Budget deficit of RON 14.38 billion, in first half of this year

The aggregate budget recorded an estimated first six-month deficit in 2009 of RON 14.38 billion (some 3.42 billion euros), accounting for 2.7 percent of the Gross Domestic Product (GDP), as against a deficit of RON 14.5 billion (some 3.45 billion euros), the set objective in the stand-by agreement concluded with the International Monetary Fund (IMF), according to the Ministry of Public Finance released data.

The Government’s aggregate revenue receipts stood at RON 77.3 billion (some 18.4 billion euros) on June 30, 2009 compared to the corresponding period the previous year, reflecting a decline slowdown, respectively -5.1 percent from – 6.4 percent.

MFP reports that the income tax rose 8.2 percent in nominal terms from the similar period the previous year, whereas the profit tax declined by 8 percent from the same period.

In the case of taxes and duties on goods and services the excise tax generated revenues advanced by RON 672.8 million (some 160 million euros) from the same period the previous year, but the budget took also a significant reduction in VAT derived revenues, of RON 3.168 billion (some 754 million euros).

As well, social insurance contributions were down 0.3 percent from the corresponding period the previous year.
In the first half of 2009 the aggregate budget spending stood at RON 91.7 billion (some 21.83 billion euros), going up 5.6 percent from the same period the previous year, but it stayed within the set limits.

A number of 4,535 jobs were cut in the public sector in the first months of 2009 compared to December 2008.

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