Loading ...The deviation from this year’s inflation target and from the planned track costs Romania an extra two billion lei, or 0.4 pct of the GDP, Minister of Economy and Finance Varujan Vosganian on August 21 told a press conference.
"We’ll have to save in other sectors," said the Minister of Economy and Finance, referring to the need to keep within the limits of the planned budget deficit that should be 2.4 pct of the GDP at the end of the year.
"We’ll have to save in other sectors," said the Minister of Economy and Finance, referring to the need to keep within the limits of the planned budget deficit that should be 2.4 pct of the GDP at the end of the year.
Vosganian explained that the euro/leu exchange rate overshooting the forecast level resulted in Romania’s paying RON 600 million more on account of the contribution to the EU and in payments due on account of the foreign debt also advancing by RON 500 million.
July’s inflation rate was 0.69 pct and the year-on-year inflation (July 2007 to July 2008) advanced to 9.04 pct from the 8.61 pct registered in June, reveals data published by the National Statistics Institute (INS).
The aggregate inflation rate over the first seven months of the year was 4.28 pct and the average monthly rate was 0.6 pct, as to 0.3 pct in 2007.
The National Bank of Romania revised upwards by 0.6 percentage points this year’s inflation projection from 6 to 6.6 pct. The new inflation projection takes in consideration an oil price of 140 dollars per barrel.
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