{"id":31163,"date":"2026-08-06T16:45:39","date_gmt":"2026-08-06T13:45:39","guid":{"rendered":"https:\/\/funky.ong\/?p=31163"},"modified":"2026-08-06T16:45:39","modified_gmt":"2026-08-06T13:45:39","slug":"cum-arata-finantele-publice-la-jumatatea-anului-2026","status":"publish","type":"post","link":"https:\/\/funky.ong\/en\/cum-arata-finantele-publice-la-jumatatea-anului-2026\/","title":{"rendered":"Cum arat\u0103 finan\u021bele publice la jum\u0103tatea anului 2026"},"content":{"rendered":"<p class=\"wp-block-paragraph\"><strong>Rom\u00e2nia a \u00eencheiat primul semestru cu un deficit bugetar de \u20132% din PIB (41,03 miliarde lei), fa\u021b\u0103 de \u20133,64% din PIB (-69,8 miliarde lei) \u00een aceea\u0219i perioad\u0103 din 2025. Reducerea deficitului cu 1,64 puncte procentuale indic\u0103 o \u00eembun\u0103t\u0103\u021bire vizibil\u0103 fa\u021b\u0103 de anul anterior, iar evolu\u021bia din primele \u0219ase luni ale anului arat\u0103 optimist, \u00eentruc\u00e2t a fost consumat\u0103 mai pu\u021bin de o treime (32,1%) din \u021binta de deficit asumat\u0103 pentru \u00eentreg anul 2026. <\/strong><\/p>\r\n\r\n\r\n\r\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\r\n<p class=\"has-text-align-center wp-block-paragraph\"><span data-contrast=\"auto\">R\u0103m\u00e2ne de v\u0103zut dac\u0103 ritmul se va putea men\u021bine \u0219i \u00een a doua jum\u0103tate a anului, \u00eens\u0103 chiar \u0219i cu o ad\u00e2ncire de dou\u0103 ori mai rapid\u0103 dec\u00e2t \u00een primul trimestru, Rom\u00e2nia ar putea \u00eencheia anul cu un deficit sub \u021binta asumat\u0103.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<\/blockquote>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Pozi\u021bia de la jum\u0103tatea anului ofer\u0103 statului o marj\u0103 mai mare pentru perioada iulie &#8211; decembrie: deficitul se mai poate ad\u00e2nci cu 4,2 puncte procentuale f\u0103r\u0103 dep\u0103\u0219irea \u021bintei anuale. <strong>Totu\u0219i, execu\u021biile din ultimul deceniu arat\u0103 c\u0103 cea mai mare parte a deficitului se acumuleaz\u0103, de regul\u0103, \u00een semestrul al doilea.<\/strong> \u00cen opt dintre cei nou\u0103 ani analiza\u021bi, deficitul a crescut mai mult dup\u0103 luna iunie dec\u00e2t \u00een primele \u0219ase luni ale anului. Prin urmare, rezultatul favorabil din primul semestru nu garanteaz\u0103 automat \u00eencadrarea \u00een \u021binta anual\u0103.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">\u00cembun\u0103t\u0103\u021birea soldului bugetar a fost sus\u021binut\u0103 at\u00e2t de cre\u0219terea veniturilor, c\u00e2t \u0219i de temperarea cheltuielilor. Veniturile bugetului general consolidat au ajuns la 342,52 miliarde de lei, \u00een cre\u0219tere nominal\u0103 cu 10,3% fa\u021b\u0103 de primul semestru din 2025, \u00een timp ce cheltuielile au \u00eensumat 383,55 miliarde de lei \u0219i au crescut cu numai 0,8%. Dinamica favorabil\u0103 a veniturilor a fost determinat\u0103 \u00een principal de <strong>\u00eencas\u0103rile mai mari din TVA, de taxele pe proprietate \u0219i de fondurile europene, inclusiv granturile PNRR.<\/strong><\/span><strong>\u00a0<\/strong><\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Dincolo de rezultatul agregat, execu\u021bia bugetar\u0103 indic\u0103 \u00eens\u0103 \u0219i c\u00e2teva vulnerabilit\u0103\u021bi. Evolu\u021bia lunar\u0103 a veniturilor r\u0103m\u00e2ne oscilant\u0103 \u0219i este influen\u021bat\u0103 de termene fiscale care genereaz\u0103 v\u00e2rfuri punctuale de \u00eencas\u0103ri, \u00een timp ce cheltuielile s-au stabilizat, dup\u0103 aprobarea bugetului, la un nivel de aproximativ 68 de miliarde de lei pe lun\u0103. \u00cen acela\u0219i timp, cheltuielile cu dob\u00e2nzile continu\u0103 s\u0103 creasc\u0103 rapid, iar atingerea nivelului anual programat al veniturilor ar necesita \u00eencas\u0103ri lunare mai mari \u00een semestrul al doilea dec\u00e2t \u00een aproape toate lunile din prima jum\u0103tate a anului.