Thus, the current government estimated budget revenue worth RON 162.1 bln in 2008, which would make up 31.6 percent of gross domestic product (GDP), although only RON 151.558 bln were actually obtained, or 29.53 percent of GDP.
This translates to a difference of over RON 10.5 bln (€2.86 bln, at an average RON 3.6827/€1 exchange rate computed by the National Bank of Romania (BNR)).
Moreover, general consolidated budget revenues fell 8.68 percent year-on-year in January 2009, to RON 13.8 bln (€3.26 bln).
“The government thought in a linear manner when it estimated raising budget revenues this year. It did not take into consideration a degrading of this situation, and this degrading is exponential. I do not believe we can talk about salary increases or an investment program. As budget revenues are lower, they will have to cut spending, and now reductions can be only in the areas of public salaries and investments,” said Dragos Cabat, Managing Partner of the Financial View advisory company.
