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Sep 27, 2023 12:21 EEST
September 27 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it expects Romania's economic output to increase by 1.8% in 2023, lowering its May forecast by 0.7 percentage points.
"Strong agricultural production and exports and robust EU-funded investments are sources of upside risks to the forecast, while weaknesses in industry and construction are expected to weigh on growth," EBRD said in its Regional Economic Prospects report.
Next year, the lender expects Romania's GDP to grow by 3.2%, which is 0.3 percentage points lower than its previous May forecast.
"In the first half of 2023, growth decelerated to 1.7% year on year, reflecting a sharp slowdown in the second quarter," the EBRD added.
The country's fiscal deficit could swell to 7% of GDP in 2023, in contrast to the budgeted 4.4%. Thus, the growth path of Romania's economic growth this year will likely be determined by decreasing private consumption and potential tax revisions, the lender said.
EBRD's most recent economic growth forecast for the South-Eastern European region, encompassing Romania, Bulgaria, and Greece, stands at 2.0% for 2023 and 2.8% for 2024, representing a slight decrease of 0.3 and 0.2 percentage points, respectively, compared to its May projection.
(1 euro=4.97273 lei)
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