RSS
WB: Romania's economic growth in 2016, up from 3.9 percent to 4 percent
The World Bank has slightly improved its estimates of Romania's economic growth in 2016, from 3.9 percent to 4 percent, as previously forecast in January, according to its biannual 'Global Economic Prospects' report released on Tuesday.
On the other hand, the World Bank downwardly adjusted its estimates of GDP growth in Romania in the next two years: to 3.7 percent in 2017 and 3.4 percent in 2018, down by 0.4 percentage points and 0.4 percentage points, respectively, from January's forecast.
The World Bank is projecting Europe and Central Asia, Romania included, to advance 1.2 percent in 2016, down 0.4 percentage points from its January projections, and speed up to 2.5 percent in 2017 and 2.8 percent in 2018.
Global growth for 2016 is now forecast at 2.4 percent, down 0.5 percentage point from January projections, as a result of softer-than-expected growth in advanced economies, further declines in commodity prices as well as well as lackluster global trade and capital flows.
With a GDP growth of 1.6 percent in Q1, 2016 compared with the previous quarter, Romania reported the highest economic growth rate among the European Union's 28 member states, according to Eurostat estimates released on Tuesday.
In Q1, 2016 compared with Q1, 2015, Romania and Sweden recorded the highest economic growth rates in the EU, of 4.2 percent, followed by Slovakia (3.7 percent) and Spain (3.4 percent). Greece was the only member state to record a decline (minus 1.4 percent).
In its spring estimates released early this May, the European Commission estimated the Romanian economy to advance 4.2 percent in 2016 on robust domestic demand, and to slow down to 3.7 percent in 2017.