Romania's budget expenses rise 5.6%

Thus the budget gap widened to 2.7 percent of the gross domestic product (GDP) between January 1 – June 30 2009, totaling 14.38 billion lei (3.4 billion euros).

Expenses with personnel recorded a significant growth, hiking 12 percent on the first half of 2008.

Interest expenses surged 55.5 percent year-on-year to 2.97 billion lei, compared to just 1.91 billion lei in the first six months last year, NewsIn states.

Budgetary spendings on goods on services dropped in exchange in the first half of the year by 3.3 percent to 12.84 billion lei, while expenses with subsidies diminished to 3.58 billion lei.

Following the April budget revision, budgetary expenses for goods and services for the entire 2009 were scheduled at 27 billion lei (5 percent of the GDP), down by one fifth on the level in 2008. Personnel expenses were settled at 41.5 billion lei (7.8 percent of the GDP), from 8.6 percent in 2008.

According to MFP estimates, investment spendings, including capital expenses and other transfers for investments, stood at 13 billion lei in the first six months, representing 34.3 percent of the annual estimates (37.9 billion lei), or 2.4 percent of the GDP.

MFP managed to cash in 8.2 percent more from taxes on salaries and incomes in the first half of the year, or a total of 9.4 billion lei, but collected 8 percent less from the profit tax, totaling only 6 billion lei.

Revenues from the value added tax (VAT) dropped 15.7 percent to 17.06 billion lei.

Non-fiscal revenues diminished 16.4 percent and capital revenues plunged 57.5 percent. Sums collected from taxes on foreign trade and international transactions (custom duties) fell by 37.4 percent .

MFP announced Romania recorded a budget deficit of 12.4 billion lei (2.95 billion euros) in the first five months this year, the equivalent of 2.34 percent of the GDP estimated at 531.25 billion lei for 2009.

The government established a budget gap target of 4.6 percent of the gross domestic product (GDP) for the year, the equivalent of 24.3 billion lei, following the agreement inked with the International Monetary Fund (IMF), which set Romania quarterly targets for the budget deficit: 14.5 billion lei at the end of the second quarter and maximum 18.6 billion lei for the third quarter.

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