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Romania sees record economic growth in 2017

The economic growth that Romania posted last year is definitely impressive. The National Statistics Institute (INS) announced on Wednesday that the country’s economy went up by 7% in 2017 as against the previous year. This is the most significant advance since 2008, a period also marked by sustained economic growth and followed by recession and austerity. According to the INS, in the last quarter of 2017 Romania had the biggest growth of all the 28 EU member states. An Eurostat report confirms this situation.
The main engine for growth has been household consumption, stimulated by smaller taxes and an increase in salaries, followed by the industry, but with little public investment for the second consecutive year.

Also on Wednesday, the Central Banks’ Board announced that the expected dynamics of economic growth remains robust in 2018, but it goes down in 2019. The National Commission for Prognosis has recently revised upwards, to 6.1%, the GDP advance estimated for this year, after an initial 5.5% forecast for 2018. Also, the World Bank has recently announced Romania is expected to report a 6.4% increase in its GDP for 2017 as compared to the 4.4% forecast in June.

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