Romanian PM: Economic growth could reach 4.8% this year

Prime Minister Dacian Ciolos said that Romania has an estimated economic growth of 4.8% this year. However, this is not the reason for a “triumphant presentation”, Ciolos said in front of the Parliament on September 19. The important thing is that the country remains on an upward trend, he explained. Ciolos was invited by the Social Democrat Party (PSD) to talk about the country’s real economic situation. In the first half of the year, the economic growth amounted to 5.2% of the GDP. The estimated growth for the whole year amounts to 4.8%, compared to the initial estimate of 4.2% on which the budget was built. Ciolos said that the total volume of investments in Romania went up by 7% in the first half of the year compared to the same period last year. Investments in infrastructure increased by 22% year-on-year. The foreign investment went up by over 25% compared to the same period last year. The unemployment rate decreased but remains high among young people, the Prime Minister said. It’s important to keep creating new jobs, otherwise the pension system will not be sustainable anymore. The “exacerbation” of special pensions could also affect the pension system, according to Ciolos. The number of jobs in Romania grew by 152,000 at the end of June this year compared to July 2015. The private sector hired some 140,000 people during this period whereas another 12,000 were hired by the public sector. Prognosis Commission: Romania’s GDP will grow by 4.8% this year editor@romania-insider.com (photo source: Gov.ro)