Deficit of consolidated budget stands at 1.6% of GDP
RBJ, January 15, 2003
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The deficit of the general consolidated budget at the end of the first ten months of this year stood at 1.6 percent of the estimated Gross Domestic Product, being within the forecast limits and approximately at the same level as in the previous month, show figures unveiled by the Public Finance Ministry.
The main negative balances were at the state budget at 53.1 percent of the annual programme and at the state social security budget, whose enforcement in the first ten months of 2002 ended in a negative balance of 11,417.1 billion lei, i.e. 0.76 percent of the GDP.
This development was mainly the result - as in the previous years - of a rate of the collection of revenues to the state social security budget that was significantly lower than that of spending, i.e. 69.5 percent in revenues compared to 78 percent in spending.
In the first ten months of this year, the continued economic growth was accompanied by an inflation rate lower than originally forecast, with these developments mirroring at the level of the general consolidated budget by a rise in revenues compared to the same period of last year , in nominal terms by 27.5 percent and in spending by 22.9 percent.
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