Budget surplus with revenues from VAT up 20.8 percent in Q1

The consolidated general budget ended Q1 2015 with a significantly higher surplus, 4.9 billion lei, 0.7% of GDP respectively, compared to a surplus of 2.3 billion lei, 0.33% of GDP respectively, in the first two months of this year, according to the data released by the Ministry of Public Finance (MFP) reports Agerpress. In the same period of the previous year, the consolidated general budget saw a deficit of 900 million lei, 0.14% of GDP respectively.

 The revenues of the consolidated general budget, 54.96 billion lei, representing 7.8% of GDP, were by 12.6% higher in nominal terms compared to the same period a year earlier. According to the MFP, significant increases compared to the same period of the previous year were recorded in VAT receipts (+20.8%), excise duties (+11.4%), income tax (+14.6%), non-tax revenues (+21.2%). 

 The receipts from social security contributions increased by only 0.5% from the previous year, having reflected the move of reducing employers' contributions by 5 percentage points. At the level of local administrations, increases were recorded as well compared to the previous year in terms of taxes and property charges by 6.6%, whereas non-taxed revenues went down 0.4%.The consolidated general budget's expenditures, which stood at 50.1 billion lei, decreased by 0.6% in nominal terms compared to the same period of the previous year, 0.3% as share in GDP respectively. For 2015, the Romanian authorities and the international financial institutions have agreed upon a budget deficit of 1.83% of the GDP.

Last year, the consolidated general budget recorded a deficit of 1.85% of the GDP.