World Bank has revised its initial estimation on Romania’s economic progress, setting a target of 2.5 percent growth in 2014, according to the Global Economic Prospects report published yesterday. In June 2013, the financial institution anticipated a lower increase, of 2.2 percent, however, the advance recorded over the past year, which exceeded expectations, determined a revision of the original forecast (there was anticipated a 1.6 percent growth in 2013, then 2.2 percent improvement this year, and 3 percent in 2015, respectively).
Also, within the following year, Romania’s GDP is expected to increase by 2.7 percent, followed by a similar economic growth in 2016. Thus, the estimations for the coming years are less optimistic compared with the last year’s report which indicated a higher advance in 2015.
Romania’s economy has seen a significant, yet unexpected improvement in 2013 when the agriculture sector boomed, corroborated by an increase in exports, which also lead to an important diminishing of the trade deficit.