IMF improves estimates of Romania's economic growth in 2017, 2018

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The International Monetary Fund (IMF) has marked up from 4.2 percent to 5.5 percent its growth estimates for the Romanian economy this year, according to the latest World Economic Outlook published on Tuesday by the IMF.

The IMF also improved its forecast for the pace of growth of Romania's economy in 2018 to 4.4 percent as against the 3.4-percent forecast released in April.

According to the world economic outlook document, Romania and Iceland will record this year's the largest economic growth in Europe of 5.5 percent.

Overall, Europe would see an economic growth of 2.5 percent, while Emerging Europe, a region including Romania, should witness a GDP growth of 4.5 percent.

Consumer prices in Romania this year, according to the estimates of the international financial institution, have been downwardly revised to a 1.1-percent increase, from a 1.3-percent increase as forecast in April, with the increase in prices expected to accelerate in 2018 to 3.3 percent, above the 3.1-percent increase previously projected by the IMF.

The IMF also revised its current account deficit projected for Romania to 3 percent in 2017 (from 2.8 percent previously) and 2.9 percent in 2018 (as against 2.5 percent forecast in April).

On the other hand, the IMF has marked down its estimates of unemployment in Romania, which is expected to stand at 5.3 percent this year, compared with 5.4 percent previously estimated, to reach 5.2 percent in 2018, similar to the forecast in April.

Romania's National Statistics Institute (INS) has slightly marked up Romania's GDP growth in the second quarter of this year, according to new data released on Tuesday, showing the Romanian economy having climbed 1.7 percent in real terms on a quarterly basis, and 6.1 percent (raw series) from the same quarter of the year before.

In the first six months of 2017, Romania's economic growth was 5.9 percent in raw series and 5.8 percent when seasonally adjusted. Data released in September showed the Gross Domestic Product advanced 5.8 percent in raw terms in H1 2017, y-o-y, and 5.7 percent in seasonally adjusted terms.

The most significant contribution to the GDP growth was provided by final consumption (5.2 percent, slightly lower than the data published in September, which showed a contribution of 5.4 percent). AGERPRES (RO — author: Mihaela Dicu, editor: Oana Tilica; EN — author: Corneliu-Aurelian Colceriu, editor: Rodica State)

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