After 2017’s stellar GDP expansion of over 7%, Romania was the fastest growing country in the European Union. It was mostly a private consumption story, though exports held up quite well amid an unexpected robust Eurozone economy. In 2018, given the limited room for fresh fiscal stimulus and expected monetary policy tightening, GDP growth is set to slow down to a more sustainable level (around 5%), still keeping Romania among the top performing European economies. Consequently, the outlook for office, retail and industrial spaces remains quite rosy, especially for the latter. Our opinion does not take into account “black swan”-type risks like a sharp deterioration of the internal political climate or severe deepening of Western-Eastern EU divide.

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