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Traian Basescu: 2012 Budget to be built on 1.9-pct deficit; GDP growth at 1.7-2.7pct

President Traian Basescu said Thursday evening that Romania’s 2012 Budget will be built on a deficit of 1.9 percent, whereas the growth of the Gross Domestic product (GDP) should vary between 1.7 and 2.7 percent and the current-account deficit should be kept at below 5 percentage points.

„This is for the first time that, because of uncertainties, you will not see single-digit objectives in the Budget, but estimates of between … and. For instance, the growth estimate reads between 1.7 and 2.7 percent. Such are the times now that nobody can predict fast figures. That is why Romania, the International Monetary Fund (IMF), the European Commission (EC) and the World Bank (WB) agreed on lax figures, because future developments are hard to predict. The growth estimate for 2011 is also set at a prudent level, which in no way will be lower than 1.5 percent; it could turn out somehow bigger, and if you allow me a personal estimate, I think it will be higher than 2 percent, but the fourth quarter is decisive, which we see how ends because of a slowdown in exports triggered by a slowdown in the Eurozone. The current-account deficit will be below 5 percent of the GDP this year and also next year,” Basescu told the press after meeting Thursday a visiting delegation of eth IMF, EC and WB.

He added that the 2012 Budget will be built on a 1.9-percent of the GDP deficit, mentioning that all the objectives will be set with a margin of error that depends on the economic developments elsewhere in Europe.

„The Budget will be built on a 1.9-percent deficit, with a margin of error that will reflect the developments elsewhere in Europe, which could bring the deficit up to 2.5 percent of the GDP in cash terms, which is 3 percent in ESA terms,” Basescu explained.

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