Raiffeisen Sees Romania’s GDP Up 1.5% In 2011, On Strong Exports

Romania's economic growth will be below that of 2000-2008 in upcoming years, mainly because of lowered foreign investment, the bank notes in its "Strategy Romania" analysis.

"While most of the economies in Central and Eastern Europe (CEE) showed initial signs of recovery towards the end of 2009 and rebounded to varying degrees in 2010, the Romanian economy continued to contract this past year," Raiffeisen analysts noted.

However, Romania's economy is expected to enter an upward path, after hitting the lowest point in 2010.

"The decline in Romania's GDP appears to have bottomed out in 2010, when it fell 1.3%," said Peter Brezinschek, head of Raiffeisen Research.

The analysts estimate the average gross domestic product in CEE rose 3.1% in 2010 and should increase by 3.7% this year.

Romanian authorities see economic growth at 1.5% in 2011.

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