April 27, 2020 / 2:21 PM / a month ago

Romanian budget deficit widens to 1.7%/GDP in Q1-finmin data

BUCHAREST, April 27 (Reuters) - Romania’s consolidated budget deficit widened to 1.7% of gross domestic product in the first quarter compared with a gap of 0.7% at the end of February as the coronavirus outbreak led to a plunge in revenue, finance ministry data showed on Monday.

In nominal terms, the deficit stood at 18.06 billion lei. Revenues, which contracted 25% on the year in March, amounted to 72.2 billion lei, or 6.7% of GDP. Spending stood at 90.3 billion lei. Investment spending, including EU funds, was up 20.4% on the year to 5.9 billion lei.

The European Union state ran a deficit of 0.5% of GDP in the first quarter of last year.

Romania’s consolidated budget deficit will nearly double from its initial target to 6.7% of GDP this year while the economy will contract by 1.9%, the finance ministry said. (Reporting by Luiza Ilie)

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