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29 martie, 2024

11 septembrie, 2017

Finance Minister Ionut Misa presented on Friday some elements of the budget rectification, to be approved by the Government by end of September.

According to the Finance Minister’s statements, the rectification would be positive (+ 0.04%), as the official’s explanation is that budgetary revenues are „beyond estimations”. That does not mean that all authorities for expenditure will receive extra money following the rectification.

To be specified: Ionut Misa detailed the amounts that some ministries will receive additionally but did not provide figures for the ministries that will have diminished budget: Development, Transport and Communications.


Budget increases for ministries are in most cases additional allocations for salaries and pensions.

Budget cuts, the minister announced, refer to „cash” budget credits with a special mention that the commitment appropriations have not been diminished, „in order not to affect the contracting process for European funds”.

The Finance Minister also said that budget cuts have made for those ministries where „the capacity to spend the initial allocation in the next four months of the year could not be demonstrated”.

In terms of budget cuts, Ionut Misa exemplified:

  • Ministry of Development, the co-financing part for the European projects, „given that following the delay in approving the 2017 budget, the procurement procedures have also been delayed
  • Transport
  • Communications

Ministries that receive money, said Ionut Misa, are:

  • Ministry of Agriculture – plus ROL 1.5 billion
  • Ministry of Internal Affairs – plus ROL 1.1 billion – for the maintenance of the aircraft acquired, intervention equipment and salary and pension rights
  • Health – plus ROL 207 million, for salary rights
  • Ministry of Labour – plus ROL95.9 million
  • Ministry of Finance – plus ROL 426.6 mil for salary payments and the payment of damages for property restitution cases
  • Justice – plus ROL 357.4 million for salaries and payment related to court decisions
  • SRI – plus ROL 298.9 million for salaries and pensions, plus major acquisition programs
  • Ministry of Business Environment – plus ROL 247.9 million for funding programs for SMEs
  • Public Ministry – ROL 203.5 million mainly for payment of salary rights
  • SGG – ROL 181.9 million, mainly for salaries of the clerical staff

Form of rectification, a result of economic growth

The Minister of Finance started the press conference by offering a series of data, based on which he assured that Romania will meet the deficit target.

„As a result of the 5.6% economic growth compared to 5.2% as it was forecasted in the budget draft law at the beginning of this year and a GDP of ROL 837.1 billion, compared to ROL 815.2 billion as initially estimated in the draft law, we propose to supplement the expenditure”, Ionut Misa argued.

The minister also said that in the first half of this year, GDP grew by 5.8%, „above estimates due to consumption, private investment and external demand.”

Then came an interesting statement: „Consumption was not the main element of the economic growth and it was lower than the level recorded in the same period last year. It was not just the consumption that generated the economic growth.

The growth rate of exports of goods and services was 8.7% in the first semester of this year compared to the same period in 2016. The contribution of net exports to the real growth envisaged in the 2017 budgeting process was 1.3 percent.

On the offer side, it is noted the gross added value in the industry, which grew by 7.3%, the gross added value in services, by 6.3% and in agriculture, by 2.3%.

If we consider the industrial production volume in 2017, it grew by 8% over the same period of the previous year, the largest increase for this period in the last 3 years.

This increase was due to the capital goods production, which went up by 12.7%. Also, the external demand had the biggest contribution to the increase of the industrial production, as the Romanian products became more competitive on the foreign market”.

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