November 24, 2017

Budget Deficit In 2010, Below IMF Agreed Target

In 2010, the budget deficit stood at RON 33.3 bln or 6.5 % of GDP. According to the Ministry of Finance, that is below the RON 34.6 bln deficit target set as the budgetary policy’s goal. This was included in the supplementary letter to the stand-by agreement reached with the IMF. The deficit dropped by 0.9 %compared to its 2009 level of 7.4 % of GDP. Also, budget revenues totaled RON 168.6 bln, up by 7.2 % in nominal terms compared to the year before. Budget expenditures reached RON 201.9 bln, up by 4.2 % compared to the year before.Also, the year-on-year growth in expenditures on goods and services at local administration level was caused because the latter took over the financing of the Agricultural Chambers’ activity in March 2010, the financing of hospitals in July 2010 as part of the decentralization process.

Source of the news: Nine o’clock

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