Romania 2011 Budget Gap Narrows To 4.35% Of GDP, Below IMF Target - Sources
Romanian consolidated budget posted a deficit of 4.35% of the gross domestic product in 2011, just shy of the government’s target of 4.4% of GDP agreed with the International Monetary Fund, government sources told Mediafax Tuesday.
In 2010, the country posted a budget gap of 6.5% of GDP.
Early January, the government said the Romanian economy grew by around 2% in 2011, versus a decline of 1.3% a year earlier. The authorities in Bucharest said at the time that the budget deficit was within the IMF-agreed target, but declined to give an exact figure.
The eastern European country plans to narrow its budget gap to 1.9% of GDP in 2012 and announced new measures to reduce public spending and increase revenues, including extending a freeze on wages and pensions into the first half of the year.
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