Budget deficit, five times higher compared to last year in Romania

The deficit of the general consolidated budget in Romania dropped to RON 6.6 billion (EUR 1.42 billion), or 0.79% of the GDP, in the first ten months of this year, from RON 6.8 billion (EUR 1.46 billion) in the first nine months of this year, according to the Finance Ministry. However, the deficit was five times higher compared to the same period last year, when it stood at RON 1.3 billion. The revenues of the general consolidated budget reached RON 207.9 billion (EUR 44.7 billion), or 24.7% of the GDP, between January and October. They rose by 10.8% year-on-year in nominal terms. The revenues from social contributions went up by 16.4% year-on-year, whereas the revenues from the income tax increased by 9.1% year-on-year. The revenues from property taxes dropped by 11.7% between January and October compared to the same period last year. The decrease was related to the removal of the tax on special constructions from January 1 this year. The VAT collection increased by 0.5% compared to the same period last year. The budget expenditure reached RON 214.5 billion (EUR 46.1 billion) in the first ten months of this year, up 13.6% year-on-year. General budget deficit, up 84% in Romania in first nine months editor@romania-insider.com