Romania records budget surplus of EUR 1.4 bln

Romania’s budget in the first five months of 2015 recorded a surplus of EUR 1.4 billion, namely 0.9% of the GDP. In the same period of 2014, Romania had a budget deficit of EUR 354 million, namely 0.24% of the GDP. The budget revenues reached EUR 20.8 billion in the January-May period, showing a 10.8% increase year-on-year, according to the Finance Ministry. The VAT revenues went up by 17.5% compared to last year, the income tax revenues increased by 15.1%, the non-tax revenues rose by 19.2%, whereas the excise revenues grew by 9.8%. The revenues from social contributions dropped by 0.8% compared to last year. This was due to the 5% decrease in the employers’ contributions, and the 0.5% increase in the contributions to the mandatory private pension funds. editor@romania-insider.com