The National Forecast Commission has revised upwards the growth of Romania’s GDP to 6.1 percent this year in its winter edition of the medium term forecast 2017-2021. In the autumn edition, the institution forecasted a 5.5 percent economic growth for 2018.
For the upcoming three years, the commission has maintained the forecasts on Romania’s GDP growth to 5.7 percent in 2019 and 2020 and to 5 percent in 2021.
The value of the Gross Domestic Product in current prices will go up to RON 924.2 billion this year, to RON 995.4 billion in 2019, RON 1,072 billion in 2020 and RON 1,148 billion in 2021.
Final consumption is expected to go up by 6.3 percent this year, up from the previous forecast of 5.8 percent released in autumn, given the increase in individual consumption of households by 6.6 percent. In the upcoming three years, the increase in consumption will slow down to 5.6 percent in 2019, 5.4 percent in 2020 and 4.9 percent in 2021.
On the other hand, investments will go up by 7.9 percent in 2018, 8.4 percent in 2019, 8.6 percent in 2020 and 7.4 percent in 2021.
Both the European Commission and the International Monetary Fund (IMF) are forecasting, for 2018, that the Romanian economy will grow up to 4.4 percent.
The World Bank forecasts that the economy will grow to 4.5 percent of the GDP in 2018, while the European Bank of Reconstruction and Development forecasted that the Romanian economy will grow by 4.2 percent.
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