“Revenues of the general consolidated budget amounted to RON258.46 billion in the first seven months, 22.4% above the level in the same time last year. The upward trend was mainly because by the rise in VAT revenues, non-fiscal revenues, other taxes on goods and services, insurance contributions and profit tax,” the Finance Ministry says.
The government collected 22% more VAT in the first seven months of 2022 than in the same time in 2021. The growth, which is higher than the 15% inflation, suggests expansion of consumer spending, as well, the main branch of the GDP. It got RON26 billion in non-fiscal revenues (from the profit of the state-run companies), an increase of 53%.
Spending picked up in July, which is only natural considering the budget deficit target is RON80 billion in 2022 and the deficit stood at RON27 billion in January-July. The budget deficit is down, however, compared with January-July 2021 (RON34 billion).
Investment spending increased after having reached RON21 billion in the first half, flat on the year-ago period. It stood at RON26 billion in January-July, an increase of 5% on the corresponding period of 2021.
(English version by Loredana Fratila-Cristescu)