Romania could become the largest economy in the Balkans this year

Romania surpassed Greece in terms of gross domestic product (GDP) value in the first quarter of this year. The country is thus likely to close this year with a GDP value higher than Greece’s, becoming the largest economy in the Balkans, excluding Turkey, after about four decades of Greek supremacy, reports local News.ro. Romania’s economy recorded the highest growth in the EU in the first quarter, namely 5.6% when compared to the same period of 2016 and 1.7% compared to the previous quarter. Meanwhile, Greece’s economy declined in the first three months of this year. Romania’s GDP reached EUR 44.2 billion in the first three months of this year, adjusted for seasonal influences. Meanwhile, Greece’s GDP amounted to EUR 43.96 billion, according to EU’s statistical office Eurostat. This was the first time when Romania's adjusted GDP exceeded the GDP of Greece. Moreover, Romania's adjusted GDP came close to Czech Republic's level of EUR 44.85 billion and that of Portugal of EUR 47.37 billion in the first quarter of this year. In 2016, Romania had a GDP of EUR 169.6 billion, below the level of the Czech Republic (EUR 174.4 billion), Greece (EUR 175.9 billion), and Portugal (EUR 184.9 billion). These countries have between 10 and 11 million inhabitants, whereas Romania has over 19 million inhabitants. Industry becomes main driver for Romania’s economic growth editor@romania-insider.com