World Economy

Positive Reports From Romania

Positive Reports From Romania Positive Reports From Romania

Romanian economy accelerated in 2016 with gross domestic product advancing at 4.8% annually. The key driver of the growth was private consumption fueled by lower taxes, surging wages and falling unemployment, reported. Labor market improved further with unemployment rate decreasing to 5.3% in Q2 2017 as opposed to 6.0% a year earlier. The consumer price index rebounded from a negative territory in 2016 to +0.7% year on year in June 2017 and it remains on an ascending path. Romania has the 4th largest banking sector in the Central and Eastern Europe with nearly €87 billion in total assets and a 7.5% regional share. Total banking assets in Romania increased by 4.4% y-o-y to a record of RON 394 billion ($101.8 billion) as of December 2016. Client deposits at banks recorded strong 12% y-o-y growth to nearly RON 333 billion with government and household deposits increasing most quickly. By contrast, the outstanding client loans increased only by fraction in 2016 and reached RON 231 billion.


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