Data on budget execution for the January–August 2025 period show stable public finance management, revenue growth, and efficient expenditure implementation, resulting in a budget surplus in August and strong indicators of fiscal discipline, according to the Ministry of Finance.
Total budget revenues for the first eight months of 2025 amounted to 1,838.2 million euros, representing an increase of 0.6% compared to the same period in 2024. The main drivers of growth were value-added tax (VAT), corporate income tax, excise duties, and personal income tax, reflecting stable economic activity and improved tax collection. VAT revenues reached 880.3 million euros, up 12.6% from last year and 0.5% above plan. Corporate income tax revenues were 218.8 million euros, an 8.9% increase compared to 2024 and 6.7% above plan. Personal income tax revenues grew by 23.9%, totaling 66.1 million euros. Excise duties brought in 260.6 million euros, a 9.4% increase, with notable growth in tobacco excises of 14.6% and fuel excises of 6.6%.
In August 2025 alone, budget revenues amounted to 258.5 million euros, 1.4% higher than in the same month last year. The largest monthly increases were recorded in personal income tax with 28.5%, VAT with 12.5%, and excises with 7%. On the expenditure side, budget spending for January–August reached 1,911.5 million euros, with strong implementation of transfers and investments. Capital expenditures increased by 40.4% compared to last year, while social protection transfers rose by 11.3%, reflecting a focus on strengthening social security.
Despite higher spending, August closed with a budget surplus of 23.2 million euros, equal to 0.3% of GDP, while the current spending surplus amounted to 47.8 million euros. On a cumulative basis, the January–August period recorded a deficit of 73.3 million euros, or 0.9% of GDP. However, the majority of funds were directed toward development and capital projects, confirming a positive fiscal trend. The growth in key tax revenues, sustainable expenditure structure, strong capital investment execution, and the August surplus indicate that fiscal policy in 2025 is being managed rationally and in line with planned objectives.
