Deficit

The adoption of the euro remains an unattainable goal for Romania due to its persistent fiscal deficit, according to Mugur Isărescu, Governor of the National Bank of Romania (NBR), as cited by local media. Romania's deficit stood at 5.68% last year, one of the highest in the European Union, a figure that far exceeds the requirements for adopting the single currency.

According to data released by the Treasury and Finance Ministry, the treasury cash balance posted a deficit of 198 billion Turkish Liras ($6.2 billion) in February.

Cash revenues rose from 208 billion liras in February 2023 to 563 billion liras last month, while expenditures leaped 100 percent to 761 billion liras.

The state budget balance for January-December of 2023 presented a deficit of 3.76 billion euros, against a target for a deficit of €8.34 billion that has been incorporated into the 2024 budget introductory report, and a deficit of €11.65 billion for 2022.

In a recent Facebook post, Ivaylo Mirchev, an MP from "We Continue the Change - Democratic Bulgaria," raised suspicions about President Rumen Radev's alleged sabotage of Bulgaria's Eurozone aspirations. The suspicion stemmed from a notable discrepancy in the 2023 budget deficit figures, indicating deliberate obstruction.

Greek Minister of Rural Development and Food Lefteris Avgenakis met with his visiting Chinese counterpart, Minister of Agriculture and Rural Affairs Minister Τang Renjian, on Wednesday.

The state budget primary balance amounted to a surplus of 2.44 billion euros for the January-April 2023 period, against a primary deficit target of €869 million and a primary deficit of €799 million in the same period last year. 

A ghost from the past, the current account deficit, has come to the fore again, on the occasion of the European Commission's spring forecasts, which calculated it at an alarming 11.8% of GDP in 2022, but also the strong warning by Bank of Greece Governor Yannis Stournaras on this specific issue.

Turkey's foreign trade gap in August shrank 32.4% year-on-year, the country's statistical authority announced on Sept. 30. 

The figure reached $4.3 billion last month, down from a $6.3-billion deficit in August 2020, according to TÜİK.

Turkish exports jumped 52% on a yearly basis to hit $18.9 billion, as imports amounted to $23.2 billion, a rise of 23.6%.

In June 2021, the current account deficit decreased year-on-year, mainly due to an improvement in the services balance and, to a lesser extent, the primary and secondary income accounts, which was partly offset by the deterioration in the balance of goods.

Turkey's foreign trade deficit stood at $2.85 billion in June, the country's statistical authority said on July 30. 

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In June 2021, foreign trade deficit decreased by 0.2% compared with same month last year, TÜİK said in a statement.