Budget deficit stands at 3.1 pct of GDP, over five months

The execution of the general consolidated budget of the first five months of the year, totaled a deficit of 16.7 billion lei (1 euros = 4.2 lei, in May), representing 3.1 percent of the GDP, read the provisional data the Public Finance Ministry (MFP) published, on Monday.

The money going to the general consolidated budget totaled 64.2 million lei, by 1.6 percent less than during same time span of the previous year. The main tax revenues continue registering considerable drops compared to the same period of the year before, namely the VAT is by 7.8 percent lower, the income tax by 6.4 percent, and the profit tax by 2.7 percent down.

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The returns from the social security contributions also dropped, by 4.4 percent, whereas the excises scored a rise worth 20 million lei, which represents a 0.4 percent increase, compared to the same period of the year before. The returns in the non-fiscal revenues went up by 802 million lei, and 915 million lei, the money the EU Commission paid for the EU funded projects.

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