Ernst & Young: Romanian GDP Likely To Grow 1% In 2011

Romanian economy is likely to grow by a meager 1% in 2011, mostly driven by exports, but domestic demand remains subdued, Ernst & Young said in a report Tuesday.

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For 2012, the analysts estimate an economic growth of up to 4%, as investments and local demand are expected to pick up.

However, is highly unlikely that Romania will be able to reduce its budget deficit to 3% of the gross domestic product by 2015, Ernst & Young said.

Romanian authorities forecast an economic growth of 1.5% in 2011, after a contraction of 1.3% a year earlier.

The budget deficit target was set at 4.4% of GDP this year and below 3% of GDP in 2012.

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