Romania has an ESA (European System of Accounts) budgetary deficit at a maximum of 2.8 percent of GDP for 2017, and a 2.96 percent cash deficit, according to Ionut Misa, the minister of Public Finances.
“We have a maximum of 2.8 percent ESA deficit, and the target we set at the beginning of the year had been 2.96 percent. The cash deficit is within the 3 percent target, at 2.96 percent. The structural deficit will be smaller than the one predicted at the beginning of the year and all these positive macroeconomic indicators position us in a different relationship with our partners in Brussels”, Misa said.
The minister also added that he has no problem if he is removed from his role: “Things that depended on me and the role I had – macroeconomic stability and staying within the targets – have been accomplished”.
The general budget deficit went up to RON 10.2 billion (1.21 percent of GDP) after the first 11 months of this year, from RON 6.6 billion (0.79 percent of GDP) in the first 10 months, according to data published on Wednesday by the Ministry of Public Finances.
Compared to the first 11 months of 2016, the consolidated general budget deficit almost doubled, from RON 5.5 billion to RON 10.2 billion in the same period of this year.
According to economic autumn predictions from the European Commission, the public deficit will go to a total of 3 percent of GDP in 2017, only to go even further in 2018, to 3.9 percent of GDP and 4.1 percent in 2019.