Budgetary deficit of 33.3 billion lei at the end of 2010, below the limit set with the IMF 

Romania’s general consolidated budgetary deficit amounted to, at the end of last year, to 33.3 billion lei representing 6.5% of GDP below the limit agreed with the IMF, a press release of the Finance ministry reads. The deficit target in the supplementary letter to the stand by agreement with the IMF was of 34.6 billion lei.

According to data, budgetary spending was 2019 billion lei while revenues totaled 168.6 billion lei. Revenues cashed at the general consolidated budget are 7.2% higher than those cashed in last year and spending increased by 4.2%. Important decreases of the fiscal revenues are observed, compared to 2009.

Sums cashed in from the tax on revenues decreased by 3.2% , those cashed in on tax on profit dropped by 4.9% and revenues from social insurance contributions diminished by 4.5%. Revenues on VAT increased by 14.3% compared to last year while revenues from excises increased by 11.5%.

Moreover, revenues from non fiscal revenues increased by 18.9% and so did the sums received from the EU for payments, by 181% compared to the same period, last year. On spending, the Finance ministry reveals that spending on social aid increased by 7.3% as spending on unemployment increased and spending on goods and services increased by 5.2% as the government increased the spending of the budget on the state’s debts to the private sector.