The European Bank for Reconstruction and Development (EBRD) has improved the estimates regarding the evolution of the Romanian economy in 2023 and 2024, according to the “Regional Economic Prospects” report, published on Tuesday by the international financial institution.

According to the latest forecasts of the EBRD, Romania’s GDP should register an advance of 2.5% this year, after the February forecast indicated an expansion of 1.7% in 2023. Growth should accelerate to 3.5% next year (compared to a level of 3.2% estimated in February), the report states, according to Agerpres.

The advance of Romania’s economy reached 4.7% in 2022, thanks to the solid level of investments, which increased by 8%. Household consumption was also robust, registering a 4.3% advance despite high inflation. The harmonized index of consumer prices peaked at 14.6% in November and then fell to 12.2% in March. Core inflation reached 8.4%, above the EU average of 6.6%, but lower than other Central European economies, the EBRD estimates.

Romania’s GDP would register an advance of 2.5% this year and 3.5% next year. Falling inflation, softening financial conditions, improving the external environment and a faster absorption of European funds, including PNNR, should support the economy’s performance in 2023, the report says.

According to the data of the National Institute of Statistics published on Tuesday, Romania’s economy grew slightly, by 0.1%, in the first quarter of this year, compared to the previous three months, while compared to the same period last year, the GDP advance was of 2.3% on the raw series and by 2.8% on the seasonally adjusted series.