Budget revenues to drop almost 18.36 billion lei and expenditures 2.09 million lei, at revision

The revenues of the general consolidated budget decrease, on the balance, by almost 18.36 billion lei, as a result of the second budget revision for 2019, with the expenditures dropping by about 2.09 billion lei, with the estimated deficit accounting for 4.3 percent of the Gross Domestic Product (GDP). 

According to the draft Ordinance regarding the budget revision on 2019, published on Tuesday by the Public Finance Ministry, the decrease of revenues is determined by the domestic economy (10.49 billion lei of the 18.36 billion lei) and by influences of revenues from the non-reimbursable foreign funds (7.87 billion lei). 

"The expenditures of the general consolidated budget decrease, on balance, 2,090.6 million lei and the deficit of the general consolidated budget in cash terms increases with the amount of 16,266.3 million lei. The budget deficit estimated for 2019 represents 4.3 percent of the GDP," the substantiation report accompanying the draft bill mentions. 

The general consolidated budget execution in the first ten months shows a deficit of 2.8 percent of the GDP (28.83 billion lei), taking into account that the revenues stand at 261.1 billion lei, accounting 25.3 percent of the GDP and the expenditures stand at 289.9 billion lei, accounting for 28.1 percent of the GDP, the draft initiators mentioned. 

The second budget revision of this year's budget is based on an economic growth estimated at 4 percent, significantly dropping against the 5.5 percent increase recorded at the first revision. 

Furthermore, the estimations for 2019 are aimed at a downward revision of increases both for the number of employees, to 2 percent against 3.4 percent in the version of the spring forecast and for the average gross earnings, to 13.5 percent against 14.7 percent in the previous version, according to the document.