\nThe average growth rate in the euro zone for the second quarter was 0.3%.
\nDespite the fact that the Romanian economy is showing signs of improvement, with unemployment reasonable, investment picking up and inflation falling, many Romanians are still pessimistic about the economy and their personal finances.
\nAnd they have reasons for that.
\nWhile the overall economy is growing, at the micro level Romanians are still facing developments that have significant impacts on their disposable income.
\nThe high prices of products and services that are an integral part of the household budget for many households (think food, utility bills, child care or education) put pressure on household finances, even though inflation, as reported by statistics, shows a downward trend and economic growth an upward one.
\nOn top of that, economic inequality is still high in Romania.
\nThere are large wage gaps and there are large differences between pensions, ‘special’which are quite generous and ‘ordinary’ pensions, which just cover the subsistence minimum.
\nRegional differences are also large.
\nEconomic growth varies greatly from province to province.
\nThe National Strategy and Forecast Commission’s calculations for this year show that the provinces with the lowest economic growth are D\u00e2mbovi\u021ba, Olt and Maramure\u0219, and on the other hand Bucharest, Bra\u0219ov or Constan\u021ba have the highest economic growth.
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GDP, the standard indicator of economic growth, is not designed to measure well-being.\nIt only measures the size of the economy, not the level of well-being of the people in that economy.
\nRelying too much on GDP as a comprehensive indicator of development can be misleading, and that is certainly the case here. <\/p>\n","protected":false},"excerpt":{"rendered":"