Romania managed to narrow its deficit down to 3 per cent of the GDP cap called for by the European Union. The development of the Romanian budget deficit followed the EU trend over 2008-2011, rising from 2008 till the end of 2009 and afterwards gradually falling till the end of last year, Agerpres reports.

In 2012, the lowest budget deficit was reported by Estonia and Sweden (both with 0.2 pc of the GDP), Luxemburg (0.6 pc of the GDP) and Bulgaria (0.8 pc of the GDP), while Germany (0.1 pc) had a budget surplus.

Eurostat also reveals that Romania ranks 4th in the EU by the lowest public debt as related to GDP in 2012, recording a public debt of 37.9 per cent of GDP (RON 222.794 bln). The country is exceeded only by Estonia (9.8 pc of the GDP), Bulgaria (18.5 pc) and Luxemburg (21.7 pc). In 2012, 14 members states had a public debt ratio above 60 pc of the GDP, the limit set by the EU: Greece (156.9 pc of the GDP), followed by Italy (127 pc), Portugal (124.1 pc) and Ireland (117.4 pc).

The Romanian public debt grew from 23.6 per cent of GDP in 2009 (RON 118.491 bln) to 30.5 percent of GDP in 2010 (RON 159.617 bln) and to 34.7 per cent of GDP in 2011 (RON 193.201 bln). (source: nineoclock.ro)