Budget deficit at 5.1 pct of GDP January through OctoberPublish date: 27-11-2009
The consolidated budget execution over the first ten months of 2009 registered an estimated deficit of 25.5 billion lei, 5.1 percent of the GDP respectively, according to preliminary budget execution data published by the Ministry of Public Finance (MFP).
In first ten months of the year, overall budget revenues amounted to 131 billion lei, representing 26.3 percent of the GDP.
In nominal terms, the income tax revenues increased by 2.9 percent compared to the same period of the previous year, while profit tax revenues fell by 11.3 percent compared to the same period. At the category of revenues from taxes and dues on goods and services, there was an increase of 1.317 billion lei (11.6 percent) in excise duty revenues compared to same period the previous year, but also a 6.566 billion lei (-18.7 percent) reduction in VAT receipts.
Insurance contributions fell slightly by 1.4 percent compared to the same period of the previous year.
Consolidated budget expenditures over the first ten months of 2009 amount to 156.6 billion lei, representing 31.5 percent of the GDP.
Personnel costs over the same interval advanced 4.7 percent versus the same period the previous year. According to MFP, the increase in personnel spending compared to same period of the year before is a consequence of the wage increases approved in the second half of 2008.
Investment costs, including capital expenditures and other transfers for investments stood at 25.9 billion lei - that 5.2 percent the GDP - January through October 2009.
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