Budget deficit put at 4.4pc of GDP in eight months

The general strengthened budget deficit in the eight months of this year is put at 4.4 percent of gross domestic product (GDP), State Secretary at the Public Finances Ministry Gheorghe Gherghina told Agerpres on Wednesday.

Finances Minister Gheorghe Pogea supplied information relating to the budget gap late on Tuesday, when the government called a vote of confidence in Parliament for the unified public wage law presented by Prime Minister Emil Boc.

Pogea said the budget gap in the eight months of 2009 was put at 4.4 percent of GDP.
In the seven months of this year, the implementation of the general strengthened budget recorded 17.58 billion lei of deficit, accounting for 3.31 percent of GDP, according to the finances ministry figures.

At end-July, the general strengthened budget revenues totaled 92.2 billion lei, down 6.9 percent on the same period a year ago. The general strengthened budget expenditure Jan. to July amounted to 109.8 billion lei, up 7.4 percent from the same period in 2008.

The Government approved this year’s second budget revision on Aug. 29, with the general strengthened budget deficit at 7.3 percent of GDP, up from a previous 4.6 percent. The budget revision is based on an economic contraction of 8.46 percent this year, 497.3 billion lei of GDP and 4.3 percent inflation rate.

Due to the unfavorable macro-economic framework, the budget gap was widened from an original 24.3 billion lei to 35.6 billion lei. This year’s budget revenues are planned at 157.2 billion lei or 31.6 percent of GDP, while spending is put at 193.7 billion lei or 38.9 percent of GDP.

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