In the first 11 months of this year, Romania recorded a budget deficit of 4.2% of GDP, which is 0.51 percentage points lower than in the same period of 2021. This is because nominal GDP is higher due to inflation.

The authorities expect it to reach 5.74% for the whole of 2022, if we look at the second revision of the budget (from November).

In value terms, it reached 58.7 billion lei at the end of November, which is 2.7 billion more than at the same date in 2021.

“For the first eleven months of 2022, the revenues of the consolidated general budget amounted to 416 billion lei, which is 21.8% higher than the level obtained in the same period last year. Their development was mainly influenced by the growth of non-tax revenues, VAT revenues,

insurance premiums, additional revenues from the energy industry (other taxes on goods and services) and European funds,” the Ministry of Finance notes to the figures.

As for expenses, they amounted to 474.7 billion lei. Compared to the corresponding period last year, they increased in nominal terms by 19.4%.

“Expressed as a percentage of gross domestic product, spending in the eleven months of 2022 registered an increase of 0.5 percentage points compared to the same period in 2021, from 33.5% of GDP to 34.0% of GDP,” the Ministry of Finance notes.

See the full budget implementation report for the 11 months from 2022