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Romanian ’08 Econ Growth Seen At 8%, 9% -Ctrl Bker

Romania’s economic growth is seen at 8% or 9% in 2008, and the inflation rate at 6% or 7% at yearend, central bank governor Mugur Isarescu said Monday.
Romanian ’08 Econ Growth Seen At 8%, 9% -Ctrl Bker
04 aug. 2008, 13:02, English

"We have good chances to have an economic growth between 8% and 9% in 2008, and an inflation rate between 6% and 7%," Isarescu added.

In 2007, the country’s economy grew 6% on the year in real terms, compared with 7.9% a year before.

Romanian economic growth was 8.2% in the first quarter of 2008.

Romania’s central bank Monday revised its inflation forecast from 6% to 6.6% in 2008, and from 3.5% to 4.2% in 2009.

The central bank has set an inflation target of 3.8% for 2008, and of 3.5% for 2009, with a plus or minus average of one percentage point.

Asked whether the inflation target is subject to changes in 2008, on the price increase over the forecasted level, Isarescu said a possible change would not help.

"Keeping the inflation target shows we made a firm commitment. Forecasting yerend inflation is not a game. This is a commitment on decreasing the inflation rate," Isarescu added.