Romania’s 1Q GDP Growth Seen Below 1% – Fin Min

Romania’s 2009 budget draft is based on an economic growth of 2.5%.

During the debates on the budget draft within the Parliament’s Budget and Finance Commissions, Pogea said he is not expecting EC to penalize Romania in 2009 for excessive budget deficit.

He said the excessive deficit procedure is launched in the following year after the deficit rose above 3% of the GDP and only if the gap is not adjusted.

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The minister also said Romania needs fiscal consolidation, but it cannot be made when budget revenues are at 30%-32% of the GDP.

Romania’s consolidated budget revenues dropped 8.7% on the year in January, to 13.8 billion lei (EUR1=RON4.2942), from RON15.1 billion in the same month a year earlier.

Pogea said earlier this week that January’s budget revenues were at 94% of the programmed value.