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\"><strong>Principalele evolu\u021bii din primul semestru sunt:\u00a0<\/strong><\/span><\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list has-white-color has-light-green-cyan-background-color has-text-color has-background has-link-color wp-elements-2e1a6f42763479f3316a761d678a7159\">\r\n<li><span data-contrast=\"auto\">Deficitul bugetar s-a redus cu 1,64 puncte procentuale fa\u021b\u0103 de iunie 2025;\u00a0<\/span><\/li>\r\n\r\n\r\n\r\n<li><span data-contrast=\"auto\">Veniturile au crescut cu 10,3%, \u00een timp ce cheltuielile au avansat cu numai 0,8%;<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n\r\n\r\n\r\n<li><span data-contrast=\"auto\">\u00cencas\u0103rile din TVA au crescut cu 25,1%, reprezent\u00e2nd cea mai mare cre\u0219tere nominal\u0103 din buget;<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n\r\n\r\n\r\n<li><span data-contrast=\"auto\">Granturile PNRR au fost de peste dou\u0103 ori mai mari dec\u00e2t \u00een aceea\u0219i perioad\u0103 a anului trecut;<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n\r\n\r\n\r\n<li><span data-contrast=\"auto\">Cheltuielile de personal \u0219i cele cu asisten\u021ba social\u0103 au sc\u0103zut nominal, \u00eens\u0103 cheltuielile cu dob\u00e2nzile au crescut cu 16,4%;<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n\r\n\r\n\r\n<li><span data-contrast=\"auto\">Investi\u021biile finan\u021bate din fonduri europene \u0219i PNRR au accelerat, \u00een timp ce cheltuielile de capital finan\u021bate din surse na\u021bionale au r\u0103mas sub nivelul din 2025.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<div style=\"position: relative; width: 100%; height: 0; padding: calc(70.65% + 72px) 0 0; overflow: hidden;\"><iframe style=\"position: absolute; width: 80%; height: 80%; top: 50%; left: 50%; transform: translate(-50%, -50%); padding: 0; margin: 0; border: none;\" title=\"iunie 2026 BGC\" src=\"https:\/\/e.infogram.com\/44495722-d14e-4a1f-9d5a-805f2f6d3ce6?src=embed&amp;embed_type=responsive_iframe\" allowfullscreen=\"allowfullscreen\">\r\n  <\/iframe><\/div>\r\n\r\n\r\n\r\n<div>\u00a0<\/div>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\"><b><span data-contrast=\"none\">Deficitul bugetar<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:360,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h3>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\"><strong>La finalul primului semestru, deficitul bugetar a ajuns la \u20132% din PIB, echivalentul a \u201341,03 miliarde lei.<\/strong> Acest nivel este considerabil mai redus dec\u00e2t cel \u00eenregistrat \u00een aceea\u0219i perioad\u0103 a anului trecut, c\u00e2nd deficitul se ridica la \u20133,64% din PIB, respectiv \u201369,8 miliarde lei. \u00cen prima jum\u0103tate a anului a fost consumat\u0103 mai pu\u021bin de o treime din \u021binta anual\u0103 de deficit,\u00a0de \u20136,2% din PIB, de\u0219i repartizarea pentru primele dou\u0103 trimestre planifica un deficit de \u20133,6% pentru aceast\u0103 perioad\u0103.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Cu alte cuvinte, statul estima c\u0103\u00a0va ajunge la un deficit similar cu cel \u00eenregistrat \u00een\u00a0iunie\u00a02025\u00a0\u0219i c\u0103 va consuma, \u00een prima jum\u0103tate a anului, 58,2% din \u021binta anual\u0103, ceea ce ar fi l\u0103sat un spa\u021biu restr\u00e2ns pentru\u00a0a doua parte a exerci\u021biului bugetar. Deficitul efectiv, situat semnificativ sub nivelul\u00a0programat, ofer\u0103 \u00eens\u0103 o marj\u0103 mai mare pentru urm\u0103toarele \u0219ase luni. Ritmul de ad\u00e2ncire a deficitului poate cre\u0219te \u00een a doua parte a anului f\u0103r\u0103 a compromite, cel pu\u021bin deocamdat\u0103, perspectiva \u00eencadr\u0103rii \u00een \u021binta asumat\u0103.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Ritmul de ad\u00e2ncire a deficitului bugetar a variat semnificativ de la\u00a0o\u00a0lun\u0103 la\u00a0alta. \u00cen <strong>ianuarie<\/strong>, execu\u021bia bugetar\u0103 indica un excedent de 0,04% din PIB.\u00a0La finalul lunii <strong>februarie<\/strong>, soldul bugetar a trecut la un deficit de \u20130,7% din PIB, ad\u00e2ncindu-se cu 0,74 puncte procentuale fa\u021b\u0103 de luna precedent\u0103, fiind cea mai rapid\u0103\u00a0deteriorare\u00a0lunar\u0103 \u00eenregistrat\u0103 \u00een primul\u00a0semestru.\u00a0\u00cen <strong>martie<\/strong>, deficitul s-a ad\u00e2ncit cu 0,33 pp, iar \u00een <strong>aprilie<\/strong> ritmul a \u00eencetinit la 0,14 pp, deficitul cumulat pentru perioada ianuarie \u2013 aprilie ajung\u00e2nd la \u20131,17% din PIB.\u00a0\u00cen luna <strong>mai<\/strong> remarc\u0103m o accelerare \u00een evolu\u021bia deficitului bugetar, care s-a ad\u00e2ncit cu 0,58 puncte procentuale \u0219i a ajuns la \u20131,75% din PIB. \u00cen <strong>iunie<\/strong>, ritmul s-a temperat, cre\u0219terea fa\u021b\u0103 de luna precedent\u0103 fiind de 0,25 pp.