Romania To Revise 2012 GDP Forecast On Exports Slowdown - Ctrl Bk

Romania is set to revise its economic growth forecast for 2012, as exports are expected to advance at a slower pace than in 2011, central bank governor Mugur Isarescu said Tuesday.

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Speaking at the Romania Financial Forum, organized by MEDIAFAX and the central bank, Isarescu said the revised projection will also trigger changes in the budget strategy for next year.

"We are changing our forecasts because we can no longer expect the same growth in exports. It wouldn't be realistic," he said.

Romanian exports rose 25.5% on the year to EUR25.8 billion in January through July, data from the national statistics institute showed. In 2010, the exports totaled EUR37.2 billion, up 27.3% on the year.

The government estimates an economic growth of 1.5% in 2011 and of 3.5%-4% next year. However, the authorities indicated the forecasts might be revised downward, due to difficult conditions in international markets.

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