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Jan-Sep cons budget deficit widens to 1.77%/GDP


Romania's consolidated budget deficit widened to 1.77% of the projected 2018 gross domestic product (GDP) in the first nine months of 2018, up from 0.81% of GDP a year earlier, the finance ministry said.

Romania's consolidated budget showed a deficit of 16.8 billion lei ($4.1 billion/3.6 billion euro) in the nine months through September, the ministry said in a statement late on Monday.

Consolidated budget revenue rose 13.6% on the year to 205 billion lei, while spending increased 18.4% to 221.7 billion lei during the nine months through September, mainly due to salary hikes in public institutions.

Tax revenue fell 25.3% on the year and social security contributions grew 37.3%, while VAT proceeds rose by 9% on the year in the nine-month period.

Investments totalled 15.2 billion lei in the first nine months of the year, up 26% compared to the same period of 2017.

Romania targets a consolidated budget gap equivalent to 2.96% of GDP on a cash basis in 2018, just below the 3% EU ceiling.

Romania's consolidated budget deficit increased to 2.88% of the projected GDP in 2017, from 2.41% a year earlier.