Romania’s Wage Expenses To Drop 0.5% Annually, To Below 6% Of GDP By 2015 - IMF

Romania’s budget spending on wages in the public sector will be lowered by an annual 0.5% of GDP starting 2010, to end below 6% of GDP in the next four to five years, the International Monetary Fund said Monday.

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Jeffrey Franks, head of the IMF mission to Romania, said during a press conference Monday that Romania’s spending on wages in the public sector have reached 9% of GDP from 7.5% of GDP and the IMF sees decreases of 0.5% of GDP per year in the next four to five years, until wage expenses reach less than 6% of GDP.

The IMF expects Romania’s wage expenses to drop below 6% of GDP by 2015.

Romania’s staff expenses totaled 24.9 billion lei (EUR1=RON4.2088) in the first half, up 12% on the year.

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