Romania ended the first seven months of 2026 with a budget deficit of 48.08 billion lei, 28.36 billion lei less than in the same period in 2025.
At the same time, state revenues increased by 11.2%, while expenses only rose by 2.9%, according to data from the Ministry of Finance published on Monday.
Main Results
- **Budget deficit:** 48.08 billion lei, 37% lower than in the first seven months of 2025.
- **Deficit as a percentage of GDP:** 2.34%, compared to 3.99% last year.
- **State revenues:** 412.31 billion lei, up by 11.2%.
- **State expenses:** 460.39 billion lei, up by only 2.9%.
- **Investments:** 76.51 billion lei, 14.83 billion lei more than last year, approximately 24% higher.
- **European funds and PNRR:** Payments for projects funded from these sources increased by over 60%.
- **VAT:** Net revenues reached 88.55 billion lei, 26.5% more than in 2025.
- **VAT refunds to companies:** 20.48 billion lei.
- **Personnel expenses:** 95.67 billion lei, down by 4.1%.
- **Interest on public debt:** 40.12 billion lei, up by 26.5%.
- **Social assistance expenses:** 146.59 billion lei, down by 0.6%.
More Money in the Budget
Total revenues reached 412.31 billion lei. The most significant increase comes from tax revenues, which rose by 15.4% to 214.32 billion lei.
VAT revenues increased by 26.5%, and excise revenues by 6.4%. Romania also attracted 37.28 billion lei from European funds reimbursed by the European Union, 30.3% more than in a similar period in 2025.
The Ministry of Finance emphasizes that the deficit reduction was not achieved by cutting investments. On the contrary, investments reached 76.51 billion lei, nearly 15 billion lei more than last year.
Over 71% of investments were supported by European funds and PNRR. Payments for these projects increased by approximately 60%.
"The deficit reduction was not achieved by stopping investments, but by better control of current expenses and increasing revenues," the Ministry of Finance stated.
Romania Spent Less on Salaries but More on Interest
Personnel expenses decreased by 4.1% to 95.67 billion lei, due to reductions in bonuses and salary moderation measures.
On the other hand, interest on public debt became an increasing burden on the budget. In the first seven months, the state paid 40.12 billion lei in interest, 26.5% more than in the same period last year.
Finance Minister Alexandru Nazare stated that the results indicate an improvement in the fiscal situation but warned that the coming months will bring a more challenging comparison with 2025, as the effects of fiscal measures adopted last year will be fully reflected in the budget execution.
The government's objective remains to maintain the deficit on the trajectory set for the entire year and to continue reducing budget imbalances.