The budget deficit rose to 5.44% of GDP after the first nine months of this year, from 4.57% of GDP after eight months, according to the data sent by the Ministry of Public Finance on Friday.
"Execution of the general consolidated budget in the first nine months of 2024 ended with a deficit of 96.24 billion RON, respectively 5.44% of GDP, compared to the deficit of 56.46 billion RON, respectively 3.52% of GDP, related to the nine months of 2023", the document reads.
Total revenues amounted to 415.98 billion RON in the first nine months of 2024, registering an advance of 13% (year/year), supported by receipts from current revenues - insurance contributions, VAT, tax on salaries and income, tax on profit, excise duties and non-tax revenues.
At the same time, the expenses of the general consolidated budget in the amount of 512.22 billion RON increased in nominal terms by 20.7% compared to the same period of the previous year. Expressed as a percentage of the Gross Domestic Product, expenses for the first nine months of 2024 registered an increase of 2.5 percentage points compared to the same period of 2023, from 26.5% of GDP to 29% of GDP, the quoted source informs.
In the budget rectification adopted by the Government, the deficit for the current year was revised upward from 5% of GDP to 6.94% of GDP. The Fiscal Council estimates, however, that the cash deficit will approach 8% of GDP in 2024.