Ascultă Radio România Actualitaţi Live

Statistics Regarding Romanian Economy

Over the past years, Romania has significantly reduced its public deficit and now stands among the countries with debts below the European average.

Statistics Regarding Romanian Economy
Photo: rri.ro.

Articol de Radio România Internaţional, 23 Aprilie 2015, 09:10

According to data made public by the Statistical Office of the European Union, Eurostat, Romania is one of the EU countries with the lowest public debts and pretty small budget deficits in 2014, against rising averages across Europe, in particular in the Eurozone.

Although in the past four years Romania’s state debt has increased by some 16 billion Euros, it still remains low as compared to other EU countries.

Eurostat data show that in 2014 Romania’s public debt stood below the rate of 40% of the GDP, being the fourth lowest after Estonia, Luxembourg and Bulgaria.

At the opposite pole there stood Greece, with a debt accounting for 175% of the country’s GDP, followed by Italy and Portugal, both with debts exceeding 130% of their GDPs.

As regards Romania’s budget deficit, it significantly shrunk in four years, from 5.5% of the GDP in 2011, to 1.5% in 2014.

Last year, the lowest budget deficits, calculated as a percentage from the gross domestic product, were registered in Lithuania, Latvia and Romania.

Also in 2014, Denmark, Germany, Estonia and Luxembourg exceeded the 3% of the GDP limit set under the Maastricht Treaty.
Ranking first were Cyprus, Spain, Croatia and Great Britain.

Eurostat figures also show that in 2014 Romania’s revenues to the state budget accounted for some 33% of the GDP, with expenditure standing at around 35%.

The data was made public in the run-up to the country recommendations to be made by the European Commission in May, on the basis of the information provided by the EU countries for the 2011-2014 period.

Just a few days ago, the Chief-Economist of the National Bank of Romania, Valentin Lazea, stated that for Romania to join the Eurozone agreement, its GDP per capita based on purchasing power parity should exceed 63% of the EU average.

In 2014, the GDP per capita in Romania was 55% of the EU average.

Lazea explained that the poorest countries in the EU allowed to join the Eurozone were Estonia, with a GDP per capita accounting for 63.4% of the EU average, and Latvia, with 63.8%.

It is therefore very unlikely that the EU will accept another candidate with a GDP per capita lower than those rates, because that would mean trouble for both the country concerned and the EU in general, Valentin Lazea also said.

In his opinion, in order to reach a rate of 63%, Romania’s economy should grow by 2% for seven years in a row.

Parliament's weekly agenda
News in English 31 Martie 2025, 15:34

Parliament's weekly agenda

The legislative proposal on tougher penalties for drivers who get behind the wheel after taking drugs will go before senators...

Parliament's weekly agenda
INFOMama app, health information and services for pregnant women and mothers
News in English 31 Martie 2025, 15:33

INFOMama app, health information and services for pregnant women and mothers

The organization "Save the Children" Romania launches on Tuesday, at the Senate, the mobile application INFOMama,...

INFOMama app, health information and services for pregnant women and mothers
Opening ceremony of the multinational exercise "Sea Shield" in Constanta
News in English 31 Martie 2025, 15:33

Opening ceremony of the multinational exercise "Sea Shield" in Constanta

"Sea Shield 25" includes combat sequences that will test the coordination and response capabilities of the...

Opening ceremony of the multinational exercise "Sea Shield" in Constanta
Ilie Bolojan: Thanks to the NATO shield, Romania has become a safe place
News in English 31 Martie 2025, 04:01

Ilie Bolojan: Thanks to the NATO shield, Romania has become a safe place

Romania will continue to contribute to the promotion of global security and democratic values, interim President Ilie Bolojan...

Ilie Bolojan: Thanks to the NATO shield, Romania has become a safe place
The electoral period for by-elections has started in 19 municipalities
News in English 31 Martie 2025, 03:59

The electoral period for by-elections has started in 19 municipalities

The electoral period for the by-elections that will be organized in 19 localities in 14 counties of the country on May 4, on...

The electoral period for by-elections has started in 19 municipalities
Land and property owners will be able to get their registry extracts online for free
News in English 31 Martie 2025, 03:58

Land and property owners will be able to get their registry extracts online for free

Owners of land and real estate will be able to get their land register extracts free of charge at the land registry counter...

Land and property owners will be able to get their registry extracts online for free
Internship at the Romanian Government
News in English 29 Martie 2025, 20:52

Internship at the Romanian Government

Young people interested in how public administration works can apply for a new edition of the internship program at the...

Internship at the Romanian Government
If the current majority coalition remains on the defensive, it will make a serious mistake, says Prime Minister Marcel Ciolacu
News in English 29 Martie 2025, 20:51

If the current majority coalition remains on the defensive, it will make a serious mistake, says Prime Minister Marcel Ciolacu

If the current majority coalition will remain on the defensive, it will make a serious mistake, says Prime Minister Marcel...

If the current majority coalition remains on the defensive, it will make a serious mistake, says Prime Minister Marcel Ciolacu