Budget deficit reaches 1.2 percent of GDP in January-May

Romania’s budget deficit reached 1.2 percent of the gross domestic product in January-May 2011, compared to 0.8 percent during the same period of 2010, according to Finance Minister Gheorghe Ialomitianu.

The 1.2 percent deficit is the equivalent RON 6.7 billion lei (approximately EUR1.61 billion).

The deficit had dropped to RON 4.4 billion at the end of April, or 0.8 percent of the GDP, from 1 percent of the GDP in Q1. The drop was generated by a surplus of more than RON 800 million in April, coming from reduced capital and personnel expenses, and lower subsidies, the minister explained.

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