RSS
Winter forecast 2014: Romania's annual growth to stand at 2.3 pct in 2014, 2.5 pct in 2015
Romania's real Gross Domestic Product (GDP) growth in 2013 has come out at 3.5 per cent thanks to a strong export performance driven by a robust industrial output and an abundant harvest, the European Commission reports in its winter 2014 economic forecasts of the European Union released on Tuesday. Growth is forecast to decelerate in 2014, to 2.3 per cent before slightly recovering to 2.5 per cent in 2015.
Growth drivers are expected to gradually switch from net exports to domestic demand over the forecast horizon.
The budget deficit in Romania is estimated to have been reduced to 2.6 per cent of GDP in 2013, from 3 per cent in 2012. It is slightly higher than previously projected, as it accommodates higher co-financing
For 2014, the budget deficit is forecast at 2.2 per cent of GDP, higher than previously projected, again reflecting higher co-financing expenditure for EU funds.
For 2015, benefiting from the expected acceleration in economic activity and based on the customary no-policy-change assumption, the deficit is projected to decrease further, to 1.8 per cent of GDP.