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Romania's budget gap idles at 5.1% of the GDP after the first ten months, below initial estimates

Romania's general consolidated budget deficit narrowed slightly after the first ten months, to about 25.5 billion lei, or 5.1 percent of the gross domestic product (GDP) estimated for the year, versus 5.14 percent of the GDP at the end of September, data published by the Finance Ministry show.

At the end of September, the budget gap was of 25.563 billion lei.

The interim Finance Minister, Gheorghe Pogea, said on November 10 the budget deficit reached 5.2 percent of the GDP in the first ten months of the year.

The local authorities and the International Monetary Fund (IMF) maintained the budget gap target for the end of the year at 7.3 percent of the GDP. However, the head of the IMF mission in Romania, Jeffrey Franks, deems the budget deficit will reach 7.8 percent of the GDP at year-end, also calculating the fiscal measures recently validated by the Constitutional Court.

Sursa: http://www.newsin.ro

Tags: percent months first budget

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