Commission Upgrades Romania's Growth in 2015

A European Commission report published on Thursday holds good news for Romania in 2015.

"Economic growth in Romania is forecast to stay above potential at 2.7 per cent in 2015 and 2.9 per cent in 2016, powered by domestic demand and supported by the gradual recovery expected in the global economy," it reads.

"Private consumption is expected to remain robust, as growing wages, low inflation, falling interest rates and improving labor market conditions are all supportive for the purchasing power of households," it added.

The European Commission has thus upgraded Romania's expected growth for 2015 from 2.5 per cent, the level it forecasted in November last year.

Romania's expected growth is the sixth highest in the EU. Average economic growth is expected to be 1.7 per cent in the EU and 1.3 per cent in the eurozone area.

The Commission also revised its estimates for Romania's GDP growth for 2014, from 2 per cent to 3 per cent, taking into account strong growth in the third quarter of 2014.

The full report is available here.