In January 2014, the consolidated budget posted a surplus of RON1.5 billion, Finance Ministry data showed Friday.

Budget revenue amounted to RON18.33 billion (2.6% of GDP) in January, up 4.1% on the year, while budget expenditure fell 10.7% to RON14.38 billion.

Receipts from the VAT, which contributes about a third of total revenue, increased 18.5% on the year to almost RON6 billion.

Revenue from the income tax rose 16.9% to RON2.32 billion in January, while corporate tax receipts were 23.8% higher at 305.9 million. Property tax revenue increased 11.5% to RON317.2 billion, but revenue from excise duties fell 11.6% to 2.1 billion.

For the whole of 2015, the government forecasts a deficit of 1.83% of the GDP, which is estimated at RON705 billion this year, from RON670.5 billion in 2014.