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Romaniaĺs budget gap swells to 29.75 bln lei

Romania’s budget shortfall has swollen to 29.75 billion lei (€6.96 billion), namely 5.98% of Gross Domestic Product, as state spending rose in Jan-Nov period by 2.9% and revenues dropped 6%, according to data provided by the Ministry of Finance.
In the ten months through October this year, budget deficit amounted to 25.507 billion lei (€9.54 billion), or 5.1% of GDP.

Total revenues to the state budget amounted to 143.37 billion lei, or 28.8% of GDP, and state spending totalled 173.12 billion lei or 34.8% of GDP, finance officials said.

The increase rate of state spending slowed down from end-October when it stood at 4.7% YoY, while total revenues dropped 6.9%.

In the 11 month period through November, Romania’s budget gap was 15.77 billion lei, or 3.1% of Gross Domestic Product.

Public sector expenses rose 4.7% in Jan-Nov year-on-year, to around 43 billion lei.

Interest expenses jumped 65.8% from the same period of last year. The state has thus poured 5.6 billion lei into interest payout in the first eleven months, versus 3.4 billion lei a year earlier.

Subsidy expenses amounted to 6.7 billion lei, while expenses on goods and services dropped 7.1% to 25.8 billion lei.

Capital expenses (investments) fell 12% (2.56 billion lei) from the Jan-Nov 2008 to 18.77 billion lei, namely 3.8% of GDP. For whole year 2009, the government earmarked 38 billion lei on investments.

Social security expenses hiked 20.2% (9.8 billion lei) year-on-year, on an increase in pension points in October 2008.

The Government has also decided to grant the minimum state pension for low-income pensioners (300 lei starting April 1, and the difference until 350 lei starting October 2009), to index pensions with 3% starting April 1, 2009 and 2% from October 2009, as well as to raise minimum wage by 15%.

The amounts allocated from the state budget and not used by Eximbank total 1.8 billion lei.

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