Government aggregate deficit reaches 1.8pc of GDP, January through April

Government aggregate deficit was standing at RON 9.357 billion as of end-April 2009, or 1.8 percent of the Gross Domestic Product (GDP), the Finance Ministry informed on Tuesday.
Government’s aggregate revenues witnessed reinvigoration in April, compared with the previous three months, standing at RON 15.2 billion, compared with RON 14.8 billion in January, RON 11.2 billion in February and RON 12.1 billion euros in March.
In nominal terms, income tax revenues were up 15.6 percent compared with the similar period of the year before, while profit tax revenues declined 7 percent from the same period of the last year.
According to data with the Finance Ministry, revenues from excise duties increased by RON 529 billion from the same period of the year before, while Value-Added Tax revenues declined significantly by RON 1.919 billion.
Revenues from social security contributions were also up 0.7 percent in annual terms.
As far as the Government aggregate spending is concerned, it stood at RON 62.577 billion, up 11.7 percent from the same period of the year before. Spending was kept within the annual limits, with March witnessing a slight decrease in monthly spending compared with the previous three months.
The Finance Ministry says a RON 2.377 billion rise in staff spending in the first four months of 2009 is the result of pay rises approved last year.
A RON 3.794 billion increase in social security spending is explained by the increase in the pension computation point in October 2008 and the payment of the guaranteed minimum public pensions as from April 2009.
Government’s spending on goods and services was also down from the similar period of 2007 as a result of the measures taken by the Government, and was 31.3 percent of the planned annual spending. Interest spending was up 87.6 percent from the same period of the last year as a result of worsening internal and external deficit financing conditions.
Investment sending in the first four months of 2009 totalled RON 7.7 billion, or 20.3 percent of the projected annual spending, of 1.5 percent of the GDP.

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