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Romania’s 07 Budget Deficit At 2.63% Of GDP – Fin Min

Romania ran a consolidated budget deficit of 2.63% of gross domestic product in 2007, according to European Union calculation methods, Finance Minister Varujan Vosganian said Thursday.
Romania’s 07 Budget Deficit At 2.63% Of GDP – Fin Min
28 feb. 2008, 14:20, English

He said budget revenues totaled 140.44 billion lei ($58 billion) last year, while budget expenses stood at RON150.71 billion, which equals a deficit of RON10.27 billion.

“Preliminary data showed a budget deficit of 2.63% of GDP,” Vosganian said, adding this could change after GDP data for 2007 are released next week.

The Romanian authorities estimated the country’s GDP would stand at RON390.8 billion in 2007.

On Wednesday, Vosganian said the country’s budget deficit calculated according to E.U. rules is seen narrowing to 2.5% of GDP from 2.7% as previously announced in January, on higher than expected economic growth.

For 2008, the Romanian government targets budget deficit of 2.7% of GDP, but plans to revise the figure in March, as the European Union warned Romania that it may face disciplinary action as its 2008 deficit is likely to exceed the E.U. limit of 3% of GDP.