Romania's 2026 budget revision keeps deficit target at 6.2 percent of GDP

Romania's Ministry of Finance published the first budget revision for 2026 on Thursday evening, keeping the cash deficit target at 6.2 percent of gross domestic product. The proposal is based on the economic and budget report for the first half of the year and on budget execution during the first nine months.

The nominal deficit of the consolidated general budget rises by 3.5 billion lei to 130.3 billion lei, while its share of GDP remains at 6.2 percent. The nominal GDP figure used in the revision was updated to 2,086.3 billion lei based on the latest data from the National Institute of Statistics.

“The revision is built maintaining the cash deficit target of 6.2 percent of GDP.”

Consolidated general budget revenues decrease by 4.7 billion lei overall, while expenditures fall by 1.2 billion lei. Additional allocations are linked to reducing amounts estimated to remain unused this year and to updating revenue forecasts based on actual collections.

The revision secures funding for medical services and medicines, wage rights, social spending, local budgets, and investments. Resources are redistributed according to budget execution in the first nine months and estimated needs through the end of the year.

The draft emergency ordinance, explanatory note, and annexes were published on October 29, 2026, on the ministry's website under the decisional transparency section, in line with Law no. 52/2003. The ministry requested the opinion of the Fiscal Council, and the project will be debated in the Social Dialogue Commission and consulted with local public administration associations before government approval.

Revenue collections exceeded the program for VAT by 7.18 billion lei, income tax by 2.03 billion lei, profit tax by 1.19 billion lei, dividends from legal entities by 0.95 billion lei, and sector-specific banking and energy taxes including the solidarity contribution by 1.71 billion lei. Collections fell short of the program for excise duties by 3.68 billion lei, including the effect of the diesel excise reduction, and for gambling taxes.

The draft is expected to be adopted at the first government meeting after the transparency procedure, during which proposals and observations may be submitted to the Ministry of Finance.