Budget surplus almost triples in Romania

Romania’s consolidated general budget for January 2015 had a RON 3.95 billion surplus (EUR 890 million), which represents 0.56% of the GDP. It went up from RON 1.5 billion (EUR 337 million) in January 2014, namely 0.22% of the GDP. The budget revenues amounted to EUR 4.1 billion, 2.6% of the GDP, up 4.1% year-on-year, according to data from the Ministry of Public Finance. In January, the revenues from taxes on profit grew by 23.8%, those from VAT increased by 18.55% while income tax revenues went up by 16.95%. The revenues from excise duties decreased by 11.6% and those from social contributions, by 3.4%. Local municipalities increased their revenues from taxes and property fees by 11.9%, whereas the non-tax revenues went down by 7.4%. The budget spending amounted to EUR 3.2 billion, 10.7% down year-on-year. editor@romania-insider.com