Romania‘s Ministry of Finance announced the country’s consolidated budget for the first nine months of 2021 amounted to a deficit of RON 44.3bln (3.77% of the projected 2021 GDP), compared to the deficit of RON 67.3bln (6.37% of GDP) recorded in the same period of 2020, according to See News.
The Ministry of Finance said in a statement on Tuesday that the Romanian government spent approximately RON 10.64 bln on payments related to the Covid-19 pandemic in the first nine months of 2021.
„The consolidated budget deficit amounted to RON 44.3bln at the end of September as revenue rose 18.7% year-on-year to RON 270.4bln while spending increased by 6.7% to RON 315bln,” added the Ministry of Finance.
Tax revenue increased by an annual 16% in the January-September period of 2021, social security contributions grew 14% and VAT proceeds jumped by 39%. Investments rose to RON 33.7bln, an increase of 13.4% compared to the same period of 2020.
Romania received RON 19bln from the European Union during the first nine months of 2021, an 18.4% increase compared to the previous year. The country plans a deficit equivalent to 7.16% of GDP and 7% economic growth in the 2021 state budget.