Romania’s Economy Seen Growing 7% Or More In 2008 - PM

He mentioned the country’s economic growth stood at 7.5% in the first quarter.

 

“The economic growth was of 7.5% in the first quarter of the year, and, this is interesting to mention, the GDP in the first quarter of 2008 equals Romania’s GDP for the entire year 2000. It (the economic growth – e.n.) will certainly top 7%. If we will also have a good agricultural year, as forecasts indicate, the things can only be better,” Tariceanu said on the public television channel.

 

Tariceanu reiterated Romania has no reason to fear the international financial crisis.

 

“Considering the financial crisis on the international markets almost ended, it had no effect whatsoever in Romania, and this is a positive thing which proves Romanian economy is solid. We have nothing to fear and authorized opinions in the matter – issued by the central bank’s governor and economic analysts – unanimously agree that Romania is not among the countries that were affected or that might be affected by the turmoil,” Tariceanu said.

 

Romanian finance minister Varujan Vosganian last week estimated the country’s economy increased by 7.5% in the first quarter of 2008 compared with 6% growth in the same period last year, on higher output in the construction and services sectors.

 

“We might revise our year-end growth forecast by one percentage point to 7.5% from 6.5%,” Vosganian said.

 

In the first quarter, Romania’s fast-growing construction sector expanded by 32% compared with 30% in the same period last year, while services grew a robust 7.6% by the end of March, Vosganian added.

 

Romania’s economic growth has been robust in recent years, increasing an average 6.5% each year between 2003 and 2006. In 2007, the country's economy grew 6% on the year in real terms, a slowdown compared with 7.9% a year earlier.