Deficit of 3.4% of GDP, after first five months of 2024

  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).