Romania's 2020 budget bill based on prospects of 4.1% economic growth, 3.58% deficit

Romania’s Finance Ministry published the budget bill for 2020 on Tuesday. It is based on prospects of 4.1% economic growth with an average yearly growth of 4.1% for 2021-2023, considerably higher than European averages.

Investments are expected to cover 4.5% of the GDP, 6.3 million lei more than in 2019.

The budget projections are based on a budget deficit target of 3.58%, expected to fall to 1.94% in 2023.

Several institutions will have higher allocations, while others considerably lower ones.

• Ministries with bigger budgets: Labour, Transport. Defence (+18%), Education, Interior (+13%).

• Ministries with diminished budgets: Health, Regional Development and Public Administration (-45.5%), Agriculture and Rural Development, Economy (-11%), Finance (-19%), Foreign Affairs (-16.4%)

• All intelligence services will have more money to spend than in 2019