National Prognosis Commission revises upwards to 4.2pct projection of GDP growth in 2016

The National Prognosis Commission (CNP) has revised upwards the projection on the GDP growth to 4.2pct for this year and the 2015 estimate to 3.7pct, according to the 2016 Winter Prognosis. 

In the autumn forecast, published in November last year, the institution estimated a GDP advance of 3.6pct in 2015 and 4.1pct in 2016. In the spring, the CNP projections indicated an economic growth of 3.3pct in 2015 and 3.4pct in 2016. 

For 2017, the CNP estimates an economic growth of 4.3pct in Romania, also on the rise from the autumn forecast of 4.2pct. 

The nominal GDP is estimated at 751.5 billion lei in 2016 and at 801 billion lei in 2017. 

Services (with 1.6pct), followed by industry (1.2pct) will have the most significant contribution to the real increase in GDP this year. 

Domestic demand will record an advance of 4.8pct in 2016, compared to 4.6pct last year, and a 4.8pct rise in domestic demand is estimated for 2017. Gross fixed capital formation [investments] is expected to rise by 6.4pct this year and by 6.6pct in 2017, above the estimates in November 2015. 

Economic growth will maintain also in the coming years, with a GDP advance of 4.5pct being estimated for 2018 and 4.7pct for 2019. 

According to the winter economic forecasts published on February 4, the European Commission has improved the estimates on Romania's economic growth for 2015, as well as for 2016 and 2017, given that last autumn it estimated an advance of 3.5pct in 2015, followed by a 4.1pct growth in 2016 and 3.6pct in 2017.AGERPRES