The budget deficit increased to 4.64% of GDP in the first 11 months of 2023, which is 0.45 percentage points higher than in the same period last year. Its value is 73.5 billion lei.
According to the addendum accompanying the implementation of the budget, total revenues amounted to 464.95 billion lei for the first eleven months of the year, an increase of 11.8% (y/y). Their dynamics were mainly facilitated by the dynamics of revenues from European funds, tax on wages and incomes and insurance contributions. Favorable, but more moderate, changes were also recorded in the case of revenues from income tax and VAT.
“The expenses of the general consolidated budget in the amount of 538.5 billion lei increased in nominal terms by 13.4% compared to the same period of the previous year. Expressed as a percentage of gross domestic product, expenditures for eleven months of 2023 recorded an increase of 0.1 percentage point compared to the same period in 2022, from 33.9% of GDP to 34.0% of GDP,” the Ministry of Finance said in a statement.
See the full report of the Ministry of Finance on the evolution of 11 months.
Source: Hot News
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