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Varia\u021biile lunare fac dificil\u0103 anticiparea ritmului \u00een care deficitul se va ad\u00e2nci \u00een a doua jum\u0103tate a anului. Pentru ca \u021binta anual\u0103 de \u20136,2% din PIB s\u0103\u00a0fie respectat\u0103, deficitul mai poate cre\u0219te cu cel mult 4,2 puncte procentuale \u00een perioada\u00a0iulie\u00a0\u2013\u00a0decembrie, ceea ce ar permite ca varia\u021bia medie lunar\u0103 s\u0103 se ridice la maximum 0,7 pp. Prin compara\u021bie, \u00eentre ianuarie \u0219i iunie,\u00a0ad\u00e2ncirea\u00a0medie\u00a0lunar\u0103 a deficitului a fost de aproximativ 0,4 puncte procentuale.\u00a0<strong>Cu alte cuvinte, \u00een a doua jum\u0103tate a anului deficitul ar putea cre\u0219te \u00eentr-un ritm mai accelerat dec\u00e2t \u00een primul semestru, f\u0103r\u0103 s\u0103 dep\u0103\u0219easc\u0103 \u021binta anual\u0103.<\/strong><\/span><strong>\u00a0<\/strong><\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Deficitul de la jum\u0103tatea anului indic\u0103 o evolu\u021bie favorabil\u0103 \u0219i \u00een compara\u021bie cu execu\u021biile bugetare din ultimii cinci ani.\u00a0Numai \u00een anul 2022 s-a \u00eenregistrat un deficit mai mic \u00een primul semestru, de \u20131,71% din PIB. La\u00a0polul\u00a0opus, cel mai ridicat deficit bugetar\u00a0din primul semestru a fost \u00eenregistrat chiar anul trecut, la un nivel de \u20133,64% din PIB. Extinz\u00e2nd compara\u021bia la ultimul deceniu, cea mai mare valoare a fost consemnat\u0103 \u00een 2020 (an pandemic), c\u00e2nd deficitul de la jum\u0103tatea anului ajunsese la \u20134,17% din PIB, iar cea mai redus\u0103 valoare \u00een 2017,\u00a0c\u00e2nd deficitul era de numai \u20130,73% din PIB\u00a0la finalul lunii iunie.<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">\u00cen anii \u00een care deficitul din luna iunie s-a\u00a0apropiat de valoarea din acest an,\u00a0situ\u00e2ndu-se\u00a0\u00een jurul valorii de \u20132% din PIB, acesta a continuat s\u0103 creasc\u0103\u00a0\u00eentr-un ritm mai accelerat\u00a0p\u00e2n\u0103 la finalul anului:<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-table is-style-stripes\">\r\n<table class=\"has-light-green-cyan-background-color has-background has-fixed-layout\">\r\n<tbody>\r\n<tr>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><b><span data-contrast=\"auto\">An<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><b><span data-contrast=\"auto\">Deficit iunie<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><b><span data-contrast=\"auto\">Deficit decembrie<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><b><span data-contrast=\"auto\">Diferen\u021b\u0103 pp<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><b><span data-contrast=\"auto\">Repartizarea deficitului \u00een S1 \/ S2\u00a0(% din total)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">2023<\/span><span data-ccp-props=\"{&quot;335551550&quot;:3,&quot;335551620&quot;:3}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-2,32%\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-5,68%<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">3,36<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">40,8% \/\u00a059,2%<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">2022<\/span><span data-ccp-props=\"{&quot;335551550&quot;:3,&quot;335551620&quot;:3}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-1,71%<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-5,76%<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">4,05<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">29,7%\u00a0\/\u00a070,3%\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">2019<\/span><span data-ccp-props=\"{&quot;335551550&quot;:3,&quot;335551620&quot;:3}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-1,88%<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-4,64%<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">2,76<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">40,5% \/\u00a059,5%\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n\r\n\r\n\r\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\r\n<p><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:279}\">Aceste exemple arat\u0103 c\u0103 un deficit relativ redus la jum\u0103tatea anului nu garanteaz\u0103 men\u021binerea aceleia\u0219i traiectorii p\u00e2n\u0103 \u00een decembrie. \u00cen toate cele trei cazuri, deficitul s-a ad\u00e2ncit considerabil \u00een semestrul al doilea, \u00eens\u0103 f\u0103r\u0103 s\u0103 dep\u0103\u0219easc\u0103\u00a0limita de 4,2 puncte procentuale\u00a0necesar\u0103\u00a0ca\u00a0statul s\u0103\u00a0se \u00eencadreze\u00a0\u00een\u00a0\u021binta\u00a0de deficit pentru anul 2026.