Romania 1H Budget Gap At RON11.3B, Meets IMF Target

Romania’s consolidated budget posted a deficit of 11.3 billion lei (EUR2.65 billion) in the first six months, equal to 2.07% of the gross domestic product, Finance Ministry data showed Monday.

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End-May, the budget gap stood at RON7.42 billion, or 1.36% of GDP.

The first-half figures were below the RON12.6 billion deficit target agreed with the International Monetary Fund, the data showed.

Total revenue to the consolidated budget rose 9.6% on the year to RON85 billion at the end of June, while overall expenditure was up 0.7% to RON96.2 billion.

Romania pledged to lower the budget deficit to 4.4% of GDP in 2011, from 6.5% of GDP a year earlier.

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