Romania’s economy grew by almost 6% in 1st half of 2022

Sursa: Pixabay

Romania’s economy grew 5.8 percent in the first six months of the year,  driven by the services sector, the statistics office said.

It increased by 6.4 percent in the first quarter and slowed to 5.3 percent year-on-year in the second quarter.

But the growth is set to slow down.

Romania’s forecasting body CNSP revised upwards its forecast for 2022 economic growth  to 3.5 percent, up from 2.9 percent in the Spring forecast.

The European Commission projected 3.9% growth in a forecast issued in July.

“Private consumption and investments are set to be the main growth drivers for this year and the next, while net exports are projected to act as a drag on GDP and lead to a widening of the trade deficit, ” the Commission’s report said.

The IT sector and household services fueled the growth.

Total demand for consumption increased by 6 percent, the slowest yearly  advance since 2021 depressed by inflation and rising interest rates.

Romanian economy heading towards stagflation





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