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H1 budget deficit at 2.07 % of GDP, below limit negotiated with IMF

The H1 general budget deficit stood at RON 11.3 billion, ie 2.07 pct of GDP, below the RON 12.6 bln deficit target set forth in the Supplementary letter of intent to the International Monetary Fund (IMF), shows operative data given to publicity by the Ministry of Public Finance (MFP) on Monday.

Budget revenues totaled RON 85 billion, 9.6 pct higher from the previous year, mainly due to higher collections from VAT (31.5 pct), excise taxes (27.1 pct) and the capital tax (58.9 pct).

Collections from social security contributions continued to improve, exceeding by 4.7 pct the figure registered in the same period of the previous year, whereas profit tax collections were 1.42 pct higher than those registered in the same period of the year before.

Referenced to 2010, the main gap still affects non-tax revenues that dropped 8.2 pct from the same period last year.Disbursements from the European Union (EU) on account of payments performed increased 16.4 pct from H1 2010.

General budget expenditures amounted to RON 96.2 billion, up by a wafer-thin margin of 0.7 pct in nominal terms from the same period last year due to rising co-funding expenses with grant-financed projects, but their GDP share fell by 0.9 percentage points.

Expenditure on goods and services increased by 14.6 pct compared to the same period last year, whereas the state budget registered a 21.9 pct increase in this category of spending following the reclassification of particular expenditure items at the Ministry of Health. The growth at local budgets was 21.4 pct following the hospitals' takeover by the territorial-administrative authorities, whereas the rise at the national single health insurance fund was 14.6 pct as an effect of payments made for medical services and drugs.

Some categories of expenditures are still below the levels in the same period of the year before: personnel costs (-18.9 pct), subsidies (-18.6 pct), social assistance (- 2.4 pct).Payments for EU-funded projects increased 60.9 pct compared to the first six months of 2010. Interest expenses advanced 29.3 pct.

Expenses for investment, including capital expenditures, as well as expenses related to development programs funded from internal and external sources, amounted to RON 14.86 billion in the first six months of the year, compared to the RON 11.67 billion registered in the same period of 2010, Agerpres informs.

Sursa: http://www.actmedia.eu

Tags: period billion below budget deficit mfp

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