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Romania’s Fin Ministry Ups ’09 Budget Def, Inflation Targets

Romania’s new Government will include in 2009 budget draft a slightly higher budget deficit and annual inflation rate than previously announced, a Finance Ministry press release showed Wednesday.
Romania’s Fin Ministry Ups ’09 Budget Def, Inflation Targets
07 ian. 2009, 12:09, English

The new macroeconomic forecasts show a nominal gross domestic product, or GDP, of 588 billion lei (EUR1=RON4.0629), an average inflation of 5.3%, and a budget deficit between 1.7% and 2% of the GDP in 2009. The data was discussed Tuesday by Romania’s Finance Minister Gheorghe Pogea and the central bank Governor Mugur Isarescu.

Previously, in the final version of the governing program, the budget deficit was seen at 1.7% of the GDP, while the annual inflation was estimated at 5%.

Following talks between Pogea and Isarescu, the nominal GDP forecast was raised to RON588.1 billion, from prior announced RON582.7 billion.

The GDP growth forecast remained unchanged at 3.5%.

The 2009 budget draft should be approved by the Government by the end of January.