Romania’s Economy Will Resume Growth In Upcoming Months – Econ Min

Videanu also said Romania is stepping toward „a relauch of its industrial output,” which, he stressed, will further revive the local services sector.

„Over the past four months, the country’s industrial output, upheld by the energy and gas sectors, has posted an average increase of over 5%. The country’s industrial output rose 6.8% on the year in January. As the industrial output also stimulates the services sector growth, I have every reason to believe the country’s economy will start reviving in the upcoming months,” Videanu said.

According to Videanu, the energy sector, which has contributed to the current industrial output increase, also „stopped the country’s economic downfall” in 2009.

Videanu highlighted the dire need for „confidence in Romania’s economy” and stressed that foreign investors have gradually regained confidence in the Romanian economy.

On March 10, Standard & Poor’s Ratings Services raised its outlook on Romania to stable from negative, citing budgetary consolidation and expectations that the country would continue to comply with an International Monetary Fund/EU agreement.

Early February, Fitch Ratings also upgraded its outlook on Romania to stable, while affirming the country’s ratings.

Both agencies downgraded Romania to the „non-investment grade” category in the autumn of 2008.