Romania's budget surplus reaches 1.06% of GDP

Romania recorded a budget surplus of EUR 1.6 billion in the first seven months of the year, namely 1.06% of the GDP, compared to a deficit of EUR 227 million recorded in the same period last year. The budget’s revenues amounted to almost EUR 30 billion, which represented 19% of the GDP. They increased by 9.9% in nominal terms compared to the same period last year. The revenues from VAT collection went up by 15.5% whereas those from the income tax increased by 13.3%, and the revenues from the corporate profits tax rose by 10.7%. The revenues from social security contributions dropped by 1.5% year-on-year, due to the reduction by 5 percentage points of the employers’ contributions at the end of last year. editor@romania-insider.com