Romanian PM: Budget revenues go up 7.2% in the first quarter

Romania recorded a budget surplus of RON 1.64 billion (EUR 360 million), namely 0.2% of the GDP, and saw 62,000 new jobs created in the first three months of this year, according to the Finance Ministry’s data quoted by Prime Minister Sorin Grindeanu yesterday.

The PM added that budget revenues were almost RON 4 billion higher in the first quarter of 2017 compared to the same period last year, which translates into a 7.2% increase.

“Today is a bad day for the austerity apostles,” Grindeanu said at the beginning of yesterday’s cabinet meeting, referring to the numerous critics of his Government’s ambitious plans to cut taxes and increase wages in the public sector.

“The VAT revenues went up by 2.5% in February compared to February 2016 and by 8.9% in March 2017 compared to March 2016,” the PM said.

He also pointed out that 62,000 new jobs were created and that the unemployment rate went down to a “historic low” of the last 27 years. “These arguments make us confident that we will reach the objectives that we have all assumed,” Grindeanu told his ministers.

The Government’s budget for this year provides a 14% increase in revenues over 2016.

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