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).
Human remains and archaeological artifacts dating thousands of years were discovered during construction work at the site of the Regional Oncology Hospital in Iași, in eastern Romania. Researchers from the Institute of Archaeology of the Romanian Academy's Iași branch uncovered several important artifacts during the dig. The team led by Dr. Măriuca Vornicu dated the […]
DropCoal, the experiment developed by the Romanian InSpace Engineering (RISE) with the support of the European Space Agency (ESA), is now operational on the International Space Station (ISS). Astronaut Donald Pettit installed it last week in the ICE Cubes Facility, and the entire process went smoothly, according to RISE. The experiment will run for 6 months […]
For the first time in modern history, Hungary holds more gold reserves than Romania after the National Bank of Hungary purchased 14.5 tons of gold at the end of September this year, according to Tavex Romania. The price of gold gold has increased by 25% this year alone and reached an all-time high of USD […]
While half of Romanian households manage to save money each month, 57% of these savings are kept in cash, according to the 2024 Debt Barometer, a study conducted by IRES in partnership with KRUK Romania. The research looks at financial habits, spending priorities, and debt payments, highlighting a pressing need for economic education and tailored […]
Romania’s national football team defeated Cyprus, 4-1 (2-0), on Monday, November 18, and consolidated its position as leader in Group C2 of the Nations League. The match began in Bucharest’s National Arena, and Romania scored immediately through forward Daniel Bîrligea. Cyprus responded with their own attacks but Romania scored again right before halftime. Back on […]
In an official statement marking 1,000 days since Russia began its full-scale invasion of Ukraine, US ambassador to Bucharest Kathleen Kavalec said the United States and Romania "stand together to counter the threats posed by Russia in Ukraine and in Europe" and thanked Romania for its support for Ukraine and its citizens. "Romania has shown […]
