Romania’s Budget Posts RON829M Surplus In April

05.25.2011 ZF English

Romania’s consolidated budget posted a surplus of 829 million lei (EUR200.1 million) in April, fueled by higher revenue, while the budget deficit for the first four months of 2011 narrowed to RON4.4 billion, the Finance Ministry said Wednesday.

The budget deficit in January-April represented 0.8% of the gross domestic product, compared with 1% of GDP at the end of March.

The budget revenue rose 10.3% on the year to RON58 billion in January to April, fueled by tax revenue increases, mainly from the value added tax (+35.6%) and excise duties (+24.3%). Corporate tax revenue rose 0.9%, but personal income tax proceeds were down 2.5% from January-April 2010.

In the analyzed period, budget expenditure stood at RON62.4 billion, down 3.6% on the year.

Romania's budget gap narrowed to RON33.3 million, or 6.5% of GDP in 2010, from 7.2% of GDP a year earlier.

For 2011, the government targets a deficit of RON24 billion, or 4.4% of GDP. (EUR1=RON4.129)