Romania’s public budget posts 4.2%-of-GDP deficit in Jan-Nov

The general government budget posted in January-November 2022 a deficit of RON 58.7 bln (EUR 11.6 bln), or 4.2% of the GDP estimated for the whole year, the Romanian Ministry of Finance announced.

The deficit ratio increased from under 3.4% in January-October, but it is still below the 4.7% value reported for January-November 2021.

The revenues increased by 21.8% YoY to RON 416.0 bln, or 29.8% of GDP – 1pp more compared to the same period of 2021. The advance was mainly due to the rise in the supplementary revenues from the energy sector that pushed up the “other taxes on goods and services” from 0.4% to 1.2% of GDP.

The expenditures rose by 19.4% YoY to RON 474.7 bln or 34.0% of GDP (up from 33.5% in the same period of 2021).

The subsidies, including those for electricity, rose from 0.5% of GDP to 1.1% of GDP.

The interest on public debt rose to 1.9% of GDP from 1.4% in the same period of 2021.

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