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Investments had a positive contribution to the economic growth of 0.4 percentage points in the second quarter, and the net median nominal wage has increased in July by 8.1 pct, over July 2019, yet, in order to maintain rhythm and to ensure a rapid recovery of the economy, it's necessary that the fiscal and monetary policies work together, states the Minister of Finance, Florin Citu.
"Good news from the economy, in the context of the biggest economic crisis in the last hundred years. In the second quarter the economy was affected by nearly two months of state of emergency. Still, the investments have a positive contribution to the economic growth of 0.4 percentage points. I don't believe there are many countries that can show such a performance. The second good item of news, in July the net median nominal wage rose by 8.1 pct over July 2019. This increase of the net income that millions of Romanians benefit from is very important, especially in the context of the global economic crisis. In order to maintain rhythm and to ensure the rapid recovery of the economy it's necessary that the fiscal and monetary policy work together," wrote the Finance minister, on Tuesday, on his Facebook page.
Florin Citu emphasized that the fiscal space is limited, but there is room for relaxation on the monetary policy side, both in incomes as well as in minimum mandatory reserves, and the injection of liquidity in the economy up to now functioned perfectly and must be continued.
According to provisional data published on Tuesday by the National Statistics Institute (INS), the Gross Domestic Product in the second quarter was, in real terms, smaller by 12.3 pct, compared to the first quarter of 2020.
Over the same quarter of 2019, the Gross Domestic Product recorded, in the second quarter of 2020, a drop by 10.5 pct, both in the gross series, as well as in the seasonally adjusted series. In the first half of 2020, the Gross Domestic Product dropped, compared to the first half of 2019, by 4.6 pct in the gross series and 3.9 pct in seasonally adjusted series.
On the other hand, the gross median nominal wage was 5,468 RON, in July 2020, by 99 RON, by 1.8 higher than in June 2020, and the net median nominal wage was 3,372 RON, increasing over the previous month by 74 RON (+2.2 pct), show the INS data.
Compared to the month of July of the previous year, the net median nominal wage increased by 8.1 pct.
