Budget deficit on first eight months – 4.5 pct of GDP

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The General Consolidated Budget execution on the first eight months of 2009 revealed an estimated deficit of 22.3 billion lei, accounting for 4.5 percent of the GDP, according to operative data published on Friday by the Ministry for Public Finance (MFP).

On Aug. 31, 2009 the General Consolidated Budget revenues stood at 103.3 billion lei, by comparison to the corresponding period of the previous year showing a 6.6 percent drop.
In nominal terms, the income tax revenues were up 5.5 percent from the similar period of the year before, while profit tax revenues declined 15.2 percent from the similar period of last year.

In the case of taxes and duties on goods and services a rise of 944.5 million lei (10.9 percent) was recorded in excise duties from the same period of the previous year, but also a reduction of VAT revenues of 5.537 billion lei (minus 19.9 percent).

Social security contributions showed a slight increase, of 0.9 percent from the same period of the previous year. Non-fiscal revenues dropped by 13.6 percent as against the corresponding period of the previous year.
On Aug. 31, 2009 expenditures from the General Consolidated Budget stood at 125.6 billion lei, up 8.3 percent from the similar period of the previous year.

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