The quarterly macroeconomic report for Romania provides the following key points: 1) Third quarter GDP growth was 8.8% year-over-year, driven mainly by agriculture, industry, and trade. However, growth is expected to slow to 4% in 2018. 2) Inflation reached 3.3% in December and is expected to peak in the first quarter of 2018 before averaging 4% for the year. The central bank has begun tightening monetary policy in response. 3) The 2018 budget deficit is planned at 3% of GDP, which could continue weighing on investments in the short-term. However, public debt remains sustainable.

1. Quarterly Macroeconomic
1
QUARTERLY MACROECONOMIC REPORT ROMANIA – JAN 2018
All eyes on the
budget, RON rates
Moody’s: Baa3 positive / S&P: BBB-stable
/ Fitch: BBB- stable
AGRICULTURE IS THE MAIN DRIVER,
Q3 2017 GDP PP CONTRIBUTION
CONSUMPTION REMAINS HIGH PACED;
INVESTMENTS ARE POSITIVE
Q3 2017 GDP PP CONTRIBUTION
Outlook – Q3 GDP growth of 8.8%yoy was more
than double the potential growth, but unlike in the
previous quarters, investments were spotted as well,
most likely private ones. Looking forward, key
players like industry and trade may determine a
GDP rate slowdown to 4% in 2018 versus 6.5% in
2017. Trade should record a milder pace as
disposable income is likely to increase more slowly.
Inflation (3.3%yoy in December) could
reach a peak in Q1 2018. Considering that average
inflation was just 1.3% in 2017, NBR is expected to
act upon the rising price pressures and operate
several hikes in 2018, after it already raised the key
rate to 2% in January. We pencilled in a few other
hikes up to 2.75%, while the yearly inflation
average could be 4% in 2018.
The twin deficit is forming again. We
expect a 3.5% budget deficit this year, which will
continue to pressure down investments in the short
term. The 3.2% CA gap (12M rolling, Oct) does not
pose problems and it continues to be financed by
FDI and EU funds.
The widening of the CA deficit which is
accompanied by possible investment climate
deterioration may lead to depreciation pressures in
2018, pushing the EUR/RON to 4.78 by the end of
the year.
Lending has restarted to advance, at an
annual pace of 6.8% in November, more than
double compared to the euro-zone. For the moment
though, private loans penetration continued to drop
and deleveraging is still taking place, albeit at a
lower speed. While household lending has been
picking up since Q2 2015, companies’ lending has
moved in the positive territory in the first quarter of
2017 and both sectors are now advancing at a pace
of 6-8% annually. The bets for future growth fall
especially on companies’ loans, while the household
sector is seen by NBR to be over indebted.
Main Topics:
 Economic growth: Growth rate significantly
above potential
 Monetary stance: NBR starts tightening
 2018 budget deficit at 3% could continue to
weigh on investments
 External Accounts and Financing – The CA
deficit is expanding but remains funded by FDI
and EU funds
 Bank flow: Lending is not shy anymore
Author: Mihaela Neagu, Senior Economist
Mihaela.Neagu@garantibank.ro

2. Quarterly Macroeconomic
2
QUARTERLY MACROECONOMIC REPORT ROMANIA – JAN 2018
Economic Growth Growth rate significantly above potential
Third quarter GDP growth of 8.8%yoy was more than double the potential growth, but
unlike in the previous quarters, investments were spotted as well, most likely private ones. In
structure, the largest increases were in equipment, and sector wise the largest changes were
seen in constructions and commerce/services. Investments’ contribution to growth of 2.3
percentage points pales in the face of consumption (8.2 percentage points) and it is 31%
lower than at the peak of the cycle, in Q3 2008 (in constant prices), while consumption is
25% above Q3 2008.
On production side, the largest contribution came from agriculture (2.6 percentage
points), followed by industry (1.8 percentage points) and trade & transport & tourism (1.5
percentage points). Even excluding agriculture, growth would have been above potential, at
6.6%yoy. Both internal and external demand boosted the later 2 sectors.
A look at the economic cycle: Main assets types’ evolution suggest the economy may be at its
peak
Source: NIS, Eurostat, NBR, BVB, GarantiBank Research
Note:* GDP growth for 9M, real estate prices up to June 17, inflation at Nov 17, new RON loans
interest rate until Nov 17
World trade and demand for capital goods were a worldwide phenomenon in 2017. Cars
and machinery equipment explain more than two thirds of industry’s growth in Q3 2017,
-140%
14%
-20
-15
-10
-5
0
5
10
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec 17*
annual inflation % GDP (yoy %)
real estate prices (nominal, yoy %) 3Ybond yields ( mid, yearly difference, %)
new loans interest rate ( yearly difference, %) BETXT (yoy %, right hand side)
Economy is
contracting
Real estate prices
fall
RON interest rates
fall
Growth is picking up
Interest rates are falling
Inflation moderates
Real estate pricing are
falling
Peak
of the
cycle
Real estate
prices grow
Inflation is
negative
High GDP
growth
Real estate
prices grow
Inflation is
positive
Bond yields
start to grow
Stock prices
accelerate
RON loan
are
increasing
%

