Romania Jan-Jul Budget Deficit At 3.3% Of GDP

In January-July, total revenue to the general consolidated budget stood at RON92.2 billion, down 6.9% from the corresponding period in the previous year.

Overall expenditure rose 7.4% on the year to RON109.8 billion in January-July.

Romania secured end-March a EUR19.95 billion financial aid from the International Monetary Fund, the European Union and other international institutions to cope with the deepening recession.

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The agreement between Romania and the IMF fixes quarterly performance criteria on this year’s budget deficit, which was initially set at RON24.36 billion, or 4.6% of the GDP.

However, the IMF agreed to allow Romania a higher budget cap at 7.3% of the GDP this year, on a sharper-than-expected economic decline.

The Romanian government has revised down its forecast on the GDP growth to RON497.3 billion from RON531.2 billion initially estimated, reflecting an economic contraction predicted at 8%-8.5% this year.