Pogea: Budget deficit in seven months to July, 3% of GDP

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General consolidated budget’s deficit in seven months to July accounted for 3 percent of GDP, said on Tuesday Finance Minister Gheorghe Pogea.

The execution of general consolidated budget in H1 2009 had reported an estimated deficit of 14.38 billion lei (some 3.42 billion euros), accounting for 2.7 percent of GDP (gross domestic product) compared to a deficit of 14.5 billion lei, targeted according to the stand-by agreement concluded with IMF, according to figures carried by Public Finance Ministry (MFP).

Revenues of general consolidated budget stood at 77.3 billion lei, on June 30, 2009 compared to the same period one year ago, reporting an enhancement of the diminution pace, respectively – 5.1 percent over – 6.4 percent registered in May.

Tax on revenues grew by 8.2 percent in nominal terms, compared to the same period one year ago, whilst tax on profit shrank by 8% compared to the same period in the previous year.

Regarding tax and duties on goods and services a rise was reported in revenues from excises by 672.8 million lei over the same period of the previous year and a major decline of revenues from VAT by 3.168 billion lei.
Contributions from insurance policies reported a 0.3-percent diminution over the same period of 2008.

In H1 2009, expenditures of the general consolidated budget stood at 91.7 billion lei, reporting a rise of 5.6 percent as against the same period of 2008, however they were maintained within the approved limits.

According to figures provided by the Public Finance Ministry, expenditures for personnel in H1 2009 reported a 12-percent rise over one year ago, in the context of a diminution of growth pace compared to previous months.

Rise is expenditures for social assistance by 5.7 billion lei over the same period of the previous year was caused by the rise in the pension point in October 2008 and the granting of minimal guaranteed pension starting April 2009.

Spending for goods and services reported a diminution of 3.3 percent over the same period one year ago following the adopted measures, accounting for 47.4 percent of the annual programme. Expenditures for interests grew 55.5 percent over the same period one year ago.

Regarding expenditures for investments, which include capital spending and other transfers for investments, they stood in six months to June at 13 billion lei accounting for 34.3 percent of annual estimates (37.9 billion lei), respectively 2.4 percent of GDP.

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