3. Quarterly Macroeconomic
3
QUARTERLY MACROECONOMIC REPORT ROMANIA – JAN 2018
while electrical equipment comes next (see table below). Machinery equipment production
advanced at a whopping 50% yoy in Q3 2017, while electrical goods added 30% yoy and
cars production expanded at 12% yoy.
Looking forward, key players like industry and trade may determine a GDP rate
slowdown to 4% in 2018 versus 6.5% in 2017. Trade should record a milder pace as
disposable income is likely to increase at a slower pace. In industry, capacity utilization
should have increased in Q4 as well, to 78.6%1
, just above the post crisis average. The same
leading industries (machinery production and electrical equipment) are expected to continue
to have a significant pace.The leading indicators are optimistic at the start of the year, but the
overall pace may slow down in 2018, as growth expectations in 2 of our top 3 exporting
countries, Germany and Italy point to deceleration. In 2018, UK is expected to close
negotiations related to EU exit, which could marginally negatively affect the euro-zone pace
while in Italy, decision makers will be focused on elections.
INDUSTRIAL PRODUCTION DETAILS INDUSTRIAL SALES LED BY EXTERNAL MARKET
IN 2017; CAPACITY UTILIZATION IS UP
Source: NIS, GarantiBank Research calculation Source: NIS, EC, GarantiBank Research
Monetary stance
NBR starts tightening
The annual inflation stood at 3.3% in December and it is expected to reach a peak in Q1
2018. This year, the average inflation could be around 4%. Considering the annual average
was just 1.3% in 2017, NBR is expected to act upon the rising price pressures and operate
several hikes in 2018, of which the first one was already operated in January. We expect an
end of year key rate of 2.75%. Already in 2017, in order to better guide the interest rates
path, NBR tightened twice the variation corridor around the base rate in 2017, from 150bps
in January to 100 bps in November and the monetary policy transmission was favored by the
liquidity squeeze. ROBOR rates climbed by more than 100bps in October – November and
the NBR used weekly repo to fuel liquidity in the market. Rates eased only marginally in
December, when the 1.8% in GDP cash deficit was likely realized2
. Liquidity conditions will
1
European Commission survey
2
The budget deficit was 1.2% during the first 11M and the yearly plan was 3% in 2017.

4. Quarterly Macroeconomic
4
QUARTERLY MACROECONOMIC REPORT ROMANIA – JAN 2018
improve after another reduction in mandatory reserves ratio, by 2 percentage points for both
RON and foreign currency liabilities, expected in 2018.
NBR is also monitoring major and regional central banks’ activity. So far, regional banks
such as the one in Poland and Hungary have lower key rates than in Romania, at 1.5%
(Poland) and 0.9% (Hungary), while the average real rate has been negative in these
neighboring countries, in 2017, compared to a positive one in Romania. Additionaly, major
central banks have already started to tighten, such as Fed3
, or are expected to take measures
that will raise interbanking rates by the end of 2018 (the case of ECB).
Fiscal policy
2018 budget deficit at 3% could continue to weigh on investments
After recording a budget deficit of just 1.2% during the first 11M, 2017 is likely to end at
3% budget deficit on cash basis, higher than in 2016 (-2.4%). The operated tax cuts and the
lower tax collection may have pushed revenues to 30.5% in GDP in 20174
, close to the
historical minimum seen in 2016. Wages expenditure rose by 22% according to preliminary
estimates of the government and little fiscal space was left for investments. Just like in 2016,
investments will see a fall in 2017, expected at 5.6%yoy, although during the first 11M it is
much deeper, of 19%yoy.
The 2018 budget plan sees a deficit of 3% (see Table 1 below), the same as in 2017.
However, the structural deficit is planned to continue to worsen, from 3.06%5
in 2017 to
3.17% in 2018. The numbers are far from the medium term objective of 1% and the EU
Commission has already asked the government officials to present measures to improve
budget execution by April 2018 and estimated that a 0.8% correction on the structural deficit
is needed. The Fiscal Council warned that VAT revenues are overstated by RON 4.9 bn6
while expenditures with social assistance are underestimated by RON 1.5 bn, which total
around 0.7% in GDP.
We expect a 3.5% budget deficit this year, which will continue to pressure down
investments in the short term. However, the public debt which is now at EUR 64.2 bn (37%
in GDP in Sep 17) is seen exceeding 40% only in 2020 while in the short term the Treasury
3
The Fed raised the targeted interval 3 times in 2017, up to 1.50%.
4
Government’s estimate, Raport buget 2018, based on total revenues of RON 256.8 bn and a GDP of RON 842.5 bn in 2017.
5
Government’s estimate, Raport buget 2018
6
http://www.consiliulfiscal.ro/CFOpiniebuget2018completare.pdf
ON SMALLER LIQUIDITY, INTERBANKING RATES
CLIMBED; NBR TIGHTENED VARIATION BAND
NBR STARTS RAISING THE KEY RATE AS
INFLATION PRESSURES APPEAR
Source: NBR, GarantiBank Research Source: NBR, GarantiBank Research

