Romanian Economy to Register 3-4% Growth over Next Years

World » SOUTHEAST EUROPE | May 4, 2015, Monday // 14:06
Bulgaria: Romanian Economy to Register 3-4% Growth over Next Years File photo

The Romanian economy will increase by over 3 % annually in the period between 2015 and 2017, reaching 4 % yearly growth rate in 2018.

This is foreseen by the Convergence Programme, which is revised annually by the government and sent to the European Union (EU).

The main engines of Romania's economic growth were identified as the domestic consumption and investments, the local Ziarul Financiar reports.

In the fiscal relaxation scenario, the economic growth will exceed 4 % from 2016, reaching 4.8 % in 2018, Romania-Insider informs.

The Romanian government reaffirmed its commitment to adopt the euro on 1 January 2019.

The authorities in Romania will request the EU to activate the structural reform clause, which allows for a temporary deviation of the budget deficit by 0.5 % of GDP.

The convergence programme also contains the main amendments to the taxation system, which are featured in the new tax code.

This includes the decrease of VAT from 24 to 20 % starting from 2016 and a further drop to 18 % in 2018.

The amendments also foresee the decrease of the flat tax from 16 % to 14 % starting from 2019, daily Dnevnik reports.

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Tags: Romania, economy, convergence, growth, EU, consumption, investment, euro, tax, VAT, flat tax

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