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BUCHAREST (Romania), November 30 (SeeNews) - Romania's consolidated budget deficit widened to 2.2% of the projected 2018 gross domestic product (GDP) in the first ten months of 2018, up from 0.79% of GDP a year earlier, the finance ministry said.
Romania's consolidated budget showed a deficit of 20.9 billion lei ($5.09 billion/4.48 billion euro) in the ten months through October, the ministry said in a statement late on Thursday.
Consolidated budget revenue rose 11.8% to 232.3 billion lei in the ten months through October, while spending increased 18.1% to 253.2 billion lei, mainly due to salary hikes in public institutions.
Tax revenue fell 26.1% and social security contributions grew 37.8%, while VAT proceeds rose by 9% in the review period.
Investments totalled 20.6 billion lei in the first ten months of the year, up 40.2% 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=4.6560 lei)