Romania records 0.48 pct/GDP budget deficit at end-March! RON 6.1 billion less as compared to Q1 2017

Romania’s consolidated budget ran a deficit of 0.48 percent of gross domestic product at the end of March, after a shortfall of 0.59 percent at the end of February, the finance ministry said on Friday.

In nominal terms, the deficit stood at RON 4.46 billion. Revenues stood at 7.2 percent of GDP, or RON 66.4 billion. Spending was RON 70.8 billion.

Tax on wages incomes decreased by 14,9 percent, as compared to Q1 2017, because of the decrease of income tax from 16 percent to 10 percent  starting 1 January 2018. Corporate tax incomes decreased also by 3,3 percent in comparison cu Q1 2017.

The Social Democrat government targets a deficit of just under 3 percent of GDP, the European Union’s ceiling.

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