EFG Eurobank:  Romania economy to recover starting second half of 2011

Estimations show the Romanian GDP dropped by 1.2% in 2010 as compared to 2009, less than the 1.8% drop expected by EFG Eurobank and other entities on the market, while on seasonally adjusted data the GDP grew by 0.1% in Q4. The news is positive as it may signal the end of the recession, says a report of the EFG Eurobank, the Greek company controlling Romanian bank Bankpost.

The authors of the report say they expect the economic recovery to take place starting the second half of 2011 – a quarter later than expected by the Government and the IMF.

The report shows that as the 2012 general elections are getting near, higher pensions and higher salaries in the public sector are to be expected.