Romanian budget adjustment: more money to transport and agriculture
The Romanian government has carried out its first budget adjustment for the year, with more money being awarded to the Ministry of Transport and Ministry of Agriculture. The sums were allocated in response to positive news from the economy, with a 1.5 percent increase estimated for this year, premier Emil Boc announced September 2011 - From the Print Edition
The general consolidated budget execution is RON 11.3 billion, representing 2.07 percent of GDP, below the RON 12.6 billion limit agreed with the International Monetary Fund, World Bank and European Commission.
The Ministry of Transport received an additional RON 1.69 billion, while the Ministry of Agriculture was given RON 910 million. The Ministry of Health was allocated only RON 341.2 million. To fund the amendment, the budget of the Finance Ministry will be reduced by RON 593 million and that of the Ministry of the Environment by RON 78.3 million.
According to the media, in the first six months of this year, income from tax on profit grew by RON 155 million, as a result of rebounding economic activities. Revenue from income tax rose by RON 144 million, with the premier attributing this to the appreciation of gross average salaries. The main increase comes from excises, which brought an additional RON 1,645 million to the budget. Most of this sum comes from tobacco products. Non-fiscal incomes hiked by RON 574 million.
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