Radulescu’s forecast comes in the context in which the household saving rate fell from 14.4% in the first quarter to 14.3% in the second quarter, due to an increase in expenditure, compared with household income, according to data released Friday by Romania’s statistics board INS.
During the same period, household income rose by 7.2%, compared with the previous quarter, and by 24.7% year-on-year, up to RON4,151, a record high to date. Radulescu noted that the increase was due to a positive climate on the workforce market and to wage raises in the public sector.
Also, household expenditure grew by 7.3% quarter-over-quarter and by 27.2% year-over-year, up to RON3,558.