As a percentage of the gross domestic product (GDP), the budget deficit was lower, dropping to 5.7%, following an increase in nominal GDP.
Total revenue of the consolidated budget stood at RON460 billion in 2022 and increased as a result of higher collection from almost every source, especially of the value-added revenue, income tax and profit tax. However, fiscal revenue (taxes and social security taxes) remained at less than 30% of the GDP compared with an European average of some 42%.
General consolidated budget spending stood at RON541 billion, higher than budgeted and higher than in 2021, as the government spent over 60% more on interest payments. Investment spending increased by 20% to RON41 billion.
(English version by Loredana Fratila-Cristescu)