Gov't aggregate deficit put at 5pc of GDP in first nine months 2009

The Romanian Government aggregate deficit for the first nine months of 2009 is estimated at 5 percent of the Gross Domestic Product (GDP), which is lower than the 5.4-percent-of-the-GDP target agreed upon with the International Monetary Fund, Finance Minister Gheorghe Pogea said on Tuesday.

He mentioned that collections in five Budget areas were excellent and that the excise duty revenues collected stood at RON 944 million.

'In the first nine months of this year we recorded excellent results is some areas, as well as in the refunding of the Added-Value Tax (VAT) to business operators. There were weaker results as far as the income tax and pay tax revenues were concerned, because the income of public employees diminished,' said Pogea.

'Social security expenses totalled RON 78.8 billion (18 billion euros), pay expenses RON 44-45 billion (11 billion euros), which indicates the size of the public sector in Romania and how much it costs to run it,' said Pogea.

The minister assured that Romania will not default on its payments.

agerpres.ro