Romania records 0.5pc/GDP budget deficit in Q1

BUCHAREST: Romania ran a consolidated budget deficit of 0.5 percent of gross domestic product in the first quarter, unchanged from January-February, finance ministry data showed on Thursday.

In nominal terms, the deficit stood at 5.48 billion lei ($1.29 billion).

Budget revenue totalled 74.7 billion lei, or 7.3 percent of GDP, 12.5 percent up on the year. Spending was 80.2 billion lei.

The ruling Social Democrats target a budget deficit target of 2.8 percent of GDP this year, marginally lower than last year's 2.9 percent, just below the 3.0 percent upper limit allowed under European Union rules.