Romania's consolidated budget was 18.1 billion lei in the first six months of the year, or 3.35% of the gross domestic product, the Finance Ministry said Wednesday. That was below the 18.2 billion lei limit set in an agreement with the International Monetary Fund.
According to official data, government revenue decreased 0.1% compared to the same period a year ago. During the same period, spending increased by 4%.
The Balkan economy slipped into recession in 2009 after enjoying robust growth for years. The economy contracted 7.1% last year. The IMF forecast stagnation or a 0.5% decline in GDP this year. The economy relies on a EUR 20 billion IMF support. The Romanian government has pledged huge spending cuts to reduce its burgeoning budget deficits.
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