July 25, 2012 / 2:54 PM / 5 years ago

Romania 6-month deficit meets IMF target

BUCHAREST, July 25 (Reuters) - Romania ran a consolidated budget deficit of 1.1 percent of gross domestic product in the first half of 2012, in line with a cap agreed with the International Monetary Fund, the finance ministry said on Wednesday.

The 5-billion-euro precautionary aid deal limits the budget deficit to 2.2 percent of GDP in cash terms for 2012, which would amount to 3 percent of GDP under European accounting standards.

In nominal terms, the January-June shortfall was 6.8 billion lei, while the target agreed with the IMF was 7 billion-8.8 billion lei.

At the end of May, the deficit reached 1.2 percent of GDP, raising concerns the two-month old government would fail to meet the full-year target without additional measures. (Reporting by Luiza Ilie; Editing by Sam Cage)

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