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Budget deficit of 6.3 billion lei, 0.77 pct of GDP in H1

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buget deficit

The execution of the consolidated general budget is closed, on this year's first half, with a 6.3 billion lei (0.77 pct of the Gross Domestic Product) against the 3.9 billion lei (0.51 pct of GDP) recorded in the same period of 2016, the Public Finance Ministry (MFP) informs.

The revenues of the consolidated general budget have grown, in nominal terms, by 8.2 pct, to 117.2, representing 14.4 pct of GDP, while the expenditure have increased by 10 pct, to 123.5 billion lei.

As regards the revenues, increases were registered at social contributions's cashing (+16.1 pct), at the salary and income tax (+11.5 pct) and at capital incomes (+14.2 pct).

The collection of taxes and property taxes lowered by 5.2 pct against the similar period of 2016, being determined mainly by the elimination with 1 January 2017 of the tax on special constructions.

The collection of money from other taxes and taxes on goods and services grew by 62.1 pct, the growth being determined mainly by the evolution of the cashing relevant to the contribution owed for medicines, as well as for the volume-cost /volume-cost-result contracts financed from the budget of the National Single Health Insurance Fund.

As regards the VAT incomes, they recorded a diminishing by 4.3 pct against the same period of 2016, considering the cut with 1 January 2016, of the VAT standard rate to 20 pct from 24 pct, a measure that mirrored in the collection starting with February 2016. Also from February 2017 the effects of slicing the VAT rate to 19 pct from 20 pct in reflecting in the cashing.

Smaller were also the excises collections, by 7.6 pct, being influenced by the cut of their level for certain energy products with 1 January 2017.

The sums from the European Union in the account of the payments made were worth 5.6 billion lei, of which 5.1 billion lei are sums related to the agricultural projects.

On the other hand, the personnel expenditure grew by 19.5 pct against H1 2016, being determined by the salary raises offered in the second half of 2016, as well as by the salary increases offered in 2017.

The spending with the goods and services increased by 0.9 pct, the interests were down by 4.2 pct, and the subsidies went up by 34.4 pct, the highest increase coming from the subsidies for the farmers.

The social care expenditure grew against H1 2016 by 9.8 pct.

As for the investments, that include the capital spending, as well as the spending with the related development programmes financed from internal and external sources, they attained 6 billion lei, meaning 0.7 pct of the GDP.

The budget execution on first semester of 2017 "is not very good", on Tuesday said Premier Mihai Tudose, adding that "it's been a huge obstruction."

"Not very good. Not very good. It's been a huge obstruction," Tudose stated when quizzed on how the first half of the year's budget execution looks like.

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