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September 27, 2022

PM Florin Citu: Romania’s economic growth in Q4 2020 – biggest in EU

Romania had the biggest economic growth in the European Union during the fourth quarter of 2020, Prime Minister Florin Citu declared on Tuesday at the end of governing coalition session, which took place at the House of Parliament.

“Very good news today for Romania’s economy. What I said in 2020 and throughout the year, while the Social Democratic Party’s mouthpieces tried to contradict me, was proven true: Romania had the biggest economic growth in the European Union during the fourth quarter and one of the smallest economy declines. They said that we will lead the economy into shambles: -9, -10, -7 percent shrinkage. Romania’s economy had a contraction of -3.9 and an economic growth of roughly 3% during the fourth quarter, one of the few EU countries that avoided technical recession,” the Prime Minister explained.

He emphasized that, according to available data, Romania has the chance of an economic bounce-back in the first quarter of this year, namely “to recover all which was lost during last year’s crisis”.

“This very clearly means that the measures we took last year and for which we were attacked almost daily were very good measures, which yielded results, and that is how we will continue in 2021,” Prime Minister Florin Citu specified, according to Agerpres.


V-shaped economy recovery, a certainty


Prime Minister Florin Citu states that the recovery of the economy in “V” is “a certainty,” after, according to data published by the National Institute of Statistics, in the fourth quarter of 2020 Romania’s economy rose by 5.3%.

“Romania’s economy – performance that shatters apocalyptic estimates! In the fourth quarter of 2020, Romania’s economy grew by 5.3%!!! A fantastic performance. The fastest recovery of the economy in history. We promised. We did it. We were right. The recovery of the economy in V, a certainty!,” Florin Citu says on Tuesday in a post on his Facebook page.

He recalls that in 2020 Romania’s economy, along with the global one, was hit by the biggest crisis in the last hundred years.

“However, it contracted by only 3.9%. We took the best measures from an economic point of view and shattered all apocalyptic estimates. Together we managed to recover the economy and have this result. Romania performed in 2020 by 5% better than the initial estimates and on average by 2.5% better than all the estimates published by the international institutions, the European Commission, the rating agencies and the financial institutions,” adds Citu.

The prime minister points out that 2021 is the year of reforms and investments.

“We do not stop here. This year is the year of reforms and investments. We are correcting 30 years of delays and populism. In this first term, of 4 years, I promise to put the economy on a path of sustainable economic growth and to create an economic milieu in which all Romanians have the chance to succeed,” Citu also states.

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