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Where Romania's public money comes from and goes

The state collects taxes and contributions and spends more than it collects; the difference is the deficit. Here is where the money comes from, where it goes, and how that compares.

The live view

BUDG_03

Revenue and spending

% of GDP · general government, ESA, annual · the gap between the lines is the deficit
RevenueSpending
Source: EUROSTAT · 2025

ESA deficit, last full year

−7.8%

Eurostat's figure: the one the EU's 3% limit applies to.

Source: EUROSTAT · 2025

Cash deficit, year to date

−2.34%

The Finance Ministry's monthly figure, counted as money moves. It starts again every January.

Source: MF · July 2026
LEI_02

Where 100 lei come from, and where they go

Where 100 lei of revenue come from

lei out of every 100 the state collects · ESA, 2025
Source: EUROSTAT · 2025

Where 100 lei of spending go

lei out of every 100 the state spends, by function (COFOG) · 2024
Source: EUROSTAT · 2024
PEER_03

Against the neighbours

Revenue

% of GDP · ESA, annual
  1. Poland43.6%
  2. Hungary42.9%
  3. Czechia41.1%
  4. Bulgaria38.1%
  5. Romania35.6%
Source: EUROSTAT · 2025

Spending

% of GDP · ESA, annual
  1. Poland50.9%
  2. Hungary47.6%
  3. Romania43.4%
  4. Czechia43.3%
  5. Bulgaria42.1%
Source: EUROSTAT · 2025

Interest paid

% of GDP · interest paid on government debt
  1. Bulgaria0.8%
  2. Czechia1.3%
  3. Poland2.5%
  4. Romania2.8%
  5. Hungary3.8%
Source: EUROSTAT · 2025

What changed

29 Oct 2026BudgetannouncedMinistry of Finance

Ministry of Finance drafts first 2026 budget revision, keeps the cash deficit target at 6.2% of GDP

The consolidated general budget cash deficit rises by RON 3.5 billion to RON 130.3 billion, held at 6.2% of GDP by updating nominal GDP to RON 2,086.3 billion. Net revenues fall RON 4.7 billion, net spending RON 1.2 billion. Health insurance gets RON 3.22 billion more and local budgets a net RON 2.8 billion more from VAT. The draft emergency ordinance is in public consultation and has not been adopted by the Government.

Source →
9 Oct 2026PNRRin forceEuropean Commission

Romania receives €301 million of PNRR funds withheld from its third payment request

On 9 October interim Finance Minister Alexandru Nazare said Romania had received just over €301 million that the Commission had suspended from payment request 3: about €298.6 million in grants and €2.6 million in loans. He said the money goes to financing the budget deficit and managing Treasury liquidity, and put total PNRR receipts at about €13.27 billion.

in force from 9 Oct 2026Source →
2 Oct 2026Ratingin forceS&P Global Ratings

S&P affirms Romania at BBB-/A-3 and keeps the outlook negative

S&P Global Ratings affirmed Romania's long- and short-term foreign and local currency ratings at BBB-/A-3, the lowest investment grade, on 2 October. It said fiscal consolidation in 2026 is on track, but the risks to narrowing the budget and current account deficits remain elevated. It could lower the rating if a long political deadlock holds back deficit reduction in 2027 and 2028. It could revise the outlook to stable if both deficits narrow under a credible medium-term plan.

in force from 2 Oct 2026Source 1 →Source 2 →
30 Sept 2026Taxin forceMinistry of Finance

Diesel excise stays 25% lower for 1–15 October

Under Law 162/2026 the Ministry of Finance reviews the diesel excise every two weeks against international quotations and pump prices, and keeps the cut applied in the preceding periods. The reduction is 701.07 lei per 1,000 litres, leaving an effective excise of 2,103.22 lei per 1,000 litres on standard diesel.

in force from 1 Oct 2026Source →
30 Sept 2026PNRRannouncedMinistry of Investments and European Projects

Romania submits its sixth and final PNRR payment request, for €6.04 billion before pre-financing

The request covers 104 milestones and targets. Net of pre-financing it asks for €4.35 billion: €2.58 billion in grants and €1.77 billion in loans. The European Commission now assesses it; payment follows a positive assessment.

Source →

Background

Two deficits. The ESA deficit is the European measure: it counts revenue and spending when they fall due, covers the whole of government, and is the figure the EU’s 3% limit applies to. Eurostat publishes it once a year. The Finance Ministry’s cash deficit counts money as it moves, month by month from January; it arrives much sooner, but the two don’t match.

Where the money goes. Spending by function follows the UN’s COFOG classification, the same for every EU country. Social protection — pensions above all — is the largest part everywhere in the region. These figures come a year after the totals, so the “where it goes” chart can be a year behind the others.

Interest. Interest on the public debt is spending that buys nothing new. It rises with the debt and with the rate the state borrows at, which is how deficits and ratings end up in it.

Latest on the budget

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