Economic growth has been back in positive territory since 2011 and is forecast to remain robust over 2015-16. Since the crisis, GDP growth has been driven by a gradual recovery of domestic demand and strong exports. Romania’s economic growth is expected to remain robust in 2015 and 2016, mainly driven by domestic demand. The labour market showed signs of improvement in 2013 and 2014, with unemployment levels relatively stable, even if employment and activity rates are among the lowest in the EU. Fiscal imbalances have gradually unwound as the budget deficit followed a decreasing path. Inflation was persistently high in Romania but decelerated sharply in 2014 and is forecast to remain moderate in 2015-16.
The Commission decided to open a Macroeconomic Imbalances Procedure for Romania in February 2015. Romania is experiencing macroeconomic imbalances, which require policy action and monitoring. Under three consecutive EU-IMF programmes, external and internal imbalances have been significantly reduced. However, risks from the relatively large negative net international investment position and a weak medium-term export capacity deserve attention. Moreover financial sector stability has been preserved so far, but challenges of the banking sector remain.
Read a complete analysis of Romania's economy in the country report 2015 [2 MB]
The Commission has made eight country-specific recommendations to Romania to help it improve its economic performance, which have been approved by all EU member states. These are in the areas of: implementation of the precautionary programme; public finances and taxation; health care; labour market; education and training; social inclusion; efficiency of the public administration; network industries.