\u00a0Totu\u0219i,\u00a0f\u0103r\u0103 excep\u021bie,\u00a0cea mai mare parte a deficitului a fost concentrat\u0103 \u00een a doua jum\u0103tate a anului.\u00a0<\/span><\/p>\r\n<p>&nbsp;<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<figure class=\"wp-block-table is-style-stripes\">\r\n<table class=\"has-light-green-cyan-background-color has-background has-fixed-layout\">\r\n<tbody>\r\n<tr>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><b><span data-contrast=\"auto\">An<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><b><span data-contrast=\"auto\">Deficit iunie\u00a0(% din PIB)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><b><span data-contrast=\"auto\">Deficit decembrie\u00a0(% din PIB)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><b><span data-contrast=\"auto\">Diferen\u021b\u0103 pp\u00a0(iunie \u2013 decembrie)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" colspan=\"2\" data-align=\"center\"><b><span data-contrast=\"auto\">Repartizarea deficitului \u00een S1 \/ S2<\/span><\/b><br \/><b><span data-contrast=\"auto\">(% din total)<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">2026<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-2%<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">TBD<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">TBD<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" colspan=\"2\" data-align=\"center\"><span data-contrast=\"auto\">32,1% din \u021binta anual\u0103<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">2025<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-3,64%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-7,65%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">4,01 pp<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">47,6%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">52,4%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">2024<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-3,60%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-8,65%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">5,05 pp<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">41,6%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">58,4%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">2023<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-2,32%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-5,68%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">3,36 pp<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">40,8%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">59,2%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">2022<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-1,71%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-5,76%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">4,05 pp<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">29,7%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">70,3%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">2021<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-2,86%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-6,72%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">3,86 pp<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">42,6%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">57,4%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">2020<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-4,17%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-9,61%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">5,44 pp<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">43,4%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">56,6%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">2019<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-1,88%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-4,64%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">2,76 pp<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">40,5%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">59,5%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">2018<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-1,61%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-2,82%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">1,21 pp<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">57,1%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">42,9%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<\/tr>\r\n<tr>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">2017<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-0,73%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">-2,84%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">2,11 