ECONOMY FINANCE&BANKING

Standard & Poor’s reconfirms Romania’s long-term public debt rating

Romania’s long-term public debt rating stands at BBB-, with stable perspective, on Friday evening announced the Public Finances Ministry (MFP), by quoting the Standard & Poor’s rating agency.

This reconfirmation is owed to the positive expectations on the economic growth in the 2015-2018 period, for which Standard & Poor’s estimates an average 2.5pct increase with a significant contribution from the domestic demand’s outlook.

“The agency says that the pro-cyclical fiscal stimulation, in particular visible through the VAT cut for food and the minimum wage rise, will boost the growth of the private consumption, sustained by the diminishing of the oil price, the surge of incomes and of occupation’s rate. In this context, one appreciates that the recent fiscal measures will support Romania’s economic growth in the following years,” the MFP release says.

According to the National Prognosis Commission (CNP) quoted by Agerpres, the Gross Domestic Product will go up by 3.4pct this year, after an advancement of 2.8pct in 2014, while the National Statistics Institute (INS) has reviewed on an uptrend the data referring to the Romanian economy’s growth in the first half of 2015, the GDP increase being 3.8pct for both the gross and the seasonally adjusted series.

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