10 August 2009
Finance Minister: Romania's economy contracted by more than 8pp in Q2
Romania's economy contracted by more than 8 pp in the second quarter, exceeding the first-quarter decline, declared the Finance Minister, Gheorghe Pogea, cited by NewsIn.
The National Institute of Statistics will publish on August 13 data regarding the evolution of the gross domestic product (GDP) in the second quarter.
Pogea also mentioned the country would witness an 8.4 – 8.5 pp shrink of the GDP at year-end, after he discussed with the representatives of the International Monetary Fund (IMF) on the macroeconomic projections.
The government will negotiate with the IMF representatives to extend the budget deficit target range agreed in the arrangement, to about 7.1 – 7.2 pp of the GDP, following the worldwide difficult economic situation, which prompted lower budgetary revenues.
According to the previous negotiations, Romania's government has set a budget gap target range of 4.6 pp of the GDP for the year, the equivalent of 24.3 billion lei, following the IMF-led agreement, which set Romania quarterly targets for the budget deficit at: 14.5 billion lei end-Q2 and maximum 18.6 billion lei for the Q3.
Pogea also mentioned the country would witness an 8.4 – 8.5 pp shrink of the GDP at year-end, after he discussed with the representatives of the International Monetary Fund (IMF) on the macroeconomic projections.
The government will negotiate with the IMF representatives to extend the budget deficit target range agreed in the arrangement, to about 7.1 – 7.2 pp of the GDP, following the worldwide difficult economic situation, which prompted lower budgetary revenues.
According to the previous negotiations, Romania's government has set a budget gap target range of 4.6 pp of the GDP for the year, the equivalent of 24.3 billion lei, following the IMF-led agreement, which set Romania quarterly targets for the budget deficit at: 14.5 billion lei end-Q2 and maximum 18.6 billion lei for the Q3.