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Iulian Ernst
Senior Editor

Iulian studied physics at the University of Bucharest, and he sees himself as a physicist in the broadest sense of the word. He also studied economics at Charles University in Prague and Central European University in Budapest, after a master’s program in business administration at Bucharest Academy of Economic Studies. Since recently, he’s been exploring coding and data analysis for business and economics. As a freelancer, he worked for nearly two decades as an analyst for ISI Emerging Markets, Euromonitor International, Business New Europe, but also as a consultant for OMV Petrom and UkrAgroConsult. Iulian was part of the founding team of Ziarul Financiar. At Romania Insider, which he joined in 2018, he is reviewing the latest economic developments for the premium bulletins and newsletters. He would gladly discuss topics such as macroeconomics, emerging markets, Prague, energy sector including renewable, Led Zeppelin, financial services, as well as tech start-ups and innovative technologies. Email him at iulian@romania-insider.com. 

 

Romania's public deficit narrowed to 6.7% of GDP in 2021

Romania's general government budget deficit was 6.7% of GDP in 2021, according to preliminary data revealed by finance minister Adrian Caciu.

The Government will manage to end this year with a smaller deficit as well, he added. The official deficit target was set at 5.84% of GDP for 2022.

Official preliminary data for 2021 should be released soon.

The Government of Liberal (PNL) prime minister Florin Citu envisaged a 7.13% of GDP budget deficit and left a 4.7%-of-GDP (January-November) gap behind it, current PM Caciu stressed, according to local Adevarul.

He rejected the allegations voiced by former PM Citu, who repeatedly warned of the "rising public financing cost" and commented about such situations typically preceding or heralding recession episodes.

Finance minister Caciu refuted the risk that Romania may seek support from the International Monetary Fund.

"No, there is no such risk, there is no risk of recession - I heard all sorts of statements. The risk of recession, if interest rates and inflation rise, occurs when interest rates are well above inflation - which was the case during the 2010 crisis when interest rates were 10%, and inflation was 6%. Inflation is currently above interest rates," minister Caciu explained. 

iulian@romania-insider.com

(Photo source: Inquam Photos/Octav Ganea)

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Profile picture for user iuliane
Iulian Ernst
Senior Editor

Iulian studied physics at the University of Bucharest, and he sees himself as a physicist in the broadest sense of the word. He also studied economics at Charles University in Prague and Central European University in Budapest, after a master’s program in business administration at Bucharest Academy of Economic Studies. Since recently, he’s been exploring coding and data analysis for business and economics. As a freelancer, he worked for nearly two decades as an analyst for ISI Emerging Markets, Euromonitor International, Business New Europe, but also as a consultant for OMV Petrom and UkrAgroConsult. Iulian was part of the founding team of Ziarul Financiar. At Romania Insider, which he joined in 2018, he is reviewing the latest economic developments for the premium bulletins and newsletters. He would gladly discuss topics such as macroeconomics, emerging markets, Prague, energy sector including renewable, Led Zeppelin, financial services, as well as tech start-ups and innovative technologies. Email him at iulian@romania-insider.com. 

 

Romania's public deficit narrowed to 6.7% of GDP in 2021

Romania's general government budget deficit was 6.7% of GDP in 2021, according to preliminary data revealed by finance minister Adrian Caciu.

The Government will manage to end this year with a smaller deficit as well, he added. The official deficit target was set at 5.84% of GDP for 2022.

Official preliminary data for 2021 should be released soon.

The Government of Liberal (PNL) prime minister Florin Citu envisaged a 7.13% of GDP budget deficit and left a 4.7%-of-GDP (January-November) gap behind it, current PM Caciu stressed, according to local Adevarul.

He rejected the allegations voiced by former PM Citu, who repeatedly warned of the "rising public financing cost" and commented about such situations typically preceding or heralding recession episodes.

Finance minister Caciu refuted the risk that Romania may seek support from the International Monetary Fund.

"No, there is no such risk, there is no risk of recession - I heard all sorts of statements. The risk of recession, if interest rates and inflation rise, occurs when interest rates are well above inflation - which was the case during the 2010 crisis when interest rates were 10%, and inflation was 6%. Inflation is currently above interest rates," minister Caciu explained. 

iulian@romania-insider.com

(Photo source: Inquam Photos/Octav Ganea)

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