Romania’s consolidated budget recorded a surplus of RON 5.3 billion (some EUR 1.1 billion) after the first 11 months of the year, namely 0.76% of the country's GDP.

By comparison, the state budget registered a deficit of RON 200 million (EUR 45 million) in the same period last year or 0.04% of the GDP.

The budget’s revenues totaled RON 209.6 billion (EUR 46.5 billion) or 29.8% of the GDP in the first 11 months, up by 7.5% year-on-year.

The revenues from the individual income tax went up by 12.3% compared to the same period in 2014 whereas the revenues from corporate profit tax increased by 11.9%. Moreover, the revenues from VAT collection went up by 10.8%, the non-fiscal revenues increased by 10.8%, and the excise duty revenues rose by 7.5%, according to data from the Ministry of Finance.

The revenues from social contributions dropped by 0.7% compared to last year, due to the 5 percentage points decrease in employers’ contribution and the 0.5 percentage points increase in the contribution to private pensions.

The budget’s expenditures totaled RON 204.3 billion (EUR 45.4 billion), up by 4.6% year-on-year.

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Irina Popescu, irina.popescu@romania-insider.com