Business Forum • 27 January, 2026 at 3:26 PM
Romania's Ministry of Finance announced that the consolidated general budget execution for 2025 ended with a cash deficit of RON 146.03 billion (€28.65 billion), representing 7.65% of GDP, down one percentage point from the 8.67% deficit recorded in 2024.
Budget revenues totalled RON 662.70 billion (€130.01 billion) in 2025, up 15.3% compared to 2024. As a share of GDP, total revenues increased by 2.05 percentage points, supported by both current revenues and historic levels of European funds. The 2024 revenue level was influenced by exceptional collections from tax amnesty (RON 6.3 billion - €1.23 billion), and excluding this temporary factor, the contribution of current revenues to GDP growth is approximately 0.8 percentage points.
Expenditures totalling RON 808.73 billion (€158.65 billion) were managed with strict discipline, especially in the second semester. "We managed to reduce the cash deficit by one percentage point whilst ensuring record amounts for investments and honouring salary commitments in critical sectors such as healthcare, payment of medical leave and medicines," explained Alexandru Nazare, Minister of Finance. "We also succeeded in reversing the structure of investment financing by increasing the share of those financed from European funds compared to national funds."
Investment expenditures, including capital expenditures and development programmes, reached a record RON 138.20 billion (€27.11 billion), up 15.7% from 2024. Payments for projects financed from non-reimbursable external funds totalled RON 78.55 billion (€15.41 billion), representing 56.6% of total investment expenditures. This performance resulted directly from strategic renegotiation of the PNRR, moving major projects from the loan component to the grant component.
Personnel expenditures totalled RON 167.72 billion (€32.90 billion), recording a decrease of 0.6 percentage points (from 9.36% of GDP in 2024 to 8.78% of GDP in 2025), demonstrating efficient management of the budget apparatus relative to economic growth. The deficit reduction was directly determined by additional administrative measures for expenditure monitoring and fiscal compliance stimulation, implemented primarily in the second half of the year.