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HomeEconomyRomania's 11-mo cons budget gap narrows to 4.2%/GDP

Romania’s 11-mo cons budget gap narrows to 4.2%/GDP

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Romania’s consolidated budget was in deficit equivalent to 4.2% of the gross domestic product (GDP) projected for 2022 at the end of November, compared to a budget gap of 4.7% a year earlier, the finance ministry said.

Consolidated budget deficit totalled 58.7 billion lei ($12.7 billion/11.9 billion euro) at the end of November, as revenue rose 21.8% year-on-year in the eleven months through November to 416 billion lei, whereas spending increased by 19.4% to 474.7 billion lei, the finance ministry said in a statement on Tuesday.

Tax revenue rose by an annual 18.8% in the January-November period, social security contributions grew 10.3% and VAT proceeds increased by 17.9%. Excise duty revenue grew by 3.4%, mainly due to higher revenue from energy products excise.

Amounts reimbursed or granted by the EU totalled 39.2 billion lei in the first eleven months of 2022, up 33% on the year. Investments amounted to 56.2 billion lei, up 27.2%.

In November, the government lowered its 2022 budget deficit projection to 5.74%/GDP from previously estimated 5.84%, in a revision of the state budget for 2022.

Romania closed 2021 with a consolidated budget deficit of 6.72%, compared to a budget gap of 9.61% in 2020.

Romania is under an excessive deficits procedure by the European Commission applicable since April 2020 because it has exceeded the EU’s 3% budget deficit threshold set by the Maastricht Treaty.

Source : See News

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