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Isarescu: Economy will grow above potential, uncertainties remain

Romanian economy will grow above potential, especially due to a rise in internal demand, but local and international uncertainties still dominate the market, says Romanian central bank governor, Mugur Isarescu.

2015-11-09 15:56:05 - by Bogdan Tudorache

"Our next year projection sees a surplus of demand, according to the current data. In addition to that, the economic sentiment index shows a positive evolution" of the economy, Isarescu says.
As Romania sees a growth in consumption, fueled by the domestic demand, also the local investment sees a positive rebound. "We see a growth in the gross formation of fixed capital…the demand for machine-tools and vehicles is booming," he explains.

Investment lending is up, and "ever more active seems the real estate lending".

Central Bank officials also told Outsourcing Today that even if real estate refinancing from exotic currencies and euro into lei dominated the previous period, it is reduced now to a mere 15-20% for the Swiss Francs, and it will be soon marginal. This outlook seems positive for the market as a whole, since the lending shifts up a gear.

However, prudence is key, says Isarescu, as the productivity pace level is still under the salary acceleration rate.

"We should be prudent as regards of salary increases," says Isarescu.

But even if the demand accident is above the previous values, uncertainties remain.

"Uncertainties are dominating. We hope they will be reduced by next spring. Our synthetic target is stabilizing," Isarescu says, concluding that the leu/euro exchange rate will be kept stable, the inflation- under control, and the interest rates (the key rate now 1.75%) still offer a grip for further monetary intervention into the market.


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