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January 31, 2023
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Economy Finance Politics Romanian News

Romanian Government Publishes Draft Budget for 2023

The Romanian Government kept its promise and published the draft state budget for 2023 on Tuesday, December 6. This is to ensure the budget for 2023 is voted on before the end of this year.

The document mentions a 16 billion EUR budgetary deficit, meaning 4,4% of GDP, a concerning figure in the current crisis context and after these pandemic years.

Also, the draft state budget for the next year mentions a projected annual growth of 2.8%, a somewhat optimistic percentage given that 2023 is announced to be very difficult for the European Union. According to experts, in 2023, the recession will swipe Europe, and member states will be seriously affected.

According to the draft budget, inflation at the end of the year should slow to 8% in 2023, compared to 15.2% in 2022, while the current account deficit will decrease to 8.5% of GDP from 8.8 % this year.

On top of that, the draft budget mentions that the Investment expenditures amount to approximately 23 billion EUR, representing approximately 7.22% of the GDP.

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