Business Forum • 29 December, 2025 at 7:55 PM
Romania's consolidated general budget recorded a deficit of RON 121.77 billion (€23.90 billion), equivalent to 6.40% of GDP, in the first eleven months of 2025, down 0.74 percentage points from 7.15% in the same period of 2024.
The Ministry of Finance said the improvement confirms the effectiveness of government measures, with revenues rising and resources directed towards investments and EU-funded projects.
Budget revenues totalled RON 591.91 billion (€119.09 billion) in the eleven-month period, up 13% year-on-year. As a share of GDP, total revenues increased by 1.34 percentage points, supported by both current revenues and European funds. Income and salary tax collections reached RON 53.43 billion (€10.75 billion), rising 19.4% compared to 2024, driven mainly by a 72.6% surge in dividend tax receipts following distributions in 2024 with an 8% tax rate.
Social insurance contributions amounted to RON 189.71 billion (€38.17 billion), marking 10.1% annual growth above the wage fund increase in the economy. This reflected the elimination of health insurance contribution exemptions and higher transfers to the second pension pillar. Corporate income tax collections were RON 39.30 billion (€7.91 billion), up 14.2% year-on-year.
Expenditures totalled RON 713.68 billion (€143.59 billion), growing 9.9% in nominal terms compared to the previous year. As a percentage of GDP, spending increased by 0.59 percentage points from 36.93% to 37.52%. Personnel expenses reached RON 154.13 billion (€31.01 billion), up 4.1%, representing 8.1% of GDP - 0.3 percentage points less than in 2024 due to bonus reductions and salary cost limitations.
Investment expenditures, including capital spending and development programmes funded from internal and external sources, totalled RON 108.39 billion (€21.81 billion), 16.41% higher than the RON 93.11 billion (€18.73 billion) recorded in the same period of the previous year. EU-funded project expenditures, including agricultural subsidies, reached RON 67.05 billion (€13.49 billion), up 37.43% year-on-year.