Finance minister: 2018 deficit is below 2.97 pct of GDP

Anca Alexe 07/01/2019 | 07:55

Romania’s budget deficit for 2018 will be below 2.97 percent of GDP, said Finance minister Eugen Teodorovici, who added that the 2019 deficit target will be around 2.5 percent.

“Even though we do not have the official data yet – it will be released on January 25 – as Finance minister I have some insights and I can anticipate that we won’t cross the 3 percent threshold,” said Teodorovici.

The minister also said that there is no way the 2019 budget will reach 5 percent. “We’re aiming for about half that figure,” he said.

According to data published by the Finance Ministry, the general budget deficit grew by RON 5.1 billion in November 2018, reaching RON 26 billion after the first 11 months of the year – 2.7 percent of GDP. The growth was more than 2.5 percent bigger than in the same period of 2017.

Revenues of the general consolidated budget, totalling RON 261.6 billion (27.5 percent of GDP), were 14.6 percent higher, in nominal terms, than in the same period of last year. Spending totalled RON 287.5 billion, which is 20.6 percent higher than the 2017 levels.