The budget deficit rose to 8.65% of GDP last year, from 5.61% of GDP in 2023, according to data published on Wednesday evening by the Ministry of Finance.

In the ESA system, a higher budget deficit was recorded in 2009 – 9.5% and in the year of the pandemic 2020 – 9.2%.

„The execution of the general consolidated budget for 2024, according to operational data, ended with a deficit of 152.72 billion RON, respectively 8.65% of GDP compared to the deficit of 90.06 billion RON, respectively 5.61% of GDP, for 2023”, announced the Ministry of Finance.

Total revenues amounted to 574.60 billion RON in 2024, registering an advance of 10.4% (year/year), supported by current revenue receipts (+17.4%): mainly insurance contributions, VAT, excise duties, payroll and income tax, profit tax and non-tax revenues, which also include the effects of the tax amnesty established by Emergency Ordinance no. 107/2024.

The consolidated general budget expenditures in the amount of 727.32 billion RON increased in nominal terms by 19.1% compared to the previous year. Expressed as a percentage of Gross Domestic Product, expenditures for 2024 registered an increase of 3.16 percentage points compared to 2023, from 38.06% of GDP to 41.22% of GDP.

The budget for 2024 was initially built on a deficit of 5% of GDP.

AGERPRES