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News 16 Aug 17

Romania’s Economy Named EU's Fastest Growing

Romania’s economy grew by a healthy 5.9 percent in the second quarter of the year, pushing its GDP to its highest level in 12 months. 

Ana Maria Touma
Romania's economy is expected to expand by 4.2 per cent, according to International Monetary Fund forecasts. Photo: GotCredit/Flikr

Romania’s economic growth exceeded expectations in the second quarter of 2017, keeping its position as the fastest growing country in Central and Eastern Europe.

Romania’s gross economy went up by 5.9 per cent in the second quarter of this year compared to the same period of 2016, according to the country’s National Statistics Institute as well as the EU statistics body, Eurostat.

GDP growth accelerated from 5.7 per cent in the first quarter, which pushed it to its highest level in 12 months.

Romania exceeded the average forecast in the region, estimated at 4.8 to 5.1 per cent.

Eurostat data released on Wednesday showed Latvia had the EU's second fastest growing economy, recording a year-on-year increase of 4.8 per cent, followed by the Czech Republic, on 4.5 per cent.

According to the latest World Economic Outlook of the International Monetary Fund, IMF, released in April, Romania's economy is expected to expand by 4.2 per cent this year, aided by its fiscal policy and by rising wages for Romanian workers. 

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