{
  "title": "Romania: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Romania",
  "publication": "IMF Staff Country Reports, May 25, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/05/25/romania-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44944",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2017/05/25/romania-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44944",
  "overlayPath": "/en/publications/cr/issues/2017/05/25/romania-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44944/index.md",
  "summary": "This 2017 Article IV Consultation highlights Romania’s strong economic growth in 2016, resulting in a closed output gap. Private consumption was boosted by an expansionary and procyclical fiscal policy and wage increases. The cyclically adjusted budget deficit grew by 1.",
  "publishDate": "2017-05-25",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Highlights Romania’s strong economic growth in 2016, resulting in a closed output gap.\n- Private consumption was boosted by an expansionary and procyclical fiscal policy and wage increases.\n- There has been welcome progress in reducing banking sector nonperforming loans."
    },
    {
      "heading": "Fiscal stance and demand",
      "content": "- The cyclically adjusted budget deficit grew by 1.5 percent of GDP in 2016.\n- The increase in the cyclically adjusted deficit reflected large tax rate cuts and wage increases.\n- Private consumption expansion was driven by the above fiscal policy and higher wages."
    },
    {
      "heading": "Inflation developments",
      "content": "- Headline inflation remained subdued owing to:\n  - indirect tax cuts,\n  - administrative price adjustments, and\n  - low euro area inflation and oil prices."
    },
    {
      "heading": "Banking sector",
      "content": "- Noted progress in reducing nonperforming loans in the banking sector."
    },
    {
      "heading": "Growth outlook and projections",
      "content": "- Growth is expected to reach 4.2 percent in 2017.\n- Growth is expected to moderate to 3.5 percent in the medium term.\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/05/25/romania-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44944"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2017/05/25/romania-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44944/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2017/05/25/romania-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44944/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2017/05/25/romania-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44944/bundle-manifest.json)",
    "Published: May 25, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484301579.002",
    "Highlights Romania’s strong economic growth in 2016, resulting in a closed output gap.",
    "Private consumption was boosted by an expansionary and procyclical fiscal policy and wage increases.",
    "There has been welcome progress in reducing banking sector nonperforming loans.",
    "The cyclically adjusted budget deficit grew by 1.5 percent of GDP in 2016.",
    "The increase in the cyclically adjusted deficit reflected large tax rate cuts and wage increases.",
    "Private consumption expansion was driven by the above fiscal policy and higher wages.",
    "Headline inflation remained subdued owing to:",
    "Noted progress in reducing nonperforming loans in the banking sector.",
    "Growth is expected to reach 4.2 percent in 2017.",
    "Growth is expected to moderate to 3.5 percent in the medium term.",
    "**Country Report**"
  ],
  "related": [
    {
      "title": "Country Report",
      "role": "report",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/cr/2017/cr17133.pdf",
      "summary": {
        "path": "/-/media/files/publications/cr/2017/cr17133.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/cr/2017/cr17133.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2017/05/25/romania-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44944/index.md",
    "json": "/en/publications/cr/issues/2017/05/25/romania-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44944/index.json",
    "bundleManifest": "/en/publications/cr/issues/2017/05/25/romania-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-44944/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-23T11:20:29.283Z"
}