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| Statistics and Romania’s Economic Growth |
| (2011-11-16) |
| Last updated: 2011-11-17 13:40 EET |
In the third quarter of 2011, the Romanian economy recorded the highest growth rate in three years and also one of the biggest in all of Europe. The main causes for this have been the significant improvements in agriculture, exports and construction.
The National Institute for Statistics reports a growth rate of 4.5 percent as compared to the same period of last year, but analysts say this is also due to a very weak economic performance in quarter 3 of 2010, blamed on a VAT raise and massive layoffs. According to Eurostat, the countries that went through severe economic recession last year recorded the highest growth rates in quarter 3 of 2011. These include Latvia, Estonia and Romania.
Analysts also predict that one of the major problems to be facing the Romanian economy in the following months will be the effects of the austerity measures imposed in countries like Spain, Italy, Greece or France. The large Romanian communities in these countries will have more difficulties obtaining a job and will earn less money, according to commentator Dragos Cabat.
Dragos Cabat: “A considerable number of Romanians work in these countries, sending money back home for their families to spend or invest. This money doesn’t exist anymore. You can see this clearly. Money transfers to Romania from abroad have decreased in number during the recession, and will sadly continue to do so in the coming period That is why everybody is saying we are in dire need of EU money, as this basically needs to substitute these sums no longer brought in by the Romanians working abroad.”
PM Emil Boc says the data published by the National Institute for Statistics shows that the national economy is growing as planned – by 1.5 to 2 percent this year. Boc added that Romania has already recorded four quarters of economic growth. Emil Boc:
Emil Boc: “Data from quarter three shows positive results for the government’s policy to focus on investments and jobs. This is the only way to escape the recession, to address the effects of the economic crisis and to set off on a healthy economic growth curve. The fact that we benefited from more money for infrastructure developments in 2011 as compared to the previous year and we will see even more in 2012 shows that we knew how to make the right decisions to the country’s benefit. I want to remind you that without the support of Romanian citizens throughout these past 2 year, the country wouldn’t have managed to strengthen its macro-economic stability and start growing.”
During the first nine months, foreign direct investments in Romania totaled nearly 1.2 billion euros. This figure is 54 percent lower than the one recorded over the same period of last year.
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