Romania’s 5-Mo Consolidated Budget Switches To Deficit

The deficit was the result of revenues worth 68.05 billion lei ($29.5 billion), or 15.5% of GDP, and expenses worth RON69.79 billion, or 15.86% of GDP.

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.

It plans a new budget revision in July, depending on the revenues collected after the first half of the year.