Romanian Economy Minister Varujan Vosganian announced on Monday that the budget deficit for the year of 2007 reached about 2.4% of GDP. The deficit is one percent above the latest forecasts mentioned by the Economy minister, which stood at 1.4% of the GDP, because of high spending at local administration level in December last year.

According to official data for 2007, budget incomes amounted to 136.8 billion Romanian Ron while total spending amounted to 146.8 billion Romanian Ron thus, a total deficit of 9.91 billion Romanian Ron.

Vosganian said that the lesson learned in 2007 is that the Romanian economy has plenty of resource to raise allocations but all that that is needed is predictability.

He added that he will put forward to the Chancellery a plan to better control spendings.