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Romania Jan-Nov Budget Gap Rises To 6% Of GDP – Fin Min

Romania’s consolidated budget deficit rose to 29.6 billion lei (EUR1=RON4.2171), or 5.95% of the gross domestic product at the end of November, Finance Minister Gheorghe Pogea said Friday, citing preliminary data.
Romania Jan-Nov Budget Gap Rises To 6% Of GDP – Fin Min
04 dec. 2009, 12:40, English

Pogea said overall revenue to the budget stood at RON143.1 billion after the first eleven months, while total expenditure reached RON172.7 billion.

„We are within target ranges after the first eleven months. There is still a margin of 1.3 percentage points for December until we reach the 7.3% of GDP cap agreed with the International Monetary Fund,” Pogea said.

In November alone, the budget revenue was at RON12.101 billion, up RON125 million compared with the same month the year earlier. Total expenditure in November reached RON16.3 billion.

After the first ten months, Romania’s budget gap came in at RON25.26 billion, or 5.1% of GDP.

Romania and the IMF agreed upon a budget deficit of 7.3% of GDP in 2009. However, recent forecasts indicate Romania’s budget gap is likely to reach 7.8%-8% of GDP at yearend.