On 29 July, Romanian President Traian Basescu, who has held a long battle over austerity policies with Prime Minister Victor Ponta, survived the impeachment referendum called by Ponta's ruling USL coalition. Although the electorate voted massively against Basescu, low voter turnout invalidated the impeachment referendum, which required a participation of over 50% to be validated by the constitutional court. That said, the constitutional court postponed the final ruling until 12 September, therefore prolonging the political unrest in the country. Intensifying political tension heading to parliamentary elections, which are likely to be held in December or early 2013, could jeopardize the fiscal consolidation process in place under the IMF-EU program as well as dampen economic activity.
President Basescu survives impeachment referendum
July 30, 2012
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Romania Economic News
October 12, 2016
Industrial output expanded 5.3% in August from the same month last year, which was the fastest expansion in one year.
October 11, 2016
In September, consumer prices inched down 0.1% from the previous month, contrasting August’s 0.1% expansion.
September 14, 2016
Industrial output contracted 3.4% in July over the same month last year, which was the fastest contraction rate in almost seven years and contrasted the 1.1% expansion recorded in June.
September 9, 2016
In August, consumer prices inched up 0.1% over the previous month, rebounding from July’s 0.2% contraction.
September 6, 2016
In second quarter of 2016, the economy expanded 6.0% over the same period of the previous year, the fastest rate of growth since Q3 2008, according to detailed data released on 6 September.