Romania GDP Seen Growing 1.5% In 2011

„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.