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Nov 19, 2007 14:28 EEST
November 19 (SeeNews) - Romania cut its 2007 consolidated budget deficit target to 2.4% of the projected gross domestic product (GDP) from 2.7% of GDP after posting a budget surplus for the January to October period, Economy and Finance Minister Varujan Vosganian said on Monday.
"The revision cuts the consolidated budget deficit by 0.3 percentage points to 2.4% [of the GDP]," Vosganian told a news conference, presenting a third revision of the 2007 budget.
Romania's consolidated budget gap was equivalent to 1.7% of GDP last year, below the government's target of 2.5%.
Romania, which joined the European Union on January 1, has posted a consolidated budget surplus in each of the last few months. It had a budget surplus of 0.3% of the GDP for the first nine months of the year.
Consolidated budget revenue through October rose by a nominal 21.4% on the year to 99.1 billion lei ($41.6 billion/28.42 billion euro), data from the ministry showed.
"At the end of 2007 our forecasts show that it [budget revenue] will be at [...] around 33.5% of the GDP," Vosganian said.
After the revision, the labour, transport, justice and the interior ministries will have bigger budgets. The other ministries will receive less than initially planned.
(1 euro = 3.4867 Romanian lei)
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