Romania’s sees EUR 1 bln budget surplus in the first six months

Romania’s state budget recorded a surplus of RON 4.2 billion (EUR 949 million) after the first six months of the year, namely 0.6% of the GDP, compared to a deficit of EUR 791 million, or 0.5% of the GDP in the same period last year. The budget’s revenues amounted to EUR 25 billion in this period, or 15.8% of the GDP. They increased by 10.2% year-on-year. The revenues from VAT collection went up by 18.3%, whereas those from the income tax rose by 14.2%, the non-fiscal revenues increased by 11.1% and the excise duty revenues went up by 8.6%. The revenues from social contributions dropped by 1.3% compared to last year, due to the 5 percentage points decrease in employers’ contribution and the 0.5 pp increase in the contribution to private pensions. Romania’s Government wants to build budget for 2016 with 1.2% deficit Higher VAT collection, lower expenses help Romania double budget surplus Romania ranks 4th in EU for lowest budget deficit editor@romania-insider.com