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Iulian Ernst
Senior Editor

Iulian studied physics at the University of Bucharest, and he sees himself as a physicist in the broadest sense of the word. He also studied economics at Charles University in Prague and Central European University in Budapest, after a master’s program in business administration at Bucharest Academy of Economic Studies. Since recently, he’s been exploring coding and data analysis for business and economics. As a freelancer, he worked for nearly two decades as an analyst for ISI Emerging Markets, Euromonitor International, Business New Europe, but also as a consultant for OMV Petrom and UkrAgroConsult. Iulian was part of the founding team of Ziarul Financiar. At Romania Insider, which he joined in 2018, he is reviewing the latest economic developments for the premium bulletins and newsletters. He would gladly discuss topics such as macroeconomics, emerging markets, Prague, energy sector including renewable, Led Zeppelin, financial services, as well as tech start-ups and innovative technologies. Email him at iulian@romania-insider.com. 

 

Romania’s Government plans 3.1%-of-GDP public deficit in Nov-Dec

The estimates for the full-year revenues of the general government budget were revised upwards by RON 4.32 bln, the expenditures by RON 5.43 bln, while the deficit will consequently widen by RON 1.1 bln to RON 84.9 bln (7.13% of GDP), according to the draft budget rectification published by the Romanian Ministry of Finance, Digi24 reported.

Since the public deficit was just over 4% of GDP in January-October, it means that the Government envisages spending 3% of GDP in excess during the last two months of 2020.

The deficit-to-GDP target is left untouched, compared to the first budget revision operated in September.

In a comment on the first budget revision operated in September, the Fiscal Council said that the Government could have done more [to cut the budget deficit]. The Council warned that in its view, based on Government’s policies, the deficit will exceed the new target by 0.5% of GDP.

Although the growth outlook has slightly deteriorated since September, the Council’s findings remain relevant.

In September, the Government reduced the deficit target from 7.16% of GDP to 7.13% of GDP.

Essentially, the Government uses the windfall revenues resulting from the stronger than initially expected GDP growth this year (7% versus 4.3%) to extend more money to ministries.

iulian@romania-insider.com

(Photo source: Pixabay.com)

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Profile picture for user iuliane
Iulian Ernst
Senior Editor

Iulian studied physics at the University of Bucharest, and he sees himself as a physicist in the broadest sense of the word. He also studied economics at Charles University in Prague and Central European University in Budapest, after a master’s program in business administration at Bucharest Academy of Economic Studies. Since recently, he’s been exploring coding and data analysis for business and economics. As a freelancer, he worked for nearly two decades as an analyst for ISI Emerging Markets, Euromonitor International, Business New Europe, but also as a consultant for OMV Petrom and UkrAgroConsult. Iulian was part of the founding team of Ziarul Financiar. At Romania Insider, which he joined in 2018, he is reviewing the latest economic developments for the premium bulletins and newsletters. He would gladly discuss topics such as macroeconomics, emerging markets, Prague, energy sector including renewable, Led Zeppelin, financial services, as well as tech start-ups and innovative technologies. Email him at iulian@romania-insider.com. 

 

Romania’s Government plans 3.1%-of-GDP public deficit in Nov-Dec

The estimates for the full-year revenues of the general government budget were revised upwards by RON 4.32 bln, the expenditures by RON 5.43 bln, while the deficit will consequently widen by RON 1.1 bln to RON 84.9 bln (7.13% of GDP), according to the draft budget rectification published by the Romanian Ministry of Finance, Digi24 reported.

Since the public deficit was just over 4% of GDP in January-October, it means that the Government envisages spending 3% of GDP in excess during the last two months of 2020.

The deficit-to-GDP target is left untouched, compared to the first budget revision operated in September.

In a comment on the first budget revision operated in September, the Fiscal Council said that the Government could have done more [to cut the budget deficit]. The Council warned that in its view, based on Government’s policies, the deficit will exceed the new target by 0.5% of GDP.

Although the growth outlook has slightly deteriorated since September, the Council’s findings remain relevant.

In September, the Government reduced the deficit target from 7.16% of GDP to 7.13% of GDP.

Essentially, the Government uses the windfall revenues resulting from the stronger than initially expected GDP growth this year (7% versus 4.3%) to extend more money to ministries.

iulian@romania-insider.com

(Photo source: Pixabay.com)

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