The European Commission has improved its forecast regarding the growth of the Romanian economy this year, from 3.9%, as it anticipated in July, to 5.8%, according to the autumn economic forecasts, published on Friday. After a solid year in 2022, Romania’s economy is expected to slow down, with a growth of approximately 2% in the coming years, due to higher inflation, tougher financial conditions and the negative effects of Russia’s invasion of Ukraine. According to the EC, inflation would reach its peak at the end of this year, still remaining at a high level in 2023, before falling in 2024. The data published on Friday by the National Institute of Statistics in Romania show that the annual rate of inflation dropped to 15.32% in October this year, from 15.88% in September, while the prices of foodstuffs increased by more than 20%, those of non-food goods were higher by more by 14%, and services were more expensive by over 8%.
