Budget execution in January 2026: First surplus since 2019, amid revenue growth

The consolidated general budget ended January 2026 with a surplus of 0.85 billion lei, equivalent to 0.04% of GDP, according to data published by the Ministry of Finance. The result marks the first January with a budget surplus in the last seven years.

The Ministry of Finance attributes the development to better collection and more rigorous management of public spending, in the context of recent measures to broaden the tax base and strengthen financial discipline.

„The results recorded in the first month of the year confirm the efficiency of the measures to broaden the tax base and financial discipline. It is essential that we managed to increase revenues by almost 18%, while maintaining strict control over current expenditures,” said Finance Minister Alexandru Nazare, emphasizing at the same time that the data must be interpreted „with moderation and responsibility”, and budgetary discipline must be maintained throughout the year, including through the 2026 budget, which is currently being prepared.

In January 2026, total revenues of the general consolidated budget amounted to 55.12 billion lei, up 17.9% compared to the same period last year. As a share of GDP, revenues advanced by 0.25 percentage points, the growth being mainly supported by current revenues, especially from the wage and income tax and VAT.

The tax on salaries and income totaled 9.02 billion lei, up 31.4%. The advance was influenced by the receipts from the dividend tax, up 59.7%, due to concentrated distributions in December 2025 in the context of legislative changes. At the same time, the tax on salaries increased by 13.7%, above the dynamics of the wage fund, an evolution also associated with the elimination of tax facilities for employees in construction, agriculture, the food industry and IT.

Insurance contributions reached 18.46 billion lei, up 8.2%, due to the expansion of the tax base regulated by Law no. 141/2025.

Net VAT: collections reached 13.06 billion lei, up 23.9% over January 2025 (a nominal increase of 2.52 billion lei), a dynamic supported by changes in VAT rates. VAT refunds totaled 4.73 billion lei, and the Ministry of Finance emphasizes that keeping refunds up to date remains a priority to support companies’ liquidity.

Excise duties amounted to 3.67 billion lei, up 7%, with higher contributions from energy products and tobacco.

Non-tax revenues were 5.21 billion lei, up 28.2%, including from the sale of greenhouse gas emission certificates.

The amounts reimbursed by the EU totaled 2.28 billion lei, up 33.9% compared to January 2025.

On the expenditure side, the general consolidated budget recorded a total of 54.27 billion lei in January 2026, down 6% compared to the same period in 2025. As a share of GDP, expenditure fell from 3% to 2.7%.

Personnel expenditure amounted to 13.54 billion lei, down 0.47 billion lei compared to January 2025, amid the reduction of some bonuses and wage limitation measures, maintaining its share of 0.7% of GDP.

Goods and services: minus 11.8%, to 6.51 billion lei.

Interest: expenditure decreased by 7.9%.

Social assistance: 22.74 billion lei, up 2%, taking into account the measures