Romania’s national output for the first quarter of the year was almost 3% higher than the last quarter of 2020, according to statistics released Tuesday.
The 2.8% jump marked the third consecutive quarter of economic recovery, the National Institute of Statistics said in a press release.
From April to June 2020, Romania’s economy slumped by a hefty 11.8% compared to the same period the year before, reflecting reduced production and spending during the state of emergency and lockdown.
Romania’s economic output or GDP is expected to rise by an estimated 5% this year, finance ministry officials said in late April, revising their previous forecast for 4.3% growth.
Romania’s GDP is expected to reach the equivalent of 232 billion euros this year, the ministry’s National Prognosis Commission said.
They expect the economy to expand by 4.8% in 2022.
An inflation rate of 3.2% is forecast for 2021, dropping to 2.8% in 2022.
The economy contracted by 3.9% in 2020 after it was hit by the pandemic. In 2019, it grew by 4.1%.