Finance Minister Alexandru Nazare analyzed the data published today, February 13, by the National Institute of Statistics (INS) and emphasized that it shows a “cyclical adjustment, in the context of the historical deficit and the measures taken last year, and real growth in Romania’s economy.”
“Romanians need balance and concrete facts, not false alarms. (…) Romania is not in an economic crisis. The statistical definition published today describes two consecutive quarters of seasonally adjusted GDP decline and is not a verdict on the economy. A real recession implies widespread deterioration—rapidly rising unemployment, a sharp decline in production, and a collapse in investment. And the current data does not indicate such a picture. The economy is slowing down, but it is not contracting. (…) A small but real increase – and this is the real message for Romanians, not false alarms spread in the public sphere without a complete analysis of the data and context. (…) Thus, in contrast to the alarmist information so readily propagated in the public sphere, we must emphasize that Romania is far from the most pessimistic of scenarios,” he pointed out in a message posted on his official Facebook page.
- The statistical definition published today describes two consecutive quarters of seasonally adjusted GDP decline and is not a verdict on the economy.
- A real recession implies widespread deterioration—rapidly rising unemployment, a sharp decline in production, and a collapse in investment. The current data does not indicate such a picture. The economy is slowing down, but it is not contracting.
- All the data presented today are the expected result of a natural adjustment of the economy, through responsible measures imposed by the context of a long period of budgetary slippage.
- In 2024, certain episodes of economic growth were achieved in parallel with a sharp deterioration in budgetary balances, through measures with a high fiscal impact.
- This artificial stimulation was not sustainable and generated additional pressure on public finances. In fact, INS data indicate declines in GDP in the first two quarters of 2024, with -0.4% and -0.4% compared to previous quarters.
