Tuesday, May 13, 2008

Fiscal surplus widens to 0.14% of GDP in Jan-Apr.

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Fiscal surplus widens to 0.14% of GDP in Jan-Apr. Economy and financeminister Varuijan Vosganian announced that preliminary fiscal data indicate a surplus of 0.14% of GDP in Jan-April, up from 0.02% of GDP in Jan-Mar. But Jan-Apr fiscal surplus is not particularly surprising because of the seasonally high tax collection in April. The surplus was 0.33% of GDP in Jan-Apr last year, for a more relevant comparison. Jan-Apr general government budget surplus was EUR 617mn or 0.14% of full year projected GDP, Vosganian detailed. Total revenues were RON 62.15bn, which accounted for 14.1% of GDP, compared with RON 38.3bn (9.8% of GDP) in the same period of 2007. If the trend is confirmed in the rest of the year, the budget revenues will meet the 35.9%-of-GDP target in full year, Vosganian stressed. Expenses totalled RON 61.5bn. We recall that the general government budget ended Q1 with a very small surplus of RON 79.2bn (EUR 21.46mn or 0.02% of GDP) after the revenues and expenses surged by annualised rates of above 50% y/y each.

Country risk 2008:

No. 6: If you don’t give it to me you’ll only lend it to someone else and look where that got us

Fiscal surplus widens to 0.14% of GDP in Jan-Apr.

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