According to the Ministry of Finance, in 2023 Romania recorded a budget deficit at the level of 5.68% of GDP, i.e. 89.9 billion lei. This is in conditions where the planned budget deficit was 4.4%.

Ministry of FinancePhoto: Hotnews

According to the ministry, total revenues amounted to 521.45 billion lei in 2023, increasing by 13.3% (y/y). Their dynamics were mainly facilitated by the dynamics of revenues from European funds, tax on wages and incomes and insurance contributions.

“Also, favorable but more moderate dynamics were recorded in terms of revenues from VAT, income tax and non-fiscal revenues,” the budget implementation note says.

The expenses of the general consolidated budget in the amount of 611.35 billion lei increased in nominal terms by 13.0% compared to the previous year. Expressed as a percentage of gross domestic product, spending for 2023 maintained its weight at 38.6% of GDP.

The news is updated