GfK Survey: Economic growth and dropping unemployment in 2013 in Romania

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Romania will record economic growth of 0.7 percent to 1 percent in the first quarter of 2013, while unemployment is dropping, showed a GfK survey on consumer climate in Europe and the USA.

‘Although economic growth last year was only 0.3 percent, economic experts predict an increase of 0.7 percent to 1 percent for the first quarter of 2013. For this year as a whole, the European Commission is forecasting growth of 1.6 percent. Unemployment already dropped quite markedly over the course of last year. In January 2012, the rate was 7.4 percent, but it had fallen to 6.7 percent by February this year. Only youth unemployment remains at a high level of around 23 percent. However, inflation could become a problem over the next few months. According to the European Commission, it is currently 3.8 percent, but experts are anticipating an increase to 4.6 percent this year. Food prices, in particular, will be driving prices upwards in the first half of the year. Energy prices are also set to rise further over the coming months and years as a result of deregulation on the energy market’, the study show.

The barometer referring to economic expectations in Romania shows a slump by 13.6 points, while income exceptions indicate a drop by 5.4 percent and the willingness to buy a drop by 18.3 points.

Romanians are generally taking an optimistic view of the future. Economic growth is rising while unemployment is dropping. At present, the European Commission reports that 6.7 percent of Romanians do not have a job.

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