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EBRD improves estimates about evolution of Romanian economy in 2023 to 2.5%
The European Bank for Reconstruction and Development (EBRD) improved its estimates about the evolution of Romanian economy in 2023 and 2024, according to the report “Regional Economic Prospects”, released on Tuesday by the international financial institution.
According to the latest EBRD prognoses, Romania's GDP will register a 2.5% advance this year, after a February prognosis that indicated an expansion of 1.7% in 2023. The increase was meant to accelerate to3.5% next year (compared to 3.2% estimated in February), the report shows.
Romania's advance reached 4.7% in 2022, due to the solid investment level, which grew by 8%. Household consumption was also robust, recording a 4.3% advance, despite high inflation. The harmonized index of consumer prices reached a top level of 14.6% in November and dropped to 12.2% in March. Basic inflation reached 8.4%, over the EU average of 6.6%, but lower compared to other East European economies, EBRD considers.
Romania's GDP is meant to register a 2.5% advance this year and 3.5% next year. Dropping inflation, the attenuation of financial conditions, a more rapid absorbtion of European funds, PNNR included, should back economic performance in 2023, the report shows.
According to data of the National Statistics Institute, released on Tuesday, Romanian economy grew slightly by 0.1% in quarter 1, 2023, compared to the three previous months, while GDP advance was 2.3% for gross series and 2.8% for adjusted series, compared to the similar period of 2022.