According to Romania’s Statistics Yearbook 2012, published at the end of last year, the country’s GDP was 556.7 billion lei (EUR125.9 billion) in 2011, down by RON22 billion compared with the figure estimated in March 2012.
Therefore, all data related to the GDP for 2012 and 2013 will be recalculated, meaning that also the public revenue and expenditure, which are expressed as percentage of GDP, will be automatically recalculated. Also, the budget deficit for the past two years will be revised.
In 2011, the budget deficit stood at RON23.8 billion. Based on the new figures, the deficit was 4.27% of GDP, and not 4.11% of GDP as previously announced.
The GDP for 2012, which was estimated at RON608.5 billion, will become RON583 billion, if the deflator is unchanged and the forecast for a 0.7% economic growth is attained.
The statistics institute has yet to make a public announcement on the revised data, but Prime Minister Victor Ponta has reacted to the “huge error,” by asking for a change of management at INS.
“This year, in order to stay within the deficit target we have to cut another billion lei [from the public expenditure], due to a calculation mistake,” Ponta told the government meeting Friday.
For 2013, the GDP was initially seen at RON648 billion, but now the forecast could be revised to RON621 billion. Accordingly, the estimations for budget revenue and costs will be scaled down.
However, the government is yet to announce the projected levels of both revenue and expenditure as it is currently debating the budget for 2013.
Contacted by MEDIAFAX, INS officials admitted the difference in figures, but they specified it was not a calculation mistake, but the reality shown by the final figures. Differences between estimated, semi-final and final data are recorded each year, INS representatives said, but they were never so large.