BNR’s Isarescu: Romania’s Government deficit tends toward 10pc of GDP

Romania’s Government deficit was 8.3 percent of the Gross Domestic Product (GDP) in 2008 and it is tilting toward 10 percent, according to data presented on Wednesday by Governor of the National Bank of Romania Mugur Isarescu at a financial forum in Bucharest.

Romania’s external deficit dropped in 2009 to 4.5 percent of the GDP from 13.4 percent in 2007. ‘As regards the correction of disbalnces in an orderly fashion, the external deficit narrowed from 13.4 percent of the GDP in 2007 to 4.5 percent of the GDP in 2009.
At the same time, the official forex reserves increased from 25 billion euros in March 2009 to 32.4 billion euros in April 2010. The Government deficit was 8.3 percent in 2009 tending toward 10 percent. A budgetary correction is inevitable,’ said Isarescu. He added that the short-term debt of Romania, preponderantly private debt, diminished from 20.6 billion euros in December 2008 to 14.6 billion euros at end-2009.

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