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Budget implementation of January 2017 – 5.7% lower revenue and 3.5% higher expenditure compared to January 2016
de Adrian N Ionescu 5.3.2017
According to the official announcement, the implementation ended with a surplus of 3.0 billion lei, namely 0.37% of GDP, compared to 4.7 billion lei, namely 0.62% of GDP, registered at the same moment of 2016.
The consolidated general budget revenue, amounting to 19.2 billion lei, or 2.4% of GDP, was 5.7% lower in nominal terms compared to the same period of the last year.
There have been revenue increases compared to the previous year at:
- Wage and income tax (+ 24.9%)
- Tax on foreign trade and international transactions (+ 10.1%)
- Capital income (+ 63.9%)
- Social contributions (+ 9.4%)
The revenue from VAT decreased by 24.8% compared to January 2016 against the background of cutting the standard VAT rate from 24% to 20% as of 1 January 2016, a measure that has been reflected in the revenues of February 2016. Also, the VAT refunds were higher by 75 million lei compared to the same period of the last year, amounting to 1.2 billion lei.
The general consolidated budget expenditure, amounting to 16.2 billion lei, increased in nominal terms by 3.5% compared to the same period of the previous year and decreased by 0.1 in terms of share of GDP.
Staff expenditure increased y-o-y by 8.2% as a consequence of the wage increases applied in the second half of 2016, respectively the application with effects from August 2016 of the provisions of O.U.G. 20/2016 for amending and supplementing the Emergency Ordinance 57/2015 on wages of the personnel paid from public funds in 2016, the extension of some deadlines, and some fiscal and budgetary measures also amending and supplementing certain legislation.
Expenditure on goods and services decreased y-o-y by 7.4%.
Expenditure on social assistance increased y-o-y by 9.5%, being mainly influenced by the 5.25% increase of the pension point to 917.5 lei, as of 1 January 2017 (OUG 99/2016), as well as other measures approved in 2016 that contributed to the increase of the social spending, such as:
- the increase in the number of welfare recipients by exempting the state allowance for children from the family income in calculating the social welfare (VMG)
- the increase of the allowance granted to adults with severe disability affecting sight, by increasing by 25% the net salary of the junior social assistant with a secondary education qualification working in the social assistance units from the budgetary system, other than the units with beds, and the increase in the number of persons falling within various types of disabilities
- the increase and adjustment of the method of calculating the monthly child allowance and the insertion incentive; service pensions for the court clerks, aeronautical personnel, parliamentary civil servants, auditors from the Court of Accounts
Investment expenditure, including the capital expenditure and those related to the development programs financed from internal and external sources, were 305.8 million lei, which represents 0.04% of GDP.