Romania’s economic growth revised as unemployment reaches three-year high

Written by on August 1, 2013 in Europe - No comments

The International Monetary Fund (IMF) has revised Romania’s economic growth forecast to two per cent this year up from an initial 1.6 per cent after new figures showed higher-than-expected exports in the first half of the year, backed by the prospect of a good harvest.

“We see the economic recovery is accelerating and continues to do so. In the first part of the year, exports were more intense while the internal demand was weaker. The agricultural production is better than last year. Taking these into account, we have raised the economic growth projection to two per cent for this year and we expect this recovery to continue next year for which we have a 2.25 per cent growth projection,” the head of the IMF mission to Romania, Andrea Schaechter, said.

Liviu Voinea, the budget minister, had previously said that, following talks with the IMF mission, the economic growth projection was raised from 1.6 per cent to 1.9 per cent, but underscored that the economic growth year might go beyond this target.

Under these circumstances, the new budgetary revision this year has been made on the basis of a GDP amounting to 626.2 billion lei (142 billion euro).

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(Photo: CameliaTWU/flickr.com)

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