Romania’s budget deficit up to 1.56% of GDP in November

Romania’s budget had a deficit of some EUR 2.2 billion (RON 9.8 billion) in November this year, namely 1.56 percent of the gross domestic product (GDP), according to the recent data provided by the country’s Ministry of Finance. After the first ten months, the general consolidated budget’s deficit represented 1.21 percent of GDP. The consolidated budget revenues amounted to around EUR 41.4 billion (RON 182.6 billion) in January-November this year, up 4.1 percent over the same period last year, and represented 29.2 percent of the GDP. Revenues from income tax increased by 7.9 percent in the first 11 months of 2013, while for the value added tax (VAT), revenues went up 4 percent year-on-year. Expenses also increased 3.3 percent in nominal terms over the same period last year, up to around EUR 43.6 billion (RON 192.4 billion), representing 30.8 percent of the GPD. Irina Popescu, irina.popescu@romania-insider.com