Romania ran a consolidated budget deficit of 3.55% of gross domestic product in the first nine months of the year, compared with a shortfall of 2.65% at end-August, finance ministry data showed on Thursday.

In nominal terms, the deficit stood at 56.46 billion lei ($12.00 billion). Revenues amounted to 368.03 billion lei, or 23.1% of GDP. Spending stood at 424.49 billion lei. Investment spending, including EU funds, stood at 54.33 billion lei, up 40.2% from the same period of last year.

The coalition government has overestimated its budget revenues for 2023 and expects to exceed a deficit target of 4.4% of gross domestic product by more than one percentage point. It approved a series of tax hikes and new levies from 2024 to boost revenue, but the IMF has said more measures were needed. ($1 = 4.7057 lei) (Reporting by Luiza Ilie)