Finance Ministry: Romania's budget surplus reaches EUR 1.3 bln in nine months

Romania’s national budget recorded a surplus of RON 6.1 billion (EUR 1.3 billion) at the end of September, namely 0.87% of the GDP, according to the Finance Ministry. By comparison, the budget surplus amounted to RON 0.4 billion (EUR 90 million) at the end of September last year, or 0.06% of the GDP. The budget’s revenues reached RON 169.1 billion (EUR 38.1 billion) in the first nine months of the year, or 24% of the GDP. They increased by 8.8% in nominal terms compared to the same period last year. The revenues from income tax rose by 13.6% year-on-year, whereas the VAT revenues went up by 12.5%. The revenues from profit tax, excise duties and non-tax revenues also posted increases. The revenues from social contributions dropped by 1.4% year-on-year, due to the 5 percentage points cut in employers’ social contributions starting October 2014. The Government recently revised upwards the 2015 budget spending, but kept the budget deficit target of 1.86% of GDP. editor@romania-insider.com