EBRD estimates Romania's economic growth to slow down in 2012
2012-01-25 10:39:47
The European Bank for Reconstruction and Development (EBRD) lowered its prognosis for Romania's economic growth this year, from 1.1 per cent to 0.8 per cent, according to a report published today (Tues).
The bank said the slow down was caused by the Euro zone regress.
EBRD estimated that Romania had an economic growth of 2.5 per cent in 2011, up from a previous prognosis of 1 per cent.
The bank also warned that Hungary and Slovenia were going to enter a recession this year.
The report says Romania offered a surprise in the third quarter, with abode-expectancy growth, due to a good agriculture harvest.
"Romania was one of the best performers in the European Union in the third quarter, next to Latvia," the report says.
It adds that the slow down in the Euro zone would have a significant effect on Romania's exports in 2012.
The report sees a significant overall slowdown in growth across the EBRD’s 29 countries of operations from central and south Europe to central Asia – to an average 3.1 per cent in 2012 from 4.8 per cent in 2011.
The Romanian government estimates economic growth of 1.8 to 2.3 per cent next year.