ING Bank revised downwards the estimates regarding the economic increase of Romania in 2012, from 3.5% to 2.2%

« The contraction of domestic demand continued. It, together with tensions at global level, suggests a drop in the future. Moreover, even a normal agricultural year in 2012 will mean a lower production than in 2011. They are the main reasons for which we revised downwards the GDP increase in 2012 ( from 3.5% to 2.2% against 3.7% as IMF estimated), the ING reports shows.

The analysts of the Dutch bank show that expectations with regard to the relaunching of the domestic demand rely on the increase of salaries ( probably due to elections) and governmental support for important projects. They also say that, usually, private investment is weaker in electoral years.

The ING representatives say that the relaunching of Romanian economy was very slow until the present and was determined by the foreign demand. They estimate that GDP advance could be 1.5% this year, as the good evolution of agriculture will compensate the slowing down of exports.

Romania's GDP estimated for Q2 2011 was 126.99 billion lei (current prices) going up – in real terms – by 1.4% against quarter 2 2010, INS announced at the beginning of September. According to the main institute of statistics, the industry recorded the biggest growth of activity volume by 4.9% followed by agriculture, forestry, fishing and fishery. Reductions of the activity volume were recorded in constructions ( -1.9%) and other service activities (-5.5%).