Romania has never seen such quarterly double-digit economic growth. ING Bank analysts revised their forecast concerning the GDP’s trend for the whole year by 1%, from 7.8 to 8.8%.
In addition, Chidesciuc believes that recent data about solid industrial output and strong retail sales are the first signs confirming the forecast, as well as additional GDP growth expected in in the third quarter.
ABN Amro, in turn, revised its economic growth forecast for 2008 by no less than 0.9, namely from 7.6 to 8.5%, the same daily reads.
“We believe the new figure is quite conservative, as surprises may come up, because it is difficult to estimate agricultural yields,” says ABN Amro Bank Romania senior economist Catalina Constantinescu. Nevertheless, she anticipates a fast slowdown up to 4-4.5% in 2009.
The head of Raiffeisen’ research department Ionut Dumitru, expects an almost 9% economic growth, in 2008.
On the other hand, the GDP trend without considering agriculture’s contribution, will see a slowdown, Dumitru believes.