Ministry of Finance: Budget deficit of 4.7% of GDP and total expenditure of 33.4% of GDP in the 11 months to 2021

Redacția dec. 27, 2021 0 comentarii

Budget execution in the first 11 months of this year recorded total revenues of 341.5 billion lei, or 28.7% of GDP, and total expenditures of 397.5 billion lei, or 33.4% of GDP. Thus, the 11-month deficit stood at 55.9 billion lei, or 4.7% of GDP, compared to 4.03% of GDP in the January-October period, according to the Finance Ministry.

“This development was driven by: the increase in budget revenue by 1.25 percentage points of GDP (y/y), mainly influenced by the dynamics of VAT receipts; the reduction in budget expenditure by 2.0 percentage points of GDP (y/y), mainly due to the decrease in the share of wage and social assistance expenditure in GDP. At the same time, in the period January-November 2021, investment expenditure was 2.98 billion lei higher than in the same period of the previous year, and payments of an exceptional nature generated by the COVID-19 epidemic amounted to 13.04 billion lei,” the Execution of the General Consolidated Budget states.

The budget deficit target for this year is 7.13% of GDP.

Tax revenues amounted to 14.3% of GDP, with the largest contributions coming from VAT revenues of 53.4 billion lei and corporate and income taxes of 40.3 billion lei.

Also, of the total expenditure of 397.5 billion lei, almost a third, 101.1 billion lei, is accounted for by personnel costs.

sursa foto: Inquam Photos/ Diana Oroș

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