Romania to record very modest economic growth in 2010, says MFP official

Romania will record a very modest economic growth, of 0.5 percent, in 2010, state secretary with the Romanian Finance Ministry (MFP) Bogdan Dragoi said on Thursday at a meeting with officials of the Romanian-British Chamber of Commerce, Romanian – Dutch Chamber of Commerce and the Romanian-Swiss Chamber of Commerce.

The Romanian Government is expecting the economic growth to favour more its public earnings so that it may close 2010 on a deficit of below 6 percent of the Gross Domestic Product (GDP), down from 7.3 percent, as set for 2009, and close 2011 on a deficit below 3 percent of the GDP.
Asked by the attending business people about how the deficit will be diminished in 2010, Dragoi said that Romania has not discussed yet any increase in taxes or contributions with the International Monetary Fund.

Romania’s Gross Domestic Product declined 8.8 percent in Q2, 2009 and 7.6 percent in the first quarter of the year, according to data with the National Statistics Institute (INS). Revised INS data released in June indicate that the Q1, 2008 GDP of Romania was down 6.2 percent from the similar period of the year before.

On Wednesday, Lucian Croitoru, adviser to the governor of the National Bank of Romania (BNR), said economic recovery in Romania will be more delayed than in economically developed countries, but not more than 8-12 months.

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