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Romanian Jan-Apr Budget Surplus At 0.2% Of GDP

The Romanian consolidated state budget ran a small surplus of 0.2% of gross domestic product in January-April this year, compared with 0.34% of GDP in the same period last year, according to the latest data released Tuesday by the Romanian Finance Ministry.
Romanian Jan-Apr Budget Surplus At 0.2% Of GDP
03 iun. 2008, 11:37, English

Budget revenues totaled 55.8 billion lei (EUR1=RON3.6082) in Jan-Apr, or 12.7% of GDP, while spending stood at RON54.7 billion, or 12.4% of GDP.

The state budget, which makes up the largest part of the country’s general consolidated budget, posted a deficit of RON2.7 billion in Jan-Apr, but was offset by surpluses posted by local and social securities budgets.

The government has set a budget deficit ceiling of 2.3% of GDP for this year, after lowering it in March from an initial 2.7% of GDP to keep it in line with European Union deficit requirements. According to E.U. computations, the country’s initial budget deficit crossed the E.U.’s deficit limit of 3% of GDP.

Early May, Romanian Finance Minister Varujan Vosganian said the country’s general budget posted a 0.2% surplus in the first four months of this year on improved tax collection and a smaller deficit posted by the largest budget component.

One week later, Vosganian revised his estimates and said the general budget ran a smaller surplus of 0.14% of GDP in Jan-Apr, without giving further details.