May 26 (SeeNews) - Romania's consolidated budget was in deficit equivalent to 1.23% of the gross domestic product (GDP) projected for 2022 at the end of April, compared to a budget gap of 1.75% of GDP a year earlier, the finance ministry said on Thursday.
The consolidated budget deficit totalled 16.33 billion lei ($3.5 billion/ 3.3 billion euro) at the end of April, as revenue for the first four months of 2022 rose 22% year-on-year to 144.4 billion lei, whereas spending increased by 15.6% to 160.7 billion lei, the finance ministry said in a press release.
Tax revenue rose by an annual 13.2% in the January-April period of 2022, social security contributions grew 9.6% and VAT proceeds jumped by 40.2%. Excise duty collection was down 5% on year, mainly due to lower tobacco excises.
Amounts reimbursed or granted by the EU totalled 10.24 billion lei in the first four months of 2022, up 24.3% on the year.
Investments totalled 12.2 billion lei in January-April, compared to a little over 13 billion lei in the same period of 2021.
For 2022, the finance ministry targets 2.9% economic growth and a cash deficit equivalent to 5.84% of GDP.
Romania closed 2021 with a consolidated budget deficit of 6.72%, compared to a budget gap of 9.61% of GDP in 2020.
(1 euro=4.9423 lei)