Romania has the fastest growing economy in the European Union, fiance minister Ionut Misa said after a flash reading of the country’s statistics board showed Tuesday the country’s gross domestic product expanded 8.8% on year in the third quarter, after 5.8% growth in the first half of the year.
The government first revised this year’s budget in September, raising funding across the board for wages but slashing investments.
Romania’s nominal gross domestic product is seen at RON842.5 billion lei from RON837.1 billion estimated back in September. The government raised projected revenue to the consolidated budget by RON280.2 and projected spending by RON503.8 million, maintaining a deficit target of 2.96% of GDP.
The budgets of the ministries of economy, regional development, EU funds, environment, and culture have been lowered, while those of the ministries of labor, interior, transport, health, justice, and education have been raised, mainly to pay off salaries.