pp<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">25,7%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<td class=\"has-text-align-center\" data-align=\"center\"><span data-contrast=\"auto\">74,3%<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;201341983&quot;:0,&quot;335551550&quot;:3,&quot;335551620&quot;:3,&quot;335559685&quot;:0,&quot;335559737&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\r\n<p><span data-ccp-props=\"{}\">Dac\u0103 extindem compara\u021bia la ultimul deceniu \u00een ansamblu, remarc\u0103m c\u0103 aproape \u00eentotdeauna deficitul este mai mare \u00een a doua parte a anului, cu excep\u021bia anului 2018, c\u00e2nd deficitul a crescut cu 1,21 pp p\u00e2n\u0103 \u00een decembrie, sub nivelul de \u20131,61% din PIB \u00eenregistrat p\u00e2n\u0103 la finalul lunii iunie. Astfel, datele din perioada 2017 \u2013 2025 indic\u0103 o tendin\u021b\u0103 de accelerare a deficitului \u00een a doua jum\u0103tate a anului. \u00cens\u0103, chiar dac\u0103 acest tipar se va repeta \u0219i \u00een anul 2026, \u00eencadrarea \u00een \u021binta de \u20136,2% din PIB r\u0103m\u00e2ne realist\u0103 datorit\u0103 ritmului lent din primul semestru.\u00a0<\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<h3 class=\"wp-block-heading\"><b><span data-contrast=\"none\">Veniturile bugetului general consolidat<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:360,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h3>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Veniturile totale au ajuns la 342,52 miliarde de lei (16,7% din PIB) p\u00e2n\u0103 la jum\u0103tatea anului 2026, \u00een cre\u0219tere nominal\u0103 cu 10,3% fa\u021b\u0103 de primul semestru din 2025.\u00a0Raportat la PIB, cre\u0219terea fa\u021b\u0103 de anul anterior este de 0,5 puncte procentuale, determinat\u0103, \u00een principal, de majorarea\u00a0veniturilor fiscale.\u00a0Veniturile curente\u00a0(fiscale, contribu\u021bii\u00a0de asigur\u0103ri\u00a0\u0219i nefiscale)\u00a0reprezint\u0103 91% din total, \u00een u\u0219oar\u0103 sc\u0103dere ca pondere\u00a0fa\u021b\u0103 de anul anterior, pe fondul cre\u0219terii sumelor din finan\u021b\u0103rile\u00a0europene.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Veniturile fiscale\u00a0\u00eenregistreaz\u0103 o cre\u0219tere nominal\u0103 anual\u0103 de\u00a015,9%,\u00a0ajung\u00e2nd la\u00a0176,77 miliarde de lei. Acestea\u00a0au urcat de la\u00a08% la 8,60% din PIB.\u00a0Cele mai mari sume au fost \u00eencasate din impozite \u0219i taxe pe bunuri \u0219i servicii (110 miliarde lei, \u00een cre\u0219tere cu 18,6% fa\u021b\u0103 de anul anterior).\u00a0Avansul\u00a0anual pentru\u00a0veniturile fiscale se datoreaz\u0103, \u00een principal, \u00eencas\u0103rilor mai mari din TVA. Acestea au urcat la 74,13 miliarde lei, cu 25,1% fa\u021b\u0103 de anul anterior,\u00a0\u0219i\u00a0cu +0,5 pp raportat la Produsul Intern Brut, reprezent\u00e2nd totodat\u0103 cea mai mare cre\u0219tere nominal\u0103 din \u00eentreg bugetul.\u00a0<\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Sumele \u00eencasate din impozite pe profit, salarii, venit \u0219i c\u00e2\u0219tiguri de capital r\u0103m\u00e2n la 2,6% din PIB, de\u0219i nominal \u00eenregistreaz\u0103 o cre\u0219tere anual\u0103 de 9,5%, ajung\u00e2nd la 54,17 miliarde lei.\u00a0Din impozite \u0219i taxe pe proprietate s-au \u00eencasat 10,4 miliarde, cu 30% mai mult dec\u00e2t \u00een iunie 2025. Scad \u00eens\u0103 \u00eencas\u0103rile din taxe vamale \u0219i din alte impozite \u0219i taxe fiscale cu \u20137,9%, respectiv cu \u20135,4%. Aceste dou\u0103\u00a0linii reprezint\u0103, cumulat, 0,6% din veniturile bugetului general consolidat.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Veniturile din contribu\u021biile de asigur\u0103ri au urcat cu 7,1%, la 110,8 miliarde lei, men\u021bin\u00e2ndu-se \u00eens\u0103 la 5,4% din PIB. Veniturile nefiscale\u00a0scad cu aproape 16%, la 24,13 miliarde lei \u0219i cu 0,3 puncte procentuale prin raportare la PIB (1,2% \u00een iunie 2026).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Cea mai mare cre\u0219tere anual\u0103 \u00een exteriorul veniturilor curente este \u00eenregistrat\u0103 de granturile PNRR, de unde s-au \u00eencasat 12,3 miliarde lei p\u00e2n\u0103 la jum\u0103tatea anului, reprezent\u00e2nd 0,6% din PIB. Aceast\u0103 sum\u0103\u00a0dep\u0103\u0219e\u0219te nivelul din iunie 2025 cu 124,3% \u0219i cu un avans de 0,3 pp din PIB. Totodat\u0103, \u00eencas\u0103rile din fonduri europene cresc cu 21,5%, la 17 miliarde de lei.