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IMF Sees Romanian GDP Growth At -4.1% In ‘09, 0% In ‘10

The International Monetary Fund official forecasts on Romania see the gross domestic product contracting by 4.1% in 2009, the current account deficit narrowing at 7.5% of the GDP and the inflation at 5.9% at the end of the year, according to the fund's latest World Economic Outlook.
IMF Sees Romanian GDP Growth At -4.1% In ‘09, 0% In ‘10
22 apr. 2009, 17:51, English

The figures are very close to those taken into account in the recent budget revision, approved by the Romanian government.
 
The government approved April 11 a budget revision to include the measures agreed in March with the IMF, and the European Union. The new forecast is based on a -4% GDP growth, a 5.8% inflation and an external gap of 7.5% of the GDP.
 
March 25, Romania agreed with the IMF, the E.U. and other international institutions a EUR19.95 billion financial package, supported by a EUR12.95 IMF loan under a two-year stand-by arrangement.
 
For 2010, IMF expects improvements in all Romania’s major indicators. Thus, IMF sees a 0% GDP growth, a 6.5% of the GDP current account deficit and a 3.9% inflation rate in 2010.
 
At the end of 2008, Romania’s annual inflation was at 6.3%, while the current account deficit was at 12.5% of the GDP.
 
Romanian GDP rose 7.1% in 2008, but its growth slowed down abruptly in the last quarter, at 2.9%.
 
The IMF Board will discuss early-May the agreement with Romania, and the first tranche of the loan, worth of EUR5 billion, will be released upon Board approval.