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Romania’s 5-Mos Budget Deficit At 0.2%-0.3% Of GDP – Fin Min

Romania’s general consolidated budget posted a deficit of 0.2%-0.3% of gross domestic product in the first five months of the year, the Economy and Finance Minister Varujan Vosganian said at a seminar Thursday.
Romania’s 5-Mos Budget Deficit At 0.2%-0.3% Of GDP - Fin Min
19 iun. 2008, 14:45, English

In the first four months of 2008, the budget recorded a surplus of 1.07 billion lei (EUR1-RON 3.6629) in nominal terms, or 0.2% of GDP, compared with 0.34% of GDP during the same period a year ago.

In 2007, Romania ran a consolidated budget deficit of 2.53% of gross domestic product, calculated according to European Union methods, and 2.33% of GDP, calculated according to Romanian methods.

In its most recent budget revision, the Romanian government has lowered the country’s budget deficit ceiling to 2.3% of gross domestic product from 2.7% of GDP to keep it in line with European Union requirements.

The Romanian Government will operate another revision between July 1 and September 1, targeting the state and social state insurance budgets.

For 2008, the Romanian government is targeting a budget deficit of 2.3% of GDP. The European Union has warned it may launch an excessive deficit procedure against Romania as the 2008 deficit is likely to exceed the E.U. limit of 3% of GDP.