Romania’s economy is expected to grow by 2.7% in 2015, and by 2.9% in 2006, according to the European Commission’s winter forecast, published on February 5.

Romania’s expected growth is the sixth highest in the EU, after those forecasted for Ireland (3.5%), Malta (3.3%), Poland (3.2%), Lithuania (3%) and Latvia (2.9%). The average economic growth is expected to go up to 1.7% (from 1.3% in 2014) in the EU and 1.3% (from 0.8%) in the Euro area.

The European Commission (EC) significantly increased its growth estimates for Romania compared to the autumn forecast it released at the beginning of November 2014. The autumn forecast indicated a 2.4% economic growth for Romania in 2015.

The EC also revised its estimates for Romania’s GDP growth for 2014, from 2% to 3%, taking into account the strong growth in the third quarter of 2014.

“Romania’s economic growth is forecast to remain robust in 2015 and 2016, mainly driven by domestic demand and accompanied by a stable labour market. After a sharp decline in 2014, inflation is expected to remain moderate over the forecast horizon. Fiscal consolidation is due to continue in 2015,” the EC report said.

The full report is available here (The chapter dedicated to Romania starts at page 105).

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editor@romania-insider.com