“The preliminary data suggest that the economy has contracted at an annual rate of 7%, while the budget deficit has been successfully contained within the 7.3% target range,” said Gherghina.

“For 2010, we will work on the assumptions agreed with the European Commission. We expect the Romanian economy to return in the positive territory to 1.3% at year-end,” he said.

The state secretary at the Ministry of Finance also said that “total expenses in the 2010 budget will be 37.3% (e.n of GDP), versus 38% in 2009”, in order to meet the 5.9% deficit target.