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Romanian 9-Mo Budget Surplus At 0.19% Of GDP

Romania's general consolidated budget ran a surplus of 0.19% of gross domestic product in the January-September period, a slowdown compared with 0.32% of GDP at the end of August, finance ministry data showed Tuesday.
30 oct. 2007, 17:03, English

Ministry data showed a surplus of 732.7 million lei ($316 million) in nominal terms at the end of September.

Revenue in the January-September period stood at RON91.997 billion and represented 23.6% of GDP. Expenditure totaled RON91.264 billion, or 23.4% of GDP.

The state budget, which makes up the bulk of the country’s general consolidated budget, posted a deficit of RON5.26 billion in Jan-September, but was offset by surpluses posted by local and social security budgets, with RON4.05 billion and RON1.26 billion, respectively.

The Finance Ministry targets a year-end deficit of 2.8% of GDP, but ministry officials said this could go even lower.

The European Union has warned newcomer Romania that it may face disciplinary action as its 2007 deficit is likely to exceed the E.U. limit. According to E.U. accounting methods, Romania’s budget deficit will total 3.2% of GDP this year.

In 2006, Romania’s budget deficit, according to the European System of Accounts, stood at 1.9% of GDP, compared with the 1.7% of GDP calculated by the Romanian