Romania’s Budget Posts Deficit Of 0.4%/GDP In Jan-Feb

The budget deficit stood at 0.43% of the gross domestic product, which is estimated at RON544.4 billion for this year.

In January to February, the budget revenues rose 8.3% on the year to RON27.5 billion. The increase was supported by higher revenue from the value added tax (+33%) and the excise duties (+12.9%), which was partially offset by decreases in receipts from the corporate profit tax (minus 16.7%) and the personal income tax (down 6% on the year).

The budget expenditure stood at RON29.8 billion in the first two months, down 4.4% from the year-earlier period.

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At the end of January, Romania ran a budget surplus of 0.15% of the GDP.

Romania’s budget gap narrowed to RON33.3 billion, or 6.5% of GDP in 2010, from 7.2% of GDP a year earlier.

For 2011, the government targets a deficit of RON24 billion, or 4.4% of GDP.