5. Quarterly Macroeconomic
5
QUARTERLY MACROECONOMIC REPORT ROMANIA – JAN 2018
could start using the rich FX buffer of EUR 6 bn, covering 6M of funding, compared to 4M
recommended by the IMF. The treasury has another strong position due to the average
maturity which is comfortable at 5.8 years (Sep 17), lengthened from 3.8 years (2011) post
crisis.
Financing will become more expensive in 2018, especially since the majority of public
debt (52%) is domestic and that RON yields already increased by 80-180 bps in 2017 when
average inflation stood 1.3% while in 2018 average inflation is expected at around 4%.
Gross financing needs rose in 2018 to 8.2% in GDP7
, from 7.7% the previous year. RON
31.3 bn in government securities come to maturity in 2018 (see chart below). A large chunk
will be seen in January, June and November (~RON 8 bn). The Treasury plans to issue EUR
4-5 bn Eurobonds in 2018, versus EUR 2.75 bn 2017, to frontload for 2019 as well.
Government securities redemptions RON yield curve (mid yields, NBR fixing)
Source: Thomson Reuters Source: NBR
Table 1: Budget plan 2018
Source: Ministry of Finance, Fiscal Council, Garanti Bank Research
7
Gross financing needs estimated by the Ministry of Finance are RON 74 bn and official GDP forecast RON 907.9 bn.
-
2
4
6
8
10
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
RON bn
0.0
2.0
4.0
6.0
0.0
2.0
4.0
6.0
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
6M 12M
3Y 5Y
10Y
plan plan plan plan
mn RON mn RON %GDP %GDP
2017 2018 2018/2017 2017 2018
Total revenue 256,805 287,522 12.0% 30.5% 31.70%
Corporate income tax 14,526 15,434 6.3% 1.7% 1.7%
Value added tax 52,846 61,737 16.8% 6.3% 6.8%
Excise duties 26,645 29,961 12.4% 3.2% 3.3%
Social security contributions 71,856 91,698 27.6% 8.5% 10.1%
Non fiscal revenue 22,563 19,974 -11.5% 2.7% 2.2%
EU funds 21,594 28,145 30.3% 2.6% 3.1%
Other 46,775 40,856 -12.7% 5.6% 4.5%
Total expenditures 281,773 314,481 11.6% 33.4% 34.6%
Compensation of public employees 69,617 80,803 16.1% 8.3% 8.9%
Goods and services 39,549 39,948 1.0% 4.7% 4.4%
Interest paid 10,498 11,803 12.4% 1.2% 1.3%
Subsidies 6,863 7,263 5.8% 0.8% 0.8%
Other transfers 34,980 37,224 6.4% 4.2% 4.1%
Social benefits 93,178 98,961 6.2% 11.1% 10.9%
Investment expenditures 27,044 38,132 41.0% 3.2% 4.2%
Excedent (+)/Deficit (-) (RON mn)
24,968- 26,960- 8.0% -3.0% -3.0%
Including
RON 7 bn in
eurobonds

