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BUCHAREST (Romania), December 31 (SeeNews) - Romania's consolidated budget deficit widened to 2.7% of the projected 2018 gross domestic product (GDP) in the eleven months through November, from 1.21% of GDP a year earlier, the finance ministry said.
Romania's consolidated budget showed a deficit of 26 billion lei ($6.4 billion/5.6 billion euro) in the January-November period, the ministry said in a statement late on Friday.
Consolidated budget revenue rose 14.6% to 261.5 billion lei in the eleven months through November, while spending increased 20.6% to 287.5 billion lei, mainly due to salary hikes in public institutions.
Tax revenue fell 25.5% and social security contributions grew 11.8%, while VAT proceeds rose by 10.5% in the review period.
Investments totalled 26.3 billion lei in the first eleven months of the year, up 50% compared to the same period of 2017.
Romania targets a consolidated budget gap equivalent to 2.97% of GDP on a cash basis in 2018, just below the 3% EU ceiling.
The country's consolidated budget deficit increased to 2.88% of GDP in 2017, from 2.41% a year earlier.
(1 euro=4.6581 lei)