Romania’s GDP grows by 34% in 2019 compared to 2016

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By Andra Beltz
Romania’s economic growth will be more than 5% next year, because there is great potential. The government will promote many measures on the economic area and the tax evasion to support the economy, Minister of Public Finance Eugen Teodorovici said on Sunday evening.
‘The economic growth next year will be high by 5%. It must be at this level because it exists, but there will be many measures that we will propose this year on the economic area and to reduce tax evasion, etc. This year we went on 5.5% economic growth. (…) Romania’s GDP is 1,031 billion lei and increased by 34% compared to 2016, said Teodorovici, who will be the economic growth next year.
However, some intemational organizations have more pessimistic forecasts.
On July 10, the European Commission revised the estimates for the growth of the Romanian economy this year, given that in May the EU executive indicated an advance of 3.3% of the Gross Domestic Product.
For next year, the EC expects a slight moderation in the advance of the Romanian economy, to 3.7% compared to 2019, according to the summer economic forecasts. In May, the EU executive predicted an 3.1% expansion in gross domestic product in 2020.
According to the 2019-2022 Convergence Program published by the Ministry of Finance, an economic growth of 5.5% is estimated for the year 2019 as a result of a positive contribution of domestic demand (6.1 percentage points) and a slightly negative contribution of net exports -0.6 percentage points). For 2020, the growth forecast is 5.7%.
At the beginning of April, the International Monetary Fund (IMF) revised downward to 3.1%, from 3.4%, estimates of the Romanian economy’s evolution in 2019, and the European Bank for Reconstruction and Development estimated on May 8 that the Romanian economy this year will see an increase of 3.2%, compared with a 3.6% advance projected in November.

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