Budgetary deficit, down to 0.6% of GDP

Seven months through this year, the deficit of the general consolidated budget accounted for 0.6% of the estimated GDP, compared with 0.8% in the first half, following a rise in revenues derived from profit tax, VAT and excises mainly, the Finance Ministry said. The negative balance throughout January-July reached 11,786.7 billion ROL. The first half deficit was 2,977 billion ROL higher, amounting to 14,763.9 billion ROL. The deficit level decreased by 44% as compared to the similar period of last year. The downward trend of the deficit came as a result of a rise in revenues in the first seven months to 315,461.8 billion ROL, 28.1% higher against the corresponding period of 2002. At the same time, expenditures went up only 22.4%, to 327,248.5 billion ROL. Revenues derived from profit tax increased in nominal terms by 49.1% to 27,283.6 billion ROL, while those derived from income tax progressed by 27.9%, to 29,148 billion ROL. ZF