6. Quarterly Macroeconomic
6
QUARTERLY MACROECONOMIC REPORT ROMANIA – JAN 2018
External Accounts and Financing
The CA deficit is expanding but remains funded by FDI and EU funds
The CA deficit continued to expand to 3.2% in GDP (12M rolling) during the first 10M
of October, from 2.1% at the end of 2016. The main driver is the trade gap which is
expanding as disposable income increased significantly in the past two years following a
loose fiscal policy. Still, the size of the deficit does not pose problems and it continues to be
financed by FDI (2.9%, 12M rolling) and EU funds (0.9%, 12M rolling). FDI are on an
increasing path, while EU funds are at the lowest point since 20118
. The CA deficit should
not catch too much speed, as wages’ growth should be slower in 2018, starting with the
public sector where the budgeted hike is lower in 2018 (+16% yoy in 2018 vs. 22% in 2017)
while in the private sector there is still to be seen how companies will adapt to the new
taxation, as some already announced not to hike gross wages.
Although the CA is widening, being consumption driven, the external debt is shrinking in
relative terms, to 52% in GDP in Sep 17, from 56% one year ago and banking system
deleveraging remains a constant. The data hides some weaknesses though: the goods and
services imports’ cover stood at 5.6 months in Sep 17, compared to 6.4 months one year ago.
Also, the coverage of short external debt service by the FX reserve dropped to 85%9
in Sep
17 from 94.2% a year ago, against an ideal full coverage.
The widening of the CA deficit which is accompanied by possible investment climate
deterioration may lead to depreciation pressures in 2018, pushing the EUR/RON to 4.78 by
the end of the year. The uncertainty of the implementation fiscal legislation weighs
negatively. The international context supports also supports this view, as the Fed already
started tightening, which can redirect some of the hot money from Eastern Europe region,
whereas this year portfolio inflows were higher compared to 2016 (1.9% in GDP, 12M
rolling, in Oct 2017, versus 0.6% in Dec 2016).
8
As percentage in GDP
9
The ratio refers to short term debt by remaining maturity, which includes the outstanding short term debt plus long term
debt repayments due in the next 12 months
EU FUNDS ARE CRAWLING; CA DEFICIT STILL
FUNDED BY FDI AND EU FUNDS
EXTERNAL PUBLIC DEBT FELL TO 52% IN GDP
Source: NBR, GarantiBank Research
Note: the most significant component is net loan flows
Source: NBR, GarantiBank Research
-13.8%
-1.2% -2.1% -3.2%
7.3%
-3.1%
-3.7% -2.4%
0.6%
2.4% 2.5% 0.9%
5.5%
1.8% 2.7%
2.9%
0.4%
0.0%
0.6%
1.8%
-12%
-7%
-2%
3%
8%
13%
2007 2015 2016 12m rolling,
Oct 17
Portfolio flows (% GDP)
FDI (%GDP)
EU funds (% GDP)
Loans, reserve ch., fin derivatives, errors*
Current account deficit (% GDP)
32.6 31.4 32.6 33.2
16.2 14.3 12.0 10.0
24.0 22.7 23.3 22.7
19.3 22.1 24.6 26.1
0
20
40
60
80
100
120
Mar-13
Jun-13
Sep-13
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
bnEUR
General government Central Bank
Banks Private sector
FDI related (Intercompany lending)
56%
52%
in GDP

