Romanian Govt OKs 2nd Budget Revision In ’08

On Tuesday, government sources said the general consolidated budget deficit will be increased in Wednesday’s revision by 842 million lei ($373.5 million), due to a higher-than-expected gross domestic product at the end of the year.

Economy and Finance Minister Varujan Vosganian said Tuesday that the general consolidated budget posted a deficit of RON4.9 billion, or 1.12% of GDP.

In March this year, the government lowered the budget deficit limit to 2.3% of gross domestic product, from 2.7%, to keep it in line with European Union requirements.

The five-month general consolidated budget saw a deficit of 0.39% of GDP, compared with a slight surplus of 0.2% of GDP at the end of April.