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Privite lunar,\u00a0veniturile nu urc\u0103, ci oscileaz\u0103. <\/strong><\/h4>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Cea mai bun\u0103 lun\u0103 a semestrului a fost <strong>aprilie<\/strong>, cu 65,07 miliarde de lei, urmat\u0103 imediat de cea mai slab\u0103 c\u0103dere: \u00een <strong>mai,<\/strong> \u00eencas\u0103rile au sc\u0103zut cu 14,5%, p\u00e2n\u0103 la 55,66 miliarde, adic\u0103 practic la nivelul lunii martie (55,03 miliarde). <strong>Iunie<\/strong> aduce o revenire la 63,03 miliarde, dar \u0219i acest v\u00e2rf are o explica\u021bie punctual\u0103 \u2014 pl\u0103\u021bile de definitivare a impozitului pe profit aferent anului 2025, care au \u00eempins \u00eencas\u0103rile din aceast\u0103 categorie cu 17,5% peste iunie 2025. <strong>Cele dou\u0103 luni bune ale semestrului sunt, a\u0219adar, dou\u0103 v\u00e2rfuri cu cauze distincte \u0219i nerepetabile (bonifica\u021bia din Declara\u021bia unic\u0103, scadent\u0103 pe 15 aprilie, respectiv definitivarea impozitului pe profit), separate de o lun\u0103 care revine la linia de baz\u0103.<\/strong> <\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Media lunar\u0103 a trimestrului al doilea (61,25 miliarde) este cu 15,7% peste cea a primului trimestru (52,92 miliarde), \u00eens\u0103 diferen\u021ba \u021bine mai mult de calendarul fiscal dec\u00e2t de o accelerare a colect\u0103rii. Pentru compara\u021bie, atingerea nivelului de venituri programat pentru \u00eentregul an ar presupune \u00eencas\u0103ri medii de circa 65,7 miliarde de lei pe lun\u0103 \u00een a doua jum\u0103tate a anului \u2014 peste orice lun\u0103 din semestrul I, cu excep\u021bia lunii aprilie.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<h3 class=\"wp-block-heading\"><b><span data-contrast=\"none\">Cheltuielile bugetului general consolidat<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:360,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h3>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Cheltuielile din primul semestru au ajuns la 383,55 miliarde de lei (18,7% din PIB), cu doar 0,8% mai mari nominal dec\u00e2t \u00een iunie 2025.\u00a0Raportat la PIB, cheltuielile scad semnificativ fa\u021b\u0103 de nivelul \u00eenregistrat \u00een primul semestru din 2025, cu 1,1 puncte procentuale.\u00a0\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Cheltuielile curente au crescut cu 2,7%, ajung\u00e2nd la 364,16 miliarde de lei, adic\u0103 94,9% din total (fa\u021b\u0103 de 93,2% anul trecut).\u00a0<strong>Topul celor mai mari cheltuieli r\u0103m\u00e2ne ocupat de<\/strong>:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<ol class=\"wp-block-list\">\r\n<li><b><span data-contrast=\"auto\">Asisten\u021ba social\u0103<\/span><\/b><span data-contrast=\"auto\">: 126,00 miliarde de lei, aproape o treime din total, \u00een\u00a0sc\u0103dere\u00a0nominal\u0103\u00a0cu\u00a00,5%\u00a0fa\u021b\u0103 de iunie 2025 \u0219i cu \u20130,5 pp din PIB;<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n\r\n\r\n\r\n<li><b><span data-contrast=\"auto\">Cheltuielile de personal<\/span><\/b><span data-contrast=\"auto\">: 82,11 miliarde de lei, \u00een sc\u0103dere cu\u00a03,9% (-3,35 miliarde), pe fondul reducerii unor sporuri \u0219i al m\u0103surilor de limitare a cheltuielilor salariale din 2025-2026. Ca pondere \u00een PIB, au cobor\u00e2t de la\u00a04,5% la\u00a04%;<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n\r\n\r\n\r\n<li><b><span data-contrast=\"auto\">Bunurile \u0219i serviciile<\/span><\/b><span data-contrast=\"auto\">: 49,42 miliarde de lei, \u00een cre\u0219tere cu 8,6%, determinat\u0103, potrivit Ministerului Finan\u021belor, de pl\u0103\u021bi mai mari \u00een domeniul s\u0103n\u0103t\u0103\u021bii.\u00a0Se men\u021bin \u00eens\u0103 la 2,4% din PIB, acela\u0219i nivel \u00eenregistrat \u0219i \u00een iunie 2025.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\r\n<\/ol>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Dob\u00e2nzile\u00a0\u00eenregistreaz\u0103 cea mai accelerat\u0103 cre\u0219tere (\u00een afara investi\u021biilor \u0219i fondurilor europene), ajung\u00e2nd la\u00a029,37 miliarde lei\u00a0\u00een luna iunie, cu 4,14 miliarde mai mult dec\u00e2t anul trecut (+16,4%). Costul datoriei acumulate consum\u0103 astfel o parte tot mai mare din spa\u021biul fiscal c\u00e2\u0219tigat prin celelalte ajust\u0103ri\u00a0(7,7% din cheltuielile totale, fa\u021b\u0103 de 6,6% \u00een iunie 2025).