The downward revision of the GDP for the year 2011 will change the economic indicators, as well as lead to the replacement of the National Statistics Institute. A GDP of just 557 billion lei, compared to the initially reported 578 billion lei, will reduce the economic growth for the year 2011 to 2.2%, down from the initial number of 2.5%.

Also, the numbers forecasted by the National Forecast Commission (CNP) in the month of November, for the GDP values of 2012 and 2013 will be revised too. In the autumn forecast for the 2012-2016 period, the CNP estimated that the economy would grow by 0.7%, to 608.5 billion lei, in 2012, and 2%, respectively, to 648.7 billion lei, this year. If the Commission maintains its percentage estimates, the GDPs for 2012 and 2013 would just drop to 587 billion lei, and 625 billion lei, respectively. Based on these estimates, the Government intends to set the budget for this year. The president of the National Forecast Commission, Ion Ghizdeanu, said that the institution he leads has not yet completed the forecasts for 2012 and 2013, but he said that they will see important changes, following the final data announced by the National Statistics Institute (INS).

This year, a smaller GDP would lead to reduced budget revenues and expenditures. On Thursday, Prime Minister Victor Ponta has announced that the Government will need to cut off one billion lei out of the expenses stipulated for this year, in order to fall within the budgetary deficit. However, he did not specify whether the weight of revenues and expenses in the 2013 GDP will remain the same as last year, 32.4%, and 34.1%, respectively.

Another consequence of the downward revision of the GDP stems from the increase of the budget deficit. Thus, the deficit pertaining to 2011, of 23.8 billion lei, now represents 4.27% of the GDP, instead of 4.11%, according to the initia