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Financial Outlook

At the end of November 2013 teams from the IMF and the European Union reported on Romania’s economic performance. GDP growth in 2013 strengthened on the back of strong agricultural output and robust export performance, and is expected to reach and remain at 2.2% through 2014. Through 2014 growth will switch from being export-driven to being driven mainly by domestic consumption. Funds from the European Union under a standby arrangement will boost investment performance through 2014, the IMF says. Inflation was around 2%, or within the central bank’s target band, at the end of 2013, reflecting a fall in food prices. Romanian banks continue to have problems with nonperforming loans, but the banking sector remains resilient and has sufficient cover by way of loan-loss provisions according to the IMF. Romania is on track for a fiscal deficit target of 2.5% of GDP, and by 2015 is expected to see a further reduction in the fiscal deficit of around 1%.

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