The Government has passed a second budget revision for 2016

The Government has passed a second budget revision this year, a positive one as Finance Minister Anca Dragu said, adding that it is a revision that reflects the efficient manner in which public money has been managed, as well as economic growth. "We adopted today a second budget revision this year. It is a positive one, the second positive this year, which is an excellent picture of our efficient management of public money and excellent economic development. We have secured macroeconomic balance, while providing trust and predictability to investors. We have kept the Government deficit for 2016 at 2.8 percent of the Gross Domestic Product (GDP) in cash terms and 2.95 percent against ESA methodology," Dragu told a news conference quoted by Agerpress. She said Romania's GDP advanced about 5.2 percent in the first quarter of 2016 on positive developments in domestic demand, while a more obvious increase in investment was reported in the second quarter, at 10.7 percent.

"It is worth mentioning an increase in the raw added value in all economic sectors: an increase by more than ten percent in agriculture; an increase by seven percent in services, a 4.9- percent rise in construction works, as well as an 1.8-percent rise in industry," said Dragu.

She added that Romania's industrial output in the first eight months of 2016 went up 1.1 percent over the output in the first eight months of the year before, with a 2-percent increase in construction works.

Likewise, exports in the first nine months of 2016 went up 4.3 percent, with imports of goods up 6.8 percent from the same period of the year before.

"Foreign direct investment totalled 2.7 billion euros, which was a record growth by 18.6 percent from the same period of the year before," added Dragu.

Consumer prices in the first 10 months of 2016 declined 1.73 percent on the average, with y- o-y October inflation down 0.43 percent, according to the finance minister.

In addition, unemployment declined in the first nine months of 2016, from 450,000 to 429,000 unemployed, with the gross average income gains up from 2,681 lei at the time the budget was built, to 2,815 lei estimated for the close of the year 2016.