Romania – sixth in EU by Q4 2007 GDP growth

The Q4 2007 GDP growth across the European Union (EU 27) was 2.5 percent, whereas in the eurozone (EA 13) economy advanced 2.2 percent, reveals a second estimation published on Wednesday by the Statistical Office of the European Communities (Eurostat).
According to revised figures, first among EU member countries was Slovakia with an annual GDP growth of 14.3 percent in Q4 2007, followed by Lithuania (8.5 percent), Latvia (8.0 percent), Poland (6.7 percent), the Czech Republic and Romania with a growth of 6.6 percent each.
The all-year GDP growth in the European Union was 2.9 percent in 2007 (after an advance of 3.1 percent in 2006), and the all-year GDP growth in the eurozone was 2.6 percent (2.8 percent registered in 2006).

According to the Romanian National Statistics Institute (INS) the country’s estimated GDP for 2007 is 404.708 bln lei (over 115 bln euro), up 6 percent against 2006. In Q4 2007, the GDP stood at 137.768 bln lei (over 39 bln euro), up 6.6 percent in comparison with the same quarter of 2006.
The economic growth target for 2007 was 6 percent and the advance of the GDP in 2008 is estimated at 6.5 percent.
Minister of Economy and Finance Varujan Vosganian repeatedly remarked that Romania’s GDP would have grown by some 7 percent in 2007, if it hadn’t been for the drought. According to the National Forecast Commission (CNP) the 2007 summer drought slashed 388 million euro of the country’s budget, representing 0.4 percent of the GDP.
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