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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