Romania's GDP on the rise

Romania's economy picked up speed in 2006 due to strong domestic demand, better crops and a rise in foreign investment.

Izvor: AP

Tuesday, 06.03.2007.

12:12

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Romania's GDP on the rise

In 2005 the GDP growth slowed to 4.1 percent from 8.3 percent a year earlier due to floods which caused widespread damage to agriculture and infrastructure. In the last quarter of 2006, the growth rate slowed from 8.3 percent in the third quarter to 7.7 percent.

The strong domestic demand was largely caused by a rise in wages, with the average monthly salary up 30 percent in 2006 compared to 2005, reaching about 350 euros before taxes. Wages are expected to continue their upward movement as Romania, which joined the European Union in 2007, faces labor shortages in many areas.

Despite a 25 percent rise in imports, the Romanian currency appreciated against foreign currencies due to high foreign investment and remittances sent home by an estimated 2 million Romanians working abroad.

Foreign direct investment in Romania reached a record 9.1 billion euros last year, up 75 percent compared to 2005. After years of recessions and restructuring of heavy industries in the 1990s, Romania's economy has expanded rapidly since 2001.

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