Coface estimates economic growth worth 2%, in 2009, and keeps Romania’s rating at A4

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Coface has given Romania the A4 rating for the month of January, and the A4 rating for the entire year 2009, which supposes the history of payments will be mediocre, it can get even worse, because of a deteriorating economic and political environment, said, on Wednesday, Coface Romania manager Cristian Ionescu.
In Sept 2008, Coface kept the country rating for Romania at A4-, it had been the same at the beginning of the year, this happened because of the macro-economic imbalances.
 
"The A4 rating characterizes a mediocre payment history, it can worsen because of a deteriorating economic and political environment. Nevertheless, a payment possibility is still admissible," said Ionescu.
Coface puts the economic growth for 2009 at 2%, the inflation at 6.3%, the exports at 49.7 billion dollars, and the imports at 72 billion dollars in 2009, the current account deficit at 10.5% of GDP.
 
According to a Coface study, the foreign debt of the companies got to 50 million dollars, in 2008, as an effect of the economic crisis, while the share of the hard-currency loans climbed to almost 60%.
Romania's overheated economy has strongly felt the shock of the crisis wave, according to the source.
 
So, in 2008, the sales of durables plunged 10-13%, in Nov – Dec, compared with the same period in 2007, and the production of durables fell 24.1% in Nov.
The volume of real estate transactions went down 70% in 2008 on 2007, and the sales of Dacia cars dropped 55% in Dec 2008, on Dec 2007.
The exports decreased 17% in Dec 2008, on Dec 2007.
 
The budget expenses from taxes fell 20%, in Nov 2008, and the budget deficit reached 5% of GDP. Over 23,000 people were made redundant, in the last term of 2008, and 23,000 were working short time in the same period.
As for the companies, 90% of the transactions are paid with an average delay of 90-120 days.
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