7. Quarterly Macroeconomic
7
QUARTERLY MACROECONOMIC REPORT ROMANIA – JAN 2018
Bank Flows Lending is not shy anymore
Lending has restarted to advance, at an annual pace of 6.8% in November, more than double
compared to the euro-zone and much faster than the 1.2% year on year seen in December 2016. For
the moment though, private loans penetration continued to drop and deleveraging is still taking place,
albeit at a slower pace. While household lending has been picking up since Q2 2015, loans to
companies have just moved in the positive territory in the first quarter of 2017 and both sectors are
now advancing at a pace of 6-8% annually. The bets for future growth fall especially on companies’
loans, while the household sector is seen by NBR to be over indebted.
Household loans are mostly RON denominated and the mortgage stock has not suffered a
post crisis correction, unlike the rest of loans type. Dominated by Prima Casa (62.5% of mortgage
stock Sep 17), mortgages grow at 13.2%yoy annually while consumer loans have been in the positive
territory for the past 7M (+ 2.1%yoy). New rules for Prima Casa are being considered, affecting both
the supply and demand side. On one hand, banks which have tapped the program the least are
favored10
, on the other hand, the loans should increase their social impact and go to the low income
categories11
, but no clear measure was put out yet. In terms of the ceiling, the level of guarantees
should drop from RON 2.5 bn in 2017 to RON 2 bn between 2018-2020 and finally, to RON 1.5 bn
in 2021.
Company lending shows signs of revival, with industry and services loans jumping between
4-5% annually, while agriculture tops with a 13.8%yoy advance in November. Constructions are
falling by 1.6% yoy, but they were sinking by 10%yoy in December 16. Overall, the dynamics
improved especially on working capital loans (<1y), which are seen growing by 5.7%yoy in
November, up from a 7%yoy fall in December 16. The NBR estimates there are around 14.300
companies (out of which 13.400 SMEs)12
which have a low indebtedness ratio and which proved
during one economic cycle that they can perform well sustainably. Those could take loans of RON
113 bn, of which around 40% should go to industry and services.
LENDING ACCELERATES FASTER THAN IN THE
EUROZONE
COMPANY LOANS ARE PICKING UP, WORKING
CAPITAL RECOVERED FROM LARGE FALL;
INDUSTRY IS RISING AGAIN
Source: NBR, GarantiBank Research Source: NBR, GarantiBank Research
10
There are several criteria and some are related to the volume of mortgages granted. If the First Home / Mortgage Loan ratio
is subunit, that bank will receive the maximum score for the next ceiling.
11
NBR’s view is that the targeted segments should have below average wage
12
NBR, Financial Stability report, Dec 17
10.4%
6.8%
2.9%
-6%
-1%
4%
9%
14%
Nov-11
May-12
Nov-12
May-13
Nov-13
May-14
Nov-14
May-15
Nov-15
May-16
Nov-16
May-17
Nov-17
Private deposits ( %, yoy)
Private loans (%, yoy)
Private loans, Eurozone, (%, yoy, working days
and seasonaly adjusted)
-15%
-10%
-5%
0%
5%
10%
15%
20%
constructions
industry
services
agriculture
<1Y,yoy
1Y-5Y,yoy
>5Y,yoy
Dec-16
Nov-17
per maturity,
yoy%
per sector,
yoy%
3M rolling

8. Quarterly Macroeconomic
8
QUARTERLY MACROECONOMIC REPORT ROMANIA – JAN 2018
The economic advance supports expectations for increased demand this year as well, as
wages will continue to grow on one hand while lending to companies has just restarted and it is
procyclical. More EU funds inflows will allow more leverage and more loans could be taken for
investments, while in 2017 mainly working capital loans have been tapped (~60% of new loans
excluding treasury loans13
).
Looking at the supply side, interest rates will likely continue to rise this year, both in RON
and EUR. RON loan interest rates were already higher in 2017, by 70 to 100 bps (November 17
compared to December 16, see Table 2 below). The euro denominated interest rates should see an
uptrend as well as the quantitative easing should come to a halt. The Fed hiked in 2017 (3 times* 25
bps) and the ECB will likely not lag far. Another point is that the banking system parameters are
improving: NPL rate fell to a historical minimum of 7.3% in November 1714
and banking profit is on
the rise. The system is consolidating and saw the highest post crisis profit of RON 4 bn during the
first 3 quarters (+10.5%yoy), while ROE jumped to 12.9% in September 17 from 12.3% one year
ago. Loans/deposits ratio continued to fall in 2017, until 80.4% in November (93% for RON and
74% for FX) but we expect a reversal of this trend, given a sustained lending pace this year and a
deceleration in the annual pace of private deposits.
Private deposits exhibit a 11.4% yearly growth in November, driven by the household sector
which holds 60% of the stock. As real deposits interest is already negative, incentives for saving
drop.
Table 2: Average loan interest rates
Source: NBR, Garanti Bank Research
13
NBR, Financial stability report, Dec 2017
14
Down from 20.71% in the end of 2014, EBA definition
RON EUR RON EUR RON EUR
Dec-14 9.4 3.4 4.5 5.3 5.9 3.9
Dec-15 8.7 4.8 3.7 4.3 4.4 3.2
Dec-16 8.3 4.5 3.4 3.6 3.7 3.1
Nov-17 9.0 5.2 4.3 4.1 4.7 2.7
Consumer Mortgage Companies

9. Quarterly Macroeconomic
9
QUARTERLY MACROECONOMIC REPORT ROMANIