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Bucharest
September 27, 2022
BUSINESS

FinMin Valcov says the Romanian economy will grow by over 3 percent in 2015

Minister of Public Finance Darius Valcov considers the Romanian economy will grow next year by over 3 percent and that budget collections will be above the amount projected in the draft state budget which was put up for parliamentary debates on Friday.

“There’s no way for me to believe in an economic growth of 2.5 percent (the draft budget is built upon – Ed. note) next year, meaning that that there’s no way for me to believe in a growth of less than 3 percent (…). I am convinced we’ll have higher than planned revenues (…) In making this assumption I rely on payment compliance, on the actions of the National Tax Administration Agency and on a much higher than projected economic growth,” Valcov said at the Palace of Parliament.

During the recent negotiations carried by the Romanian authorities with a joint IMF and EC mission, the sides failed to come to terms on the amount of revenues for 2015 and the draft budget provides for more prudent budget collections next year, which can however be subsequently adjusted according to developments in the first half of the year.

The additional revenues expected by the authorities for the first half of 2015 could be used to promote a reduction of the VAT as of the second half of the year which could translate into either a cut of the 24 percent rate overall, or the cut of the 24 pct rate to 9 pct for certain categories of food – meat, vegetables and fruit

 

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