Romania's budget deficit drops to 5.72% on 10 months

Business Forum

27 November, 2025 at 5:35 PM

Romania's consolidated general budget recorded a deficit of €21.8 billion (RON 108.87 billion) in the first ten months of 2025, representing 5.72% of GDP. This marks a decrease of €110 million compared to the same period in 2024, when the deficit stood at 6.22% of GDP.

Budget revenues totalled €106.6 billion (RON 531.55 billion) in the first ten months of 2025, up 12.3% year-on-year, indicating improved state collection capacity. Expenditures reached €128.4 billion (RON 640.42 billion), growing 9.9% nominally compared to the same period last year. The trend shows revenue growth outpacing expenditure increases.

Income tax collections reached €9.7 billion (RON 48.62 billion), recording 19.5% growth driven by dividend tax receipts which surged 71.8%. Social security contributions totalled €34.7 billion (RON 172.89 billion), up 10.5%. Corporate income tax generated €7.6 billion (RON 38.14 billion), increasing 15.8%, while net VAT collections amounted to €21.7 billion (RON 108.38 billion), up 9.2%.

Personnel expenses were €28.1 billion (RON 140.34 billion), up 5% but representing 7.4% of GDP, down 0.2 percentage points from the previous year due to benefit reductions for some public sector categories. Social assistance spending reached €41.9 billion (RON 209.12 billion), up 12.7%, mainly due to pension recalculations implemented from September 2024.

Investment expenditures, including capital spending and development programmes, totalled €19.3 billion (RON 96.04 billion), 8.65% higher than the previous year.

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