Romania sees lower surplus in Q1

Romania’s general budget recorded a surplus of RON 3 billion (EUR 670 million), or 0.4% of the GDP, in the first quarter of this year.

By comparison, the country saw a surplus of 0.7% of the GDP in the same period last year.

The budget’s revenues amounted to EUR 12.4 billion, namely 7.3% of the GDP. They rose by 1.1% in nominal terms year-on-year.

The revenues from the income tax increased by 26,2% year-on-year whereas the revenues from the tax on the use of goods went up by 18%. The VAT collections dropped by 1.7% year-on-year, as the VAT rate decreased from 24% to 20% at the beginning of the year.

The revenues from the social insurance contributions rose by 5.2% year-on-year.