Estimates for this year's and 2007's economic growth were revised upwards by the National Forecasting Committee (CNP). The reason for this decision was the speed of private consumption and the rebound of the industry, as well as higher than expected growth of the construction industry. This year's economic growth (of the GDP), will stand at 6.7% (compared with 6%, the estimate made this spring), and will reach 6.4% in 2007 (compared with 6.2%). In monetary terms, the revised forecast means the GDP will exceed expectations by some 1.6 billion euros this year and by 2.7 billion euros the following year. GDP is estimated at 94.6 billion euros for 2006, from 25 billion euros in 1991 and 40 billion euros in 2000. "The industry rebound and, to a lesser extent, the increase in construction activity have provided reason to revise the economic growth upwards," Ion Ghizdeanu, CNP chairman told ZIARUL FINANCIAR. Estimates on industry growth underwent the biggest change: from the 3.5% forecast this spring, to a level of 6.4%. At the same time, the construction market was expected to increase at a pace of 13% (from 12% this spring). The main drive behind the economic growth, that is the consumption will in turn pick up speed compared with the expectations this spring. Private consumption will go up by 8.9% (from 7.8% as forecast) this year, while investments (gross fixed capital formation) will go up by 12%, slightly lower than expected this spring (12.5%).
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