Isarescu: Romanian economic growth in 4-5 percent of GDP band this year – BNR model

Newsroom 09/02/2017 | 15:35

The governor of the National Bank of Romania, Mugur Isarescu, did not want to comment on the growth estimate of the government of 5.2 percent of GDP this year for the economy, but said that the BNR forecast is in the 4-5 percent of GDP band.

„The economic growth forecast from BNR model is confidential, but it’s around 4 and 5 percent. It’s not relevant for the budgetary construction, but it doesn’t have to be in opposition with the Government computation, but strictly related to our macroeconomic model,” said Isarescu.

Isarescu didn’t want to comment on the economic growth forecast of Grindeanu’s government.

“We were wrong too with the inflation forecast, the inflation was lower than we estimated. There are analyst who don’t trust our forecasts, but this is how forecasts are. We work in a market economy and we have many factors that can influence the growth; we can have a come back of the consumption loans or one of the credit to corporations,” said Isarescu.

He presented the report regarding the inflation, revising the inflation forecast downward for the end of 2017, by 0.4 percentage points to 1.7 percent.

For the end of 2018, the BNR estimates an inflation rate of 3.4 percent by 0.2 percentage points for the previous forecast, the target being 2.5 percent, +/- 1 percentage point.

According to the governor, the annual inflation rate was relatively stable during the last quarter of 2016.

Georgiana Bendre

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