Romania GDP Seen Growing 1.5% In 2011

Romanian government estimates the economy will grow a modest 1.5% in 2011, following two years of recession, according to the country’s three-year fiscal strategy approved Wednesday.

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"The economic and financial situation is likely to improve and the recession will ease out during the first half of 2011, so the gross domestic product may grow by 1.5% on average for the whole year," the government said in its 2011-2013 fiscal strategy.

It said the GDP is likely to grow by 3.9% in 2012 and by 4.5% in 2013, largely fueled by domestic consumption.

Local consumption is expected to increase to 4.8% of GDP in 2013, from 1.8% of GDP in 2011.

Romanian authorities estimate an economic contraction of around 2% in 2010, after a decline of 7.1% a year earlier.

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