will be allotted for the Government’s reserve fund.

The budget deficit forecast for 2021 is 7%.

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