Minister of Public Finance: Romania records budget surplus of 0.2 pct of GDP in Q1

Romania recorded a budget surplus of 0.2 percent of the GDP in the fist quarter, the Minister of Public Finance Viorel Stefan announced.

According to Stefan, budget estimates for the first quarter reflect a budget surplus of approximately RON 1.5 billion, representing 0.2 percent of the GDP, although during this time farmers received an extra RON 1 billion in subsidies compared to the first quarter of 2016, he explained.

There is a very positive development of revenues from income tax and social contributions, as a result of the increased dynamics of the wage share in economy, improved earnings in March from VAT and excise duties as well as a 4.5 percent cut of spending on goods and services, the minister explained. “We will have a clearer picture after April 25,” Stefan said.

The minister also said that the impact of the measures of the government program will be the one that citizens expect. “From the information available up to this point we consider ourselves confident that the impact of the measures of the government program will be one that citizens expect: higher incomes, more jobs more and high economic growth,” said Minister of Finance.