Romania’s Budget Def 1.14 % Of GDP In Jan-Nov ’07

In nominal terms, the deficit after the first eleven months last year stood at 4.436 billion lei ($1.82 billion), resulting from revenues of RON116.993 and expenses of RON121.430 billion.

The state budget, which makes up the bulk of the country’s general consolidated budget, posted a deficit of RON11 billion in Jan.-Nov., while local and social security budgets posted surpluses of RON5.18 billion and RON1.6 billion, respectively.

Romania, which makes the bulk of its spending in the last months of the year, reported a budget surplus of 0.12% of GDP in January-October period.

Romania’s Economy and Finance Minister Varujan Vosganian said late December the country’s general consolidated budget will see a deficit of 1.4% of GDP at the end of 2007.

For 2008, the Parliament approved a budget deficit of 2.7% of GDP.

In 2006, Romania’s budget deficit, according to the European System of Accounts, stood at 1.9% of GDP, compared with the 1.7% of GDP calculated by the Romanian authorities.