According to National Statistics Institute, in 2007 Romania’s trade deficit deepened to more than 21.5 billion euro, this means 44.3% increase compared to 2006. During this period, the total value of exports grew by 13.7%, while imports increased with 24.9%.

One of the reasons seems to be the goods temporarily introduced in duty frees and customs and also the introduction of the general commercial system for intra-communitarian goods (Intrastat). In this systems the goods are registered only at the moment when they pass the frontier, and not when they circulate within the free area, as before in the Extrastat National Statistics Institutecommercial system.

The European Comission reacted promplty, criticizing the Romanian government’s budget strategy and gave us some recommendations. Which will problably not be followed, since we have an election year ahead of us.

The average inflation rate in the 13 countries in Euro area has increased to 3,1% in November (year-on-year inflation: 2,6% in October, 2,1% in September 2007). This is the highest level since single currency introduction, in 2002.
The Member State with the highest inflation rate in Euro area was the new-comer Slovenia (5,7%), and the lowest rate was in The Netherlands 1,8% (both in Euro zone and in the entire EU).
Main reasons: prices were pushed up by factor such as: transport fuel and heating oil and higher costs for basic foods: milk, cheese and eggs etc.).
In the entire EU the average rate was also 3,1% in November, and the highest point was reached in Latvia: 13,7%.
N.B.: For Romania: 6,67%, while the target was 4% +/- 1%.

“This calls for renewed attention and moderation from governments, social partners and companies to avoid second-round effects,”

said Amelia Torres- EU Commission spokeswoman