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Investi\u021biile publice au repornit vizibil. Potrivit Ministerului Finan\u021belor, cheltuielile pentru investi\u021bii au totalizat 59,96 miliarde de lei, cu 9,52 miliarde mai mult dec\u00e2t \u00een semestrul I din 2025, iar 70,9% dintre acestea au fost finan\u021bate din fonduri externe nerambursabile \u0219i PNRR. Cea mai mare cre\u0219tere nominal\u0103 din \u00eentreg bugetul vine din proiectele finan\u021bate din granturile PNRR: 15,15 miliarde de lei, mai mult dec\u00e2t dublu fa\u021b\u0103 de anul trecut (+117,7%, un plus de 8,19 miliarde). Proiectele din fonduri europene clasice au crescut cu 31,1%, p\u00e2n\u0103 la 21,31 miliarde de lei.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">\u00cen acela\u0219i timp, cheltuielile de capital au ajuns la 20,87 miliarde de lei, cu 23,5% mai pu\u021bin dec\u00e2t anul trecut. Este \u00eens\u0103 o \u00eembun\u0103t\u0103\u021bire semnificativ\u0103 fa\u021b\u0103 de sc\u0103derea de 49,2% raportat\u0103 la finalul lunii aprilie: practic, \u00een mai \u0219i iunie s-au cheltuit pe investi\u021bii din fonduri na\u021bionale 11,6 miliarde de lei, mai mult dec\u00e2t \u00een primele patru luni ale anului la un loc (9,3 miliarde).\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<h4 class=\"wp-block-heading has-text-align-center\"><strong>Cheltuielile arat\u0103 exact tiparul opus: nu oscileaz\u0103, ci urc\u0103 \u00een trepte \u0219i apoi se a\u0219az\u0103 pe un palier. <\/strong><\/h4>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\"><strong>Ianuarie<\/strong>, prima lun\u0103 sub regula de 1\/12, a fost cea mai redus\u0103 din semestru (54,27 miliarde de lei). <strong>Februarie \u0219i martie<\/strong> au adus 63,69, respectiv 61,89 miliarde, iar din <strong>aprilie<\/strong>, prima lun\u0103 executat\u0103 pe buget aprobat, nivelul se stabilizeaz\u0103 \u00een jur de 68 de miliarde de lei lunar (67,93 \u00een <strong>aprilie<\/strong>, 67,64 \u00een <strong>mai<\/strong>, 68,12 \u00een <strong>iunie<\/strong>). Media lunar\u0103 a trimestrului al doilea (67,90 miliarde) este cu 13,3% peste cea a primului trimestru (59,95 miliarde), iar iunie dep\u0103\u0219e\u0219te ianuarie cu 25,5%. <\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\"><strong>Palierul spune dou\u0103 lucruri \u00een acela\u0219i timp:<\/strong> cheltuielile nu mai accelereaz\u0103 de la o lun\u0103 la alta, dar s-au fixat la un nivel cu aproape 8 miliarde de lei pe lun\u0103 peste media din perioada f\u0103r\u0103 buget. \u00cencep\u00e2nd cu februarie, fiecare lun\u0103 a semestrului s-a \u00eencheiat cu cheltuieli mai mari dec\u00e2t veniturile; ianuarie a fost singura lun\u0103 cu excedent (+0,85 miliarde de lei), iar februarie a generat singur\u0103 15,08 miliarde din deficitul semestrului.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<h3 class=\"wp-block-heading has-white-color has-light-green-cyan-background-color has-text-color has-background has-link-color wp-elements-8a412adc504c0048f368d3182d7e99b0\"><b><span data-contrast=\"none\">Concluzie<\/span><\/b><span data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:360,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h3>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Execu\u021bia bugetar\u0103 din primul semestru al anului 2026 arat\u0103 o \u00eembun\u0103t\u0103\u021bire clar\u0103 fa\u021b\u0103 de anul precedent: deficitul este mai redus, veniturile cresc \u00eentr-un ritm superior cheltuielilor, iar investi\u021biile sus\u021binute din fonduri europene au accelerat. Cu toate acestea, rezultatul de la jum\u0103tatea anului trebuie privit cu pruden\u021b\u0103. <\/span><\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p class=\"wp-block-paragraph\"><span data-contrast=\"auto\">Experien\u021ba ultimilor ani arat\u0103 c\u0103 deficitul se concentreaz\u0103 de regul\u0103 \u00een semestrul al doilea, iar presiunile generate de nivelul lunar al cheltuielilor, de costul datoriei \u0219i de necesarul ridicat de venituri pot reduce rapid marja disponibil\u0103. \u00cencadrarea \u00een \u021binta de \u20136,2% din PIB r\u0103m\u00e2ne posibil\u0103, dar va depinde de men\u021binerea disciplinei cheltuielilor \u0219i de capacitatea statului de a sus\u021bine ritmul de colectare \u00een ultimele \u0219ase luni ale anului.