BUSINESS

Romania – highest inflation in European Union

Romania’s annual inflation was the highest in European Union (EU), reaching 8.4 per cent, Eurostat informs. Second highest annual inflation, in April 2011, was noticed in Estonia (5.4 per cent), followed by Lithuania and Hungary (both 4.4 per cent). The lowest annual rates were observed in Ireland (1.5 per cent), the Czech Republic (1.6 per cent) and Sweden (1.8 per cent). Compared with March 2011, annual inflation rose in sixteen Member States, remained stable in two and fell in eight.

Hereby, EU annual inflation was 3.2 per cent in April 2011, up from 3.1 per cent in March. A year earlier the rate was 2.1 per cent. Monthly inflation was 0.5 per cent in April 2011.

The lowest 12-month averages up to April 2011 were registered in Ireland (-0.4 per cent), Latvia (1.3 per cent) and the Netherlands (1.4 per cent), and the highest in Romania (7.2 per cent), Greece (5.0 per cent) and Estonia (4.3 per cent).
Moreover, euro area annual inflation was 2.8 per cent in April 2011, up from 2.7 per cent in March. A year earlier the rate was 1.6 per cent. Monthly inflation was 0.6 per cent in April 2011.

Exports boom

On the other hand, Romanian exports reported the sixth rise in the EU, of 42 pc, in the January-February interval, after not-seasonally-adjusted exports rose, from EUR 4.9 bln, in the first two months of 2010, to EUR 6.9 bln. Bulgaria reported the highest rise in exports (59 pc), followed by Lithuania (51 pc), Malta (49 pc), Estonia and Latvia (45 pc each), Romania (42 pc) and Greece (39 pc), according to figures supplied by Eurostat. Germany’s exports rose by 21 pc, French exports rose by 15 pc and UK reported a 26 pc-rise.

EU27 trade with all its major partners grew in January-February 2011 compared with January-February 2010. The most notable increases were recorded for exports to Turkey (+47 per cent), Russia (+46 per cent), China (+33 per cent) and South Korea (+31 per cent), and for imports from Brazil (+41 per cent), Russia (+33 per cent), Norway (+30 per cent) and Turkey (+28 per cent).

The EU27 trade surplus increased with the USA (+11.1 bln euro in January-February 2011 compared with +7.9 bln in January-February 2010), Turkey (+3.3 bln compared with +1.4 bln) and Switzerland (+3.3 bln compared with +2.7 bln). The EU27 trade deficit increased with China (-27.9 bln compared with -22.8 bln), Russia (-16.4 bln compared with -13.2 bn), Norway (-8.3 bln compared with -6.4 bn) and Japan (-3.5 bln compared with -2.8 bln), but reduced with South Korea (-1.0 bln compared with -1.7 bln).

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