Romania’s 10-Mo Budget Deficit Climbed To 1.5% Of GDP - Fin Min

Romania’s general consolidated budget deficit after the first ten months rose to 1.5% of the gross domestic product (GDP), and is estimated to stay under 2% at the end of November, economy and finance minister Varujan Vosganian said Sunday.

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"The risks of exceeding the deficit are considerably lower than in 2007. The only risk is represented by the local public authorities that accumulated a high working capital which could be spent very fast,” Vosganian said.

The budget deficit in the first nine months reached 1.4% of the gross domestic product.

Although incomes will rise substantially, they will have a lower level of the gross domestic product than initially estimated. Vosganian explained constructions and agriculture, as well as non-fiscal sectors and those which had delays in tax-payments contributed to the supplementary increase of the gross domestic product.

Incomes are estimated to reach 34.5% of the GDP (European funds not included), compared to the initially estimated 35.9%.

The budget deficit seen for this year reaches 2.3% of the gross domestic product.

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