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| Economic Outcomes 15/03/2011 |
| (2011-03-15) |
| Last updated: 2011-03-16 15:48 EET |
After a modest economic growth of 0.1% of the GDP was reported in Romania in the last months of 2010, the country is registering growth again. Authorities say the most difficult period is gone and what has to be done next is implementing correct policies.
After more than two years of economic recession, Romania has started to give the first signs of recovery. This is what authorities in Bucharest say and what indicators confirm. For the economy to recover, tough austerity measures were taken and now results are showing.
According to the PM Emil Boc, Romania will officially come out of recession at the end of this month: “Today Romania is stable from an economic point of view, it’s now far away from the dangers it had to face in 2009 and 2010. The first signs have started to show and we can see that we are going in the direction of economic consolidation. And when I speak of signs I’m referring to the feedback given by the National Bank, the IMF, the European Commission and the World Bank. They’ve all said that in 2011 Romania will report economic growth of 1.5- 2% to reach 4-4.5% in 2012. This points to sound economic growth which allows a country to pay salaries, pensions and social security with real money, not with imaginary money that gets melted in inflation”.
Coming out of recession will be the first step towards overcoming the economic crisis, the latter being a long lasting process, the premier added. His statements are backed by the National Bank governor, Mugur Isarescu, who also gave assurances that Romania’s economy got stable and inflation would be leveled off in the second half of the year.
On the other hand, the data reported by the National Institute of Statistics show that the volume of Romanian exports continued to grow early this year following the ascending trend registered in 2010. As compared to the same period of last year, growth amounts to almost 50%. Imports also rose but only by 30% which led to a drop in the trade deficit by 60% in the last year.
Economic analyst Dan Suciu looks at the strengths and weaknesses of the data provided by the National Institute of Statistics: “Romania’s economic growth depends mainly on domestic consumption, although exports increased substantially. In terms of figures, exports stood at more than 3 billion euros per month. It’s worth mentioning that Romania’s exports depend not so much on the Romanian economy but rather on the European economy, which is in full recovery process. What I mean is that these exporting companies are part of industrial production chains that start somewhere in the East and end somewhere in the West.”
Economic analyst Dan Suciu also says that exports are actually the ideal connection with the European economy.
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