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Romania’s ’07 CPI At 4%, Drought Effects Excluded – Econ Min

Romania’s 2007 consumer price index would have stood at 4-4.2% if it hadn’t been for the effects of the drought, Economy and Finance Minister Varujan Vosganian said Friday.
23 nov. 2007, 13:27, English

The minister said that the drought also hampered the economic growth which could have ended two percentage points higher to 8% if it hadn’t been for drought. Romania expects economic growth at around 6% at the end of the year.

“If we exclude the effects of the drought, it results that Romania has actually continued its positive evolution,” Vosganian said in a press conference.

In October, the consumer price index rose by 0.97% on the month, boosting the annual index to 6.84%. The central bank’s target for this year stands at 3-5%.

Speaking of the recent evolution of the Romanian currency leu, Vosganian said the right level of the leu would be at 3.4 units against the euro.

By midday Friday, the Romanian currency fell to 3.6 versus the euro, its lowest level in 17 months.