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Seven-month gov't deficit narrows to 11.9 billion lei, or 1.26% of GDP

By Andra Beltz
The implementation of Romania's national aggregate budget in the first seven months of 2018 ended with a deficit of 11.9 billion lei, or 1.26 percent of the Gross Domestic Product (GDP), down from the 14.97 billion lei, or 1.61 percent of the GDP in the first half, according to data released on Thursday by the Ministry of Public Finance.
In the first seven months of 2017, the deficit was 5.1 billion lei, or 0.63 percent of the GDP.
Aggregate receipts of 160.8 billion lei, representing 17 percent of the GDP, were 13.9 percent higher in nominal terms than in the same period of the previous year.
Aggregate outlays amounted to 172.8 billion lei, 18 percent higher than in January-July 2017. The expenditures for investments, including capital expenditures, as well as those related to development programs financed from domestic and external sources, were lei 10.9 billion, 29.8% higher.
The Minister of Public Finance Eugen Teodorovici said on Wednesday that the 7-month budget execution looks very good, with a collection record since the establishment of the National Agency for Fiscal Administration (ANAF) so far and the budget deficit is 1.26% of GDP.
"(...) The execution looks very good and ANAF has taken an important step in the direction that we have imposed, namely to increase the collection side. It is a record in the collection, from the establishment of the ANAF (...) Moreover, the deficit at 7 months is 1.26%, that is, we are precisely in the parameters that the Parliament, the Government anticipated, approved, so it should not be there is no element of risk ", Teodorovici explained.
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