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February 28, 2021
BUSINESS

ING Romania: Inflation of 6.3 pc in 2009

ING Bank Romania has modified the forecasting regarding inflation and estimates an average annual rate of the price rises of 6.3 per cent at the end of 2009, against 7.1 per cent previously anticipated, reads a report of the bank, according to Mediafax.


ING analysts anticipate that the annual inflation rate will reach the minimum of the year, of 5.3 per cent in July. “We further predict the reversal of the disinflation process in August, because of some elements like the evolution of the oil price, a weak agricultural year or a new depreciation of the RON,” reads the report.


The inflation target of BNR this year is 3.5 per cent plus/minus one percentage point. The European Commission anticipates an annual inflation rate of 5.8 per cent in Romania in 2009. The annual inflation rate from each quarter is a performance criterion in the funding agreement concluded with IMF, but if the central level which was set is exceeded by two percentage points it will be necessary to adopt measures, as an obligation to continue the programme. The indicative target for 2009 was set at 4.5 per cent plus/minus one percentage point.


ING Bank Romania also modified the estimate regarding the decrease of GDP in 2009, to 7.1 per cent, vs. the level of 3.5 per cent anticipated in January, blaming the deterioration of the macroeconomic indicators in excess of the expectations, reads a report of the bank. Moreover, ING warns that the performances of the economy could be this year below the estimate of -7.1 per cent, largely depending on the results from agriculture. According to the chairman of the Economic Commission from Senate, Varujan Vosganian, the fall of GDP could reach 8-10 per cent in the second and third quarters of this year, after the reduction of over 6 per cent from the first three months, as a result of the decrease of the orders in industry.

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