The execution of the general consolidated budget in the first five months of 2024 ended with a deficit of 60.10 billion RON, respectively 3.4% of GDP, compared to the deficit of 36.91 billion RON - 2 .30% of GDP - recorded in the similar period in 2023, the Ministry of Finance informs.(1 euro = 4.9771 RON)After the first four months of the year, the deficit was 57.29 billion RON, respectively 3.24% of GDP.Total revenues amounted to 225.38 billion RON in the first five months of 2024, registering an increase of 14.1% (year on year), and the expenses of the consolidated general budget, amounting to 285.48 billion RON, increased in terms of nominal by 21.8% compared to the same period of the previous year. The implementation of Romania's aggregate national budget in the first five months of 2024 ended on a deficit of RON 60.10 billion, or 3.4% of GDP, as against RON 36.91 billion - 2.30% of GDP - one year before, according to the Finance Ministry.The increase in government revenues was mainly supported by receipts from current revenues - corporate income tax, social insurance contributions, payroll tax, VAT and non-tax revenues.Receipts from payroll and income tax totalled RON 21.12 billion, which is a positive dynamics of 19.7% (year-on-year), while receipts from tax on pension income contributed 58.3% and those related to single tax declaration 13.7%.Insurance contributions recorded RON 78.18 billion, up 20.7% (year-on-year), outperforming the developments in wages.Income tax revenues amounted to RON 10.09 billion, up 37.9% (year-on-year) on the advance of revenues from corporate income tax, including the minimum tax on turnover from business operators and the corporate tax on commercial banks (+38.2%).Net VAT receipts totalled RON 47.89 billion, up18.1% (year-on-year). Also, the value of VAT refunds increased by 8.5% year-on-year - RON 12.90 billion in January - May 2024, as against RON 11.89 billion in January - May 2023.Excise tax revenues amounted to RON 15.80 billion, up 3.8%, on an increase in excise duty revenues from energy products (+13.3%), as a result of rising fuel consumption trends. At the same time, the decline in excise revenues from tobacco products levelled out at -8.3% amid a significant positive advance in May 2024.Non-tax revenues amounted to RON 17.62 billion, up 17.5% (year-on-year).
This article series tells the stories of the 15 finalists selected in the BVB Arena program. BVB Arena is the flagship program of the Bucharest Stock Exchange, dedicated to developing and promoting the Romanian entrepreneurial environment. The program’s goal is to select and promote Romanian companies that have the greatest growth potential and high chances […]
Salt Bank, the first 100% digital Romanian bank built entirely from scratch, has been named by Celent as the 2025 Model Bank for Digital Bank Launch. Celent is one of the world’s most prestigious research and advisory firms focused on technology for financial institutions. By receiving the title of "2025 Model Bank for Digital Bank […]
The 8th edition of the national educational program “Healthy Lifestyle, Diverse Nutrition and an Eco-Responsible Attitude” under the motto “Good for Taste, Good for Health, Good for the Planet!” has concluded. The program was organized by the Taste Celebration Association and funded by the Auchan Foundation with 100,000 euros. The program aims to convey to […]
Romania's budget deficit, meaning the gap between revenues and expenditures, reached 3.39% of GDP after the first five months of the year, while the new government grapples with balancing initiatives. The deficit increased compared to the first four months, when it stood at 2.95% of GDP, and remained roughly stable compared to the first five […]
eLog, a Balkan-based provider of reusable transport packaging systems for the retail sector, has entered the Romanian market by leasing 4,000 sqm of warehouse and office space at CTPark Bucharest North. The facility, developed by CTP, will serve as eLog’s first operational hub in Romania, supporting its expansion into local retail logistics. Specializing in Retail […]
More than three-quarters of Romanians (76%) see Artificial Intelligence as an opportunity for the economy and society, although half of them also acknowledge its risks, according to a new RoCoach and Novel Research study. Overall, over one-third of respondents (35.7%) believe that AI will primarily lead to job losses, even if new types of roles […]
