CNP forecasts 0.7 percent economic growth for 2012 and 2 percent for 2013

Romania's economy will grow this year by 0.7 percent, the gross domestic product reaching 608.5 billion lei, according to the Autumn Forecast 2012-2016 of the National Forecast Commission (CNP).In their spring forecast, CNP estimated an economic growth of 1.7 percent for 2012, 3.1 percent in 2013, 3.6 percent for 2014 and 3.9 percent in 2015.

CNP forecasts a 2 percent growth of the GDP for 2013 up to 648.7 billion lei, of 2.5 percent for 2014 to 689.4 billion lei, of 3.3 percent for 2015 to 730.1 billion lei and of 3.2 percent in 2016 to 771.5 billion lei.

During his latest visit to Romania, the delegation chief of the International Monetary Fund Erik de Vrijer said that the prospects of an economic growth in Romania is 'moderate' for 2013, caused not only by the situation in agriculture, but also by the issue stemming from the European funds usage and the delays in structural reforms. He stressed the investments are 'the key' to economic growth and that a modest growth for Romania in 2013 is also caused by the delays in structural reforms.

The risk assessment company Coface forecasts an economic growth of 0.5 percent for Romania in 2012 and a an economic decline of 2 percent in the third quarter of this year, compared to the same period of 2011. For 2013, Coface forecasts a moderate economic growth of 1 to 1.5 percent.

The second budget adjustment on 2012 performed by the budget in late October was based on an economic growth downgraded to one percentage compared to 1.2 percent taken into account at the first budget adjustment performed in August 2012, whereas the initial budget was built on a growth of 1.8 to 2.3 percent for 2012.