Romania‘s Finance Ministry said on Monday that the country’s general consolidated budget deficit increased to 4.7% of the Gross Domestic Product (GDP) after the first 11 months of 2021 compared to 4.03% of GDP between January and October, according to Agerpres.
The execution of the general consolidated budget for the eleven months of 2021 ended with a deficit of RON 55.98 bln (4.70% of GDP), down from the deficit of RON 84.05 bln (7.94% of GDP) recorded at the same period of 2020.
“This evolution was determined by the increase of budget revenues by 1.25% of GDP (year/year), mainly influenced by the dynamics of VAT receipts. The reduction of budgetary expenditures by 2.0% of GDP (y/y), mainly due to the decrease in the share of expenditures on salaries and social assistance in GDP. During January-November 2021 the investment expenses were by RON 2.98 bln higher than in the same period of the previous year, and the exceptional payments generated by the COVID-19 epidemic were of RON 13.04 bln,” reads the general consolidated budget.