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Slight economic growth predicted for Q2, 2010

Romania might record a slight economic growth in the second quarter of 2010 year on year if the assessments of the industrial sector conducted by the Ministry of Economy, Commerce and Business Milieu are considered, Economy Minister Adriean Videanu told a Unimpresa seminar on Tuesday.

'Based on the assessments conducted by the Economy Ministry into data concerning the industrial consumption of natural gas and electricity, I can say that I am optimistic. We can talk of a slight economic increase in the second quarter of 2010. Industrial consumption advanced 3-4 percent on a monthly basis, which is a positive sign,' said Videanu.

He pointed out that the industry recorded four consecutive months of growth, which is a positive sign to the economy.

'Industry recorded four consecutive months of growth, with an average rise of 5.2 percent. Industrial orders grew by 17 percent in January. Industrial production is the engine for economic growth,' said Videanu.

The minister also sees the success of the eurobonds issued by the Romanian Finance Ministry as another positive sign.

'The success of the eurobond issue worth 1 billion euro released by the Finance Ministry is also a positive sign to the economy,' said Videanu.

Romania has attracted solid demand for its eurobond issue released early this March, raising 1 billion euro, for a market differential of 268 points over the market indicator, and this was its first foray into the capital market since the breakout of the financial crisis.

Romania's eurobond issue attracted bids worth 4.9 billion euros, which is said to be proof to the interest of investors in Central European issuers, as indebtedness there is smaller than that in troubled euro-zone member states.

Romania has lately been issued a 'Baa3' rating, outlook stable, by Moody's Investors Service and a 'BB+' rating by Fitch Ratings and Standard & Poor's. Over the past two weeks, both credit rating agencies upgraded Romania's outlook from negative to stable. The improvement is said to have been the result of the resumption of a loan agreement concluded with the International Monetary Fund and the European Commission after the Romanian Government adopted a 2010 austerity budget.

Sursa: http://www.agerpres.ro

Tags: economy industrial growth slight economic euro

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