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Romanian 1Q Budget Surplus At 0.1% Of GDP –Fin Min

Romania’s consolidated state budget ran a small surplus of 0.1% of gross domestic product in the first quarter of this year, Romanian Finance Minister Varujan Vosganian said Tuesday.
Romanian 1Q Budget Surplus At 0.1% Of GDP –Fin Min
15 apr. 2008, 12:12, English

“Preliminary data show we have a small surplus. The state budget still has the biggest spending, but what happens in April is very important,” Vosganian said.

The latest finance ministry data indicate Romania’s consolidated state budget ran a surplus of 0.21% of GDP in January-February, or 910.3 million Romanian lei (EUR1=RON3.6238).

According to the ministry, the state budget, which makes up the largest part of the country’s general consolidated budget, posted a deficit of RON2.23 billion in Jan-Feb, but was offset by surpluses posted by local and social securities budgets.

Vosganian reiterated the government intends to revise the budget for the second time this year in June-July, but said plans will rely on budget revenues in April and May.

Romania’s government has already made one budget revision this year and lowered the country’s budget deficit ceiling to 2.3% of GDP from 2.7% of GDP to keep it in line with European Union requirements.

The European Commission warned Romania late January that it may launch an excessive deficit procedure against the country as the 2008 deficit is likely to exceed the E.U. limit of 3% of GDP.