“In 2010, the consolidated budget deficit was 6.5%. This year, we will have a deficit below 4.4%. The [2012] budget (…) provides a deficit of 1.9%,” said Basescu.
The president added that Romania’s foreign debt is not too large at 33% of the GDP, but it should be careful, as the cost of borrowing is increasingly higher.
Romania’s budget deficit has risen steadily in the last few years, from 1.7% of the GDP in 2006, to 2.6% in 2007, 5.7% in 2008, 8.5% in 2009 and down to 6.4% in 2010.