Romania has continued to produce economic growth, despite several governmental and institutional changes over 2014 and 2015. The country’s national priorities are anchored in the EU framework and will achieve the Europe 2020 objectives for smart, sustainable, and inclusive growth.
Recent growth has been led by private consumption and a rebound in investment, which returned to near pre-crisis rates. Consumption recovered on the back of robust wage growth, VAT reduction, declining unemployment, low-interest rates, and low commodity prices. In 2015, investment at 24.7% of GDP was the highest in the EU.
In Quarter 2, Romania posted an economic growth of 6%, the biggest among European Union member states, followed by Ireland. The growth was sustained by a domestic consumption boom, tax cuts and wage increases.