Garanti Bank: Romania’s GDP could grow by 3.7% this year

Local lender Garanti Bank estimates that Romania will see an economic increase of 3.7% this year. The growth will be similar to last year’s level that amounted to 3.8%. The main drivers of the economy in 2016 will continue to be trade and IT&C, while the real estate sector’s contribution in GDP could further intensify. The residential market is just facing the start of a new cycle, whereas the rapidly growing service sector will increase demand for office spaces, according to the Garanti Bank report. However, Romania needs to improve its production capacity through certain investments and reforms, especially in the transport infrastructure, to avoid macroeconomic imbalances. editor@romania-insider.com