Romania records record economic growth of 9.3% in Q2

GDP registered a 9.3% increase in real terms, in Q2 this year, from the same period last year, according to data released on Sept. 1 by the National Statistics Institute (INS).
GDP stood at 109.019 billion lei in current prices in Q2.
In H1 2008, GDP reached 195.764 billion lei, it rose 8.8% from the same period in 2007.
Romanian Minister of Economy and Finance Varujan Vosganian recently said that Romania has registered a record economic growth, of around 9%, in Q2. According to him, in H1, GDP increased 8.6%. In Q1, Romania’s economic growth stood at 8.2%, this has been the highest leap in that quarter since 1990.
In 2007, the economic growth was of 6.1% in Q1, and of 5.7% in Q2.
In early August, governor of Romania’s Central Bank (BNR) Mugur Isarescu cautioned that the economic advance posted by Romania in Q1 is above the potential. “One has to no longer doubt that the economy is overheated,” Isarescu said then.
He also said that the excessive growth speeded up, and salaries continued to rise over the growth pace in productivity, with the pressure existing in the work market.
The economic growth target for this year is of 7%.
The National Prognosis Commission estimates that by 2020, the economic growth of Romania will stand at over 5% annually, GDP will reach 442.3 billion euros.

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