Romania Sees Budget Deficit

The general consolidated budget closed with a deficit of 0.77% of GDP, or RON 6.3 billion ($1.61 billion), in the first semester of the year, compared with RON 3.9 billion, respectively 0.51% of GDP in the same period of 2016, according to Romania’s Public Finance Ministry, Business Review reported. The revenues of the general consolidated budget increased in nominal terms by 8.2% to RON 117.2 billion, which means 14.4% of GDP, while expenses increased by 10% to RON 123.5 billion. According to the ministry, the growth in revenues was registered from the social contributions (16.1%), from the tax on salaries and revenues (11.5%) and from capital revenues (14.2%).