Romania's Jan-Nov Cons Budget Deficit Widens to 6.0%/GDP

This compared to a consolidated budget deficit equivalent to 2.94% of GDP in the same period last year, the ministry said on its website.

The government in August raised its budget deficit forecast for the current year to 7.3% of GDP from 4.6% forecast earlier to match the projections made in a 20 billion euro ($28.8 billion) bailout package from the IMF, the European Union and the World Bank.

Consolidated budget revenue totalled 143.4 billion lei in January-November, while spending reached 173.1 billion lei, the ministry said in a statement.

Romania ended last year with a consolidated budget deficit of 24.65 billion lei, equivalent to 4.8% of the estimated GDP, calculated under the Romanian accounting standards, and to 5.4% of GDP, under European accounting standards.

On Wednesday, the Romanian government adopted the 2010 budget draft, targeting a deficit equivalent to 5.9% of GDP. The budget is based on a 1.3% economic growth, compared to an estimated contraction of some 7.5% this year.

Romania, which joined the European Union in January 2007, must meet the Maastricht criteria on inflation, public debt, budget deficit, currency stability and interest rates to qualify for the adoption of the euro. The Maastricht budget gap threshold stands at 3.0% of GDP.

(1 euro=4.2013 Romanian lei)