Fiscal Council | Romania Feed

The first half of 2024 brought a series of moves with a negative impact over the budgetary execution and, amid the lack of fiscal-budgetary consolidation moves, the gap is likely to go beyond 7% of GDP this year, with the risk of its heading toward 8% of GDP, reads a Fiscal Council report.

The profitability of Romanian state-run and private companies, exclusively the ones in the financial sector, has improved in 2020, but the financial results were decisively impacted by the massive economic support measures adopted by the state, in line with an analysis by the Fiscal Council.

Romania’s Fiscal Council says the macroeconomic scenario revised by the government, which envisages an economic contraction of 4.2% in 2020 and, despite being more adequate than the previous one forecasting a 3.8% decline of the real GDP, seems more optimistic relative to the evolution of the economy and the COVID-19 pandemic.