Budget deficit of 0.45% of GDP in January 2024

The consolidated budget deficit was 0.45% of GDP in January 2024, compared to 0.25% of GDP in January 2023, according to the data of the Ministry of Finance, published on Tuesday.

"The implementation of the general consolidated budget for January 2024 ended with a deficit of 7.89 billion RON, respectively 0.45% of GDP, compared to the deficit of 4.02 billion RON, respectively 0.25% of GDP for January 2023," informs the source.

Total revenues amounted to 47.39 billion RON in January 2024, up 19.7% (y/y). Their dynamics were supported mainly by the evolution of receipts from insurance contributions, VAT, excise duties and European funds.

The expenses of the general consolidated budget, in the amount of 55.28 billion RON, increased in nominal terms by 26.7% compared to the same period of the previous year. Expressed as a percentage of the Gross Domestic Product, expenditures for 2024 registered an increase of 0.44 percentage points compared to the same period of 2023, from 2.74% of GDP to 3.18% of GDP.

The budget for this year is built on a deficit falling to 5% of GDP, from 5.68% of GDP in 2023.