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\r\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>Rom\u00e2nia a \u00eencheiat primul semestru cu un deficit bugetar de \u20132% din PIB (41,03 miliarde lei), fa\u021b\u0103 de \u20133,64% din PIB (-69,8 miliarde lei) \u00een aceea\u0219i perioad\u0103 din 2025. Reducerea deficitului cu 1,64 puncte procentuale indic\u0103 o \u00eembun\u0103t\u0103\u021bire vizibil\u0103 fa\u021b\u0103 de anul anterior, iar evolu\u021bia din primele \u0219ase luni ale anului arat\u0103 optimist, \u00eentruc\u00e2t a fost consumat\u0103 mai pu\u021bin de o treime (32,1%) din \u021binta de deficit asumat\u0103 pentru \u00eentreg anul 2026. R\u0103m\u00e2ne de v\u0103zut dac\u0103 ritmul se va putea men\u021bine \u0219i \u00een a doua jum\u0103tate a anului, \u00eens\u0103 chiar \u0219i cu o ad\u00e2ncire de dou\u0103 ori mai rapid\u0103 dec\u00e2t \u00een primul trimestru, Rom\u00e2nia ar putea \u00eencheia anul cu un deficit sub \u021binta asumat\u0103.\u00a0 &nbsp; Pozi\u021bia de la jum\u0103tatea anului ofer\u0103 statului o marj\u0103 mai mare pentru perioada iulie&#8230;<\/p>","protected":false},"author":879148,"featured_media":30967,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[598,198],"ppma_author":[654],"class_list":["post-31163","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bugete","tag-buget-2026","tag-executie-bugetara","author-diana-tablet"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cum arat\u0103 finan\u021bele publice la jum\u0103tatea anului 2026 - Funky Citizens<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/funky.ong\/en\/cum-arata-finantele-publice-la-jumatatea-anului-2026\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cum arat\u0103 finan\u021bele publice la jum\u0103tatea anului 2026 - Funky Citizens\" \/>\n<meta property=\"og:description\" content=\"Rom\u00e2nia a \u00eencheiat primul semestru cu un deficit bugetar de \u20132% din PIB (41,03 miliarde lei), fa\u021b\u0103 de \u20133,64% din PIB (-69,8 miliarde lei) \u00een aceea\u0219i perioad\u0103 din 2025. Reducerea deficitului cu 1,64 puncte procentuale indic\u0103 o \u00eembun\u0103t\u0103\u021bire vizibil\u0103 fa\u021b\u0103 de anul anterior, iar evolu\u021bia din primele \u0219ase luni ale anului arat\u0103 optimist, \u00eentruc\u00e2t a fost consumat\u0103 mai pu\u021bin de o treime (32,1%) din \u021binta de deficit asumat\u0103 pentru \u00eentreg anul 2026. R\u0103m\u00e2ne de v\u0103zut dac\u0103 ritmul se va putea men\u021bine \u0219i \u00een a doua jum\u0103tate a anului, \u00eens\u0103 chiar \u0219i cu o ad\u00e2ncire de dou\u0103 ori mai rapid\u0103 dec\u00e2t \u00een primul trimestru, Rom\u00e2nia ar putea \u00eencheia anul cu un deficit sub \u021binta asumat\u0103.\u00a0 &nbsp; Pozi\u021bia de la jum\u0103tatea anului ofer\u0103 statului o marj\u0103 mai mare pentru perioada iulie...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/funky.ong\/en\/cum-arata-finantele-publice-la-jumatatea-anului-2026\/\" \/>\n<meta property=\"og:site_name\" content=\"Funky Citizens\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-06T13:45:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/funky.ong\/wp-content\/uploads\/2026\/07\/Exec-Bugetara-Mai-2026.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1154\" \/>\n\t<meta property=\"og:image:height\" content=\"650\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Diana T\u0103ble\u021b\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Diana T\u0103ble\u021b\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/funky.ong\\\/cum-arata-finantele-publice-la-jumatatea-anului-2026\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/funky.ong\\\/cum-arata-finantele-publice-la-jumatatea-anului-2026\\\/\"},\"author\":{\"name\":\"Diana T\u0103ble\u021b\",\"@id\":\"https:\\\/\\\/funky.ong\\\/#\\\/schema\\\/person\\\/b20815ab3750122d851d1eeebb0d10ca\"},\"headline\":\"Cum arat\u0103 finan\u021bele publice la jum\u0103tatea anului 2026\",\"datePublished\":\"2026-08-06T13:45:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/funky.ong\\\/cum-arata-finantele-publice-la-jumatatea-anului-2026\\\/\"},\"wordCount\":2560,\"image\":{\"@id\":\"https:\\\/\\\/funky.ong\\\/cum-arata-finantele-publice-la-jumatatea-anului-2026\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/funky.ong\\\/wp-content\\\/uploads\\\/2026\\\/07\\\/Exec-Bugetara-Mai-2026.png\",\"keywords\":[\"buget 2026\",\"executie bugetara\"],\"articleSection\":[\"Bugete Publice\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/funky.ong\\\/cum-arata-finantele-publice-la-jumatatea-anului-2026\\\/\",\"url\":\"https:\\\/\\\/funky.ong\\\/cum-arata-finantele-publice-la-jumatatea-anului-2026\\\/\",\"name\":\"Cum arat\u0103 finan\u021bele publice la jum\u0103tatea anului 2026 - 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