The emerging markets in CE, SE and Eastern Europe include Romania, Poland, Hungary, Turkey, Serbia.

The emerging markets in CE, SE and Eastern Europe include Romania, Poland, Hungary, Turkey, Serbia.
The emerging markets in CE, SE and Eastern Europe include Romania, Poland, Hungary, Turkey, Serbia, Lithuania.

Wednesday, 11 June 2014

Romania's internal consumption continues to grow in 2014

The World Bank expects Romania’s economy to grow by 2.8% this year and 3.2 % in 2015, according to its recently published Global Economic Prospects report.

Romania is one of the largest economies in the region and World Bank analysts say that its economy will start benefiting from stronger internal demand unlike other countries in the region where much of the growth is based on exports.

Romania’s 3.8% GDP growth in the first quarter of 2014 compared to the same period the previous year, was mainly supported by domestic consumption, which added 4.6% to GDP growth.

The data shows significant changes compared to last year, when Romania’s economic growth was based mainly on exports. Of the 3.5% GDP increase in 2013, 4.4% came from exports and just 0.6% came from consumption.

Romania’s retail turnover, except trade of motor vehicles and motorcycles, grew by 13.6% in March this year compared to the same month in 2013.Sales of food, beverages and tobacco were also up by 8.1% in March.

In the first quarter of 2014, the retail trade turnover was up 9.3%, INS data shows. Sales of non-food products grew the most, by 13.1%, followed by fuel sales (+7.1%) and food (+6.1%).

The data is encouraging and shows that the robust GDP growth that Romania reported last year, which was supported mainly by exports of industrial goods, is finally starting to show on the local market as well. Last year, Romania’s GDP was up by 3.5% but retail sales grew by just 0.4%.

Source: http://www.romania-insider.com
 

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