Romanian economy to grow by 5.2 percent in 2017, PM Grindeanu says

The Romanian economy will grow by 5.2 percent in 2017, Romanian PM Sorin Grindeanu told broadcaster Romania TV. Moreover, Romania will have a GDP of 815 billion and the economy will provide a total of 189,000 new jobs.

PM Sorin Grindeanu argued that Romania’s budget deficit will stay below under 3 percent in 2017, and the country will record an economic growth of over 5 percent. The GDP will exceed EUR 800 billion and a total of 180,000 jobs will be created. According to the Romanian PM, the data was forecasted, including the measures the government adopted during last week’s meeting. Grindeanu also said Romania was going to fulfill the commitments taken by Romania as a NATO member states, namely to allocate 2 percent of the GDP to the defense sector.

“As far as the macroeconomic framework is concerned, we are talking for 2017 about a budget of EUR 815 billion, we are talking of a 5.2 percent economic growth and a 1.4 percent inflation and we are talking about 180,000 new jobs. We have revenues (…) for 2017 of 253.2 billion, and expenditures of 277.2. There is a 24.1 percent difference between revenues and expenditures, meaning a 3 percent deficit, 2.95 percent”, PM Sorin Grindeanu said.

The forecasts, Grindeanu explained, “are complient with the governing program the people voted.”

“There is recent data, including the measures we took last week, there is data provided by the National Forecast Commission. Starting from this data, we have revenues and we have expenditures,” Grindeanu said.

“These are things we don’t negotiate on and we will not negotiate,” Grindeanu said on Romania’s commitment to allocate 2 percent of the GDP to the defense sector. “These are things we, as a country, regardless of who is heading the Government, regardless of who is president or Minister of Finance, but respect. This is how we prove we are reliable and we are regarded as reliable partners. If we change from one month to the other or from one Government to the other, then we will not be respected,” Grindeanu said.

According to World Bank estimates, Romania’s economy is set to grow by 3.7 percent in 2017.