Romania Posts RON1.35B Budget Surplus In January-April 2017

Revenues to the consolidated budget amounted to RON80.1 billion, or 9.8% of GDP, and were 8.4% higher than in January-April 2016.

Compared with January-April 2016, income tax collections increased 13.4%, social security contribution collections rose 14.9%, tax collections on international trade rose 12.4%, while tax collections on capital income increased 19.1%, the Finance Ministry said in a statement.

Value-added tax collections fell 3.67% on the year in January-April 2016, as the tax was reduced from 24% to 9% on food items as of mid-2015 and the standard rate was cut from 24% to 20% as of January 1, 2016.

Budget expenditure stood at RON78.8 billion, 6.8% higher in nominal terms compared with January-April 2016, while staff spending grew 18.1% due to public sector wage hikes.

Goods and services spending fell 4.4% on the year in the first four months of 2017, with the state budget and local administrations seeing declines of 3.2% and 3.8%, respectively.

A total RON2.9 billion was allocated for investments, or 0.4% of GDP, which includes capital expenditure and development programs financed from local and external sources.

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