The consolidated general budget ended Q1 2015 with a significantly higher surplus, RON 4.9 billion (EUR 1.1 billion), 0.7 percent of the GDP respectively, compared to a surplus of RON 2.3 billion (EUR 0.5 billion), 0.33 percent of GDP respectively, in the first two months of this year, according to the data released by the Ministry of Public Finance (MFP) and quoted by Agerpres.
In Q1 2014, the consolidated general budget saw a deficit of RON 900 million (EUR 204 million), 0.14 percent of the GDP respectively.
The revenues of the consolidated general budget, RON 54.96 billion (EUR 12.5 billion), representing 7.8 percent of the GDP, were by 12.6 percent higher in nominal terms compared to the same period of the previous year.
According to the MFP, significant increases compared to the same period of the previous year were recorded in VAT receipts (+20.8 percent), excise duties (+11.4 percent), income tax (+14.6 percent), non-tax revenues (+21.2 percent). The receipts from social security contributions increased by only 0.5 percent from the previous year, having reflected the move of reducing employers’ contributions by 5 percentage points.
The consolidated general budget’s expenditures, which stood at RON 50.1 billion (EUR 11.3 billion), decreased by 0.6 percent in nominal terms compared to the same period of the previous year, 0.3 percent as share in GDP respectively.
For 2015, the Romanian authorities and the international financial institutions have agreed upon a budget deficit of 1.83 percent of the GDP. Last year, the consolidated general budget recorded a deficit of 1.85 percent of the GDP.