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Romanian Econ Seen Up Over 6% In ’08 If Good Farming Output – Ctrl Bk Governor

Romania’s second-quarter economic growth is expected to be at around the same level as in the first three months and might exceed the initial 6% forecast at the end of the year, given a good farming output, central bank governor Mugur Isarescu said on Wednesday.
11 iun. 2008, 13:10, English

In the first quarter of the year, the economy grew by a booming 8.2%, compared with 6% in the same period a year earlier.

"For the second quarter, we don’t see an economic growth significantly lower than in the first three months. The farming output could bring an added 1% to this year’s gross domestic product," Isarescu said.

Isarescu also said that the monthly rise in May inflation was according to the central bank’s expectations.

"May inflation was according to the NBR’s expectations and figures have actually overlapped. The food prices pace is visibly weakened, but the deceleration in inflation depends on the administered prices as well," Isarescu said.

Romania’s consumer price index picked up 0.49% on the month in May, on higher prices for food products and fuels, in line with analysts’ expectations, the National Statistics Institute said Wednesday.

Romania’s central bank has set an inflation target of 2.8%-4.8% for 2008, but expects it to exceed the target range, reaching 6% by yearend due to persistent inflationary shocks from last year.