Gov’t deficit January-July 2009 reaches 3.3pc of GDP

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The Government deficit January-July 2009 recorded an estimated RON 17.58 billion, or 3.3 percent of the Gross Domestic Product (GDP), according to data released on Thursday by the Finance Ministry.

As of July 31, 2009, Government aggregate receipts were standing at RON 92.2 billion, down 6.9 percent from the similar interval of the year before.
In nominal terms, income tax receipts were up 7.2 percent from the similar period of the year before, while profit tax earnings declined 14.4 percent.

In the case of rate and taxes on goods and services, a rise of 10.8 percent was recorded in excise duties earning, to RON 826.7 million, compared with the similar interval of the year before, but also a significant decline of 18.5 percent, or RON 4.494 billion in Value-Added Tax earnings.

Earning from social security contributions were slightly up 0.1 percent in annual terms. Non-fiscal revenues declined 17.6 percent.
Government aggregate spending in the first seven months of 2009 stood at RON 109.8 billion, up 7.4 percent from the first seven months of 2008.

Staff costs over the same period were up 11.8 percent in annual terms, but the pace of growth of such costs was slightly down from the previous months.

The rise in the staff costs compared with the similar period of the year before is explained as the consequence of pay rises approved in the second part of 2008.

Social security spending increased by RON 6.8 billion, January through July 2009, as a result of a rise in the reference pension computation point as from October 2008 and the award of a minimum guaranteed social pension as from April 2009.

Spending on goods and services were down 5.5 percent in annual terms as a result of the saving measures taken so far.

Interest spending surged 50.1 percent, while investment spending, including capital spending and other investment transfers, was RON 16.9 billion, or 3 percent of the GDP.

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