Romania’s budget deficit at 0.27 pct of GDP after five months

Georgiana Bendre 27/06/2017 | 11:04

Romania’s budget deficit stood at 0.27 percent of GDP, or RON 2.2 billion, after the first five months of the year, compared with the deficit of RON 0.8 billion in the same period of 2016, according to the Public Finance Ministry.

The general consolidated budget revenues increased in nominal terms by 7.9 percent and the expenses increased by 9.4 percent. The revenues from VAT climbed by 5 percent and the ones from excises by 9.4 percent. The expenses with the personnel increased by 19.1 percent and the expenses with the social assistance by 10.1 percent.

The revenues of the general consolidated budget amounted to RON 98.4 billion, representing 12.1 percent of the GDP.

Increases were registered in taxes, social contributions and taxes per salaries and revenues, taxes on external trade and international transactions, capital revenues, as well as taxes on property.

The charges from other taxes on goods and services increased by 64.4 percent compared with the same period of 2016, mainly due to the evolution of the affiliated charges from medical drugs contribution, as well as the contracts of cost-volume/cost-volume- financing results from the national fund of health social insurances.

The VAT revenues registered a drop compared with the first five months of 2016 by 5 percent, due to the reduction in standard VAT quota from January 1 from 24 percent to 20 percent, a measure that was reflected in charges from February 2016. At the same time, starting February 2017, were reflected in charges the effects of the reduction in standard VAT quota from 20 percent to 19 percent.

BR Magazine | Latest Issue

Download PDF: Business Review Magazine March (II) 2024 Issue

The March (II) 2024 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “BAT DBS Romania Hub: A Vibrant New Office For An Employee-Centric
Georgiana Bendre | 27/03/2024 | 17:32
Advertisement Advertisement
Close ×

We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

Accept & continue