Romania Might Increase Resources Allotted To Investments In Spring 2012 – Minister

„Salaries and pensions will stay at their 2011 level. If the country’s financial situation is better this spring, we are looking into redistributing funds either to investments or to raising pensions and wages. (…) I pledged before the Government to keep the budget deficit at 1.9% of the din PIB without cutting expenses and hiking taxes. This is my responsibility,” said Ialomitianu.

The 2012 general consolidated budget states total revenues of 195.3 billion lei (EUR44.7 billion) and total expenses of RON206.5 billion, which translates into a nominal deficit of RON11.2 billion, or 1.9% of the gross domestic product in cash terms, or under 3% according to European accounting standards.

Budget resources allotted to investments will drop by RON1.3-2 billion in 2012 compared with this year, but the Government hopes to offset this decrease by raising the EU fund absorption rate by about 50%.

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Subsidies will fall to 0.91% of the DGP, from 1.2 % of the GDP in 2011. Staff expenses will also be cut in 2012, to 6.9 % of the GDP from 7.5% of the GDP this year.

(EUR1=RON4.3534)