Official sources: Romania's budgetary deficit reached 3% of GDP at the end of November

Romania’s budgetary deficit registered 3% of the GDP at the end of November, as payments to the budget dropped last month by 3.5 billion Romanian Ron, sources within the Economy ministry declared, quoted by Romanian news agency NewsIn.

Romania’s economic activity is decreasing rapidly due to the economic crisis that is beginning to be felt here also. The financial blockage and the low liquidity present in the market affects payments to the budget.

Romania’s deficit forecast for this year was 2.3% of the GDP but most experts are pessimistic that the Romanian state will manage to contain it to less than 3%. Economy ministry sources added that the situation will be worse in 2009, when more and more companies will have trouble paying their taxes to the state, due to lack of liquidity on the market.

In the 2009 budget project, recently approved by the government, spending represents about 40.5% of the GDP while revenues are 38.5% of the GDP, which experts say, it is overestimated. The data takes into account a GDP of 578.5 billion Ron for 2009 for an economic growth of 6%.