Business Forum • 26 May, 2026 at 3:07 PM
Romania's consolidated general budget execution for the first four months of 2026 ended with a significantly reduced deficit of RON 23.95 billion (€4.79 billion), representing 1.17% of GDP, compared to a deficit of 2.92% of GDP recorded in the same period of 2025.
The budget deficit decreased by over RON 32 billion (€6.40 billion) compared to the same period last year, marking one of the most important budget adjustments in recent years.
"The four-month execution confirms Romania's entry on a clear fiscal consolidation trajectory, one of the most consistent budget corrections in the European Union in this period. This comes as a result of an important effort, but the current context continues to require caution and rigor in managing public funds," said Finance Minister Alexandru Nazare. "Fiscal consolidation is taking place in an economy with weaker domestic demand and high inflation, which requires strict control of current expenditures and accelerated absorption of European funds."
Total revenues amounted to RON 223.83 billion (€44.77 billion) in the first four months of 2026, marking a 12% increase compared to the same period in 2025. The revenue growth shows the effect of fiscal measures adopted in 2025, supported mainly by VAT collections, salary and income tax, and social security contributions.
Total expenditures amounted to RON 247.79 billion (€49.56 billion), recording a nominal decrease of 3.2% compared to the same period last year. Investment expenditures, which include capital expenditures and those related to development programmes financed from internal and external sources, amounted to RON 31.03 billion (€6.21 billion).
Of total investments, 75.58% represents payments for projects financed from European funds and PNRR. Payments for projects financed from European funds and PNRR increased by 34% compared to the same period last year, remaining the main support for the economy during this period of fiscal adjustment.