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ECONOMIC FIGURES, THE MEASURE OF CONSUMPTION (7.06.2007)
(2007-06-07)
Last updated: 2007-06-08 19:43 EET Print
Eagerly awaited, EU accession has not brought Romanians, at least for the time being, the economic prosperity they had hoped for. Because, on the one hand, things cannot be changed overnight and, on the other hand, like all the new EU members, Romania finds it hard to absorb the substantial funds coming from the Union budget. Referring to causes, analysts invoke the lack of political will in preparing institutions to manage this money as well as the lack of projects and information, given that the guides to drafting these projects have not been finalized yet. The community of businesspeople in Romania believe that the worrying delays in preparing several European projects are due to political instability, the re-organization of some ministries and the restructuring of several government institutions. Irrespective of the causes Romania will effectively start spending European funds as of 2008, although it is already contributing to the Community budget. This year Romania will only use EU money for procedural issues. Also, the state budget deficit for 2007 will exceed by 25% the predictions made by the Finance Ministry- the National Statistics Institute estimates. This growth is mainly due to significant expenditures related to foreign credits. The Statistics Institute has also made public data related to household expenditures. So, in 2006, one family paid for education only 0.82%, on an average, of the total amount of their expenditures, and the sums allocated for recreation and culture or health stood at under 4.5%. But on beverages and tobacco one family paid more than 6%. Even higher differences are reported in the case of farmers’ households who in 2006 paid almost 10% of their total expenditures for beverages and cigarettes. Similarly, unemployed people spent about 8% on these products. Nationwide, most of the consumption expenditures are made for foodstuffs and non-alcoholic beverages - that is more than 42%. When Romanians need more money they resort to bank credits. More and more relaxed, many banks agree to give credits under less restrictive circumstances. But it’s still those who have higher incomes that are favored, as their indebtedness degree stands somewhere around 70%. In certain cases, these people can even contract a loan to build a house without an advance payment – a happy situation that cannot benefit those with less money.

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