Consolidated budget deficit narrows to 0.64 pct of GDP Jan-July

At the end of July, the consolidated budget deficit stood at 0.64 pct of the GDP, specifically at minus 3.061 billion lei.
At mid year the consolidated deficit was 1.12 pct of the GDP. According to data published on Monday by the Ministry of Economy and Finance (MEF), budget revenues in the interval January – July 2008 stood at 96.28 billion lei or the equivalent of 20.3 pct of the GDP and expenditures amounted to 99.34 bln lei, or 20.92 pct of the GDP.

The major revenue sources were security contributions – 27.48 bln lei (5.8 pct of the GDP), the VAT – 24.31 bln lei (5.1 pct of the GDP), the tax on profit, wage, income and capital gains – 20.69 bln lei (4.4 pct of the GDP).
The most massive outlays were registered with social assistance – 29.39 bln lei (6.2 pct of the GDP), employees – 19.99 bln lei (4.2 pct of the GDP), goods and services – 17.57 bln lei (3.7 pct of the GDP).
This year’s budget deficit target was initially set at 2.7 pct of the GDP, but it was subsequently adjusted to 2.3 pct of the GDP.
After the first 7 months of 2007, the consolidated budget was running a surplus of 0.5 pct of the GDP.The European Commission recommended Romania to carry on with the budget consolidation measures. The GDP estimated for this year is 440 bln lei.In 2007 the consolidated budget registered a deficit of 2.4 pct of the GDP.
For 2009, the Romanian authorities expect a budget deficit of some 2 pct of the GDP.
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