Budgetary surplus of 0.12 pc of GDP

Consolidated general budget recorded in the first ten months of the year a budgetary surplus of 0.12 percent of the Gross Domestic Product (GDP), the value of the positive balance being of 450 million lei, according to the budgetary execution published on the Internet site of the Ministry of Economy and Finance.

Overall revenues collected to the consolidated general budget over January - October 2007 stood at 105.815 billion lei (27.1 percent of the GDP), and spending at 105.365 billion lei (27.03 percent of the GDP).

Revenues collected from the profit tax amounted to 10.033 billion lei, the ones from income and salary tax - 11.277 billion lei, whereas property taxes brought to the budget revenues in the amount of 2.637 billion lei. VAT revenues amounted in the first ten months at 24.721 billion lei and those from excise taxes 9.937 billion lei.

The surplus in the consolidated general budget dropped to 0.19 percent of the GDP after the first nine months of this year after, in the first eight months of the year, the consolidated general budget recorded a 0.3 percent surplus of the GDP.

The most significant expenditure was allocated to social assistance - some 30.075 billion lei (7.7 percent of the GDP) and to state personnel - 20.9 billion lei (5.4 percent of the GDP).

The budget is constructed on a consolidated deficit of 2.7 percent of the GDP, a target recently diminished by 0.3 percent. Last week, Minister of Economy and Finance Varujan Vosganian estimated a deficit level ranging between 1 - 1.5 percent of the GDP for the full-year.

The International Monetary Fund (IMF) recommended Romania a budgetary deficit of 1 - 1.5 percent of the GDP.

ROMPRES