In January-February last year, the country’s budget posted a surplus of 0.12% of GDP.
Budget revenues totaled 27.4 billion lei ($11.7 billion) in Jan-Feb, or 6.2% of GDP, while spending stood at RON26.5 billion, or 6.02% of GDP.
The state budget, which makes up the largest part of the country’s general consolidated budget, posted a deficit of RON2.23 billion in Jan-Feb, 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.
On Wednesday, Romanian Finance Minister Varujan Vosganian said the government may revise its budget for the second time in June and give more funds to its ministries, following better-than-expected revenues in the first quarter of this year, but would keep the budget deficit unchanged.