As a percentage of the GDP, the budget deficit was 0.05% lower, going from 1.24% to 1.19% of the GDP.
Total revenues of the consolidated budget stood at RON104.06 billion in the first three months of 2022, 21.3% higher than in the corresponding period of last year. This upward trend was mainly because of the improvement in the collection of value-added tax (VAT) and other taxes on goods and services and because of EU funds, non-fiscal revenues and insurance contributions.
General consolidated budget spending reached RON119.75 billion in January-March 2022, after rising by 19.2% in nominal terms compared with the year-ago period. As a percentage of the GDP, the spending in the first three months of 2022 went up by 0.6% from 8.5% to 9.1%.
Income tax collection stood at RON7.54 billion in January-March, an increase of 11.7% year on year.
Net VAT collection stood at RON23.62 billion in the first three months, 39.3% higher than in corresponding period of 2021.
Excise duty revenue amounted to RON8.36 billion, up 7.9% on the year.
Goods and services spending grew by 14.9% on the year to RON14.94 billion in the first three months of 2022.
Investment spending, which includes capital expenditure and development programs financed from local and external sources, amounted to RON8.41 billion, 4.3% higher than in January-March 2021.
(English version by Loredana Fratila-Cristescu)