Romania's budget deficit stood at some 0.56 percent of the country's GDP in the first quarter of the year, some EUR 778 million, within the target agreed with the International Monetary Fund (IMF). The target is to stay within 1.9 percent of GDP for this year.

The country's consolidated budget revenues were of some EUR 10 billion in the first quarter of the year, 9.9 percent higher than in the same period of 2010. Fiscal revenues were 16.5 percent higher compared to the same period in 2010, with higher increases coming from the revenue tax – 21 percent , VAT – 7.6 percent and excises – 7.3 percent.

Expenses were up by 4.9 percent, but were down by 0.1 percentage points as a ratio of the GDP.

editor@romania-insider.com