Romanian Prognosis Commission: Imports set to grow faster than exports in 2012 due to eurozone recession

Exports are expected to go up by EUR 3.3 billion, but the growth of imports will be around double that of exports, at EUR 6 billion this year, which will trigger a EUR 2.5 billion higher trade deficit for Romania, according to the National Prognosis Commission. The forecast also includes a deepening of the current account deficit by 1 percent of the GDP, to some EUR 7.2 billion. Exports could reach EUR 48.3 billion this year, while imports should reach 60.8 billion. The growth in exports will reduce as the eurozone, Romania's main trade partner, is expected to enter recession . The growth in imports will be slightly slower than last year. The Prognosis Commission expects the trade deficit to go up to around EUR 10 million. Meanwhile, consumption is expected to rise evenly, both in the private and the public sectors, with an estimated growth in GDP of 1.7 percent this year. Within the GDP, industry will cover 1.9 percent more this year, the agriculture component will be flat, construction will be 3.7 percent higher and services will cover a 1.3 percent bigger slice. editor@romania-insider.com