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Romanian govt analysts maintain 7% GDP growth forecast for 2021

Romanian govt analysts maintain 7% GDP growth forecast for 2021 source: SeeNews

BUCHAREST (Romania), November 23 (SeeNews) - Romania's economic output will rise by an estimated 7% in 2021, finance ministry analysts said, keeping their previous forecast made in August.

Romania's gross domestic product (GDP) is expected to total 1.190 trillion lei ($270 billion/240 billion euro) this year, the National Prognosis Commission (CNP), an analyst unit within the finance ministry, said in a document published on its website on Friday.

For 2022, the analysts at CNP expect the economy to expand by 4.6%, compared to a previous forecasts of 4.9%.

In 2021, Romania's economy will be boosted by 6.4% year-on-year growth in final household consumption, CNP said.

Agriculture is expected to rise by by an annual 20.3%, services by 6.8% and industry by 5.9% in 2021, while construction is forecast to add an annual 0.2%.

Exports of goods and services are expected to grow by 17.6% in 2021, while imports are seen increasing by 20%, according to the latest CNP projection.

Analysts also said they expect, on average, inflation of 7.7% for 2021 and of 5% for 2022. Romania's consumer prices rose 7.94% year-on-year in October, compared to 6.29% in September, according to national statistical office data.

Finance ministry analysts also expect an exchange rate of 4.92 lei per euro in 2021 and of 4.98 lei per euro in 2022. Unemployment rate is seen at 3% in 2021 and at 2.9% next year.

Romania's economy contracted by 3.9% in 2020, compared to a growth rate of 4.1% in the previous year.

(1 euro = 4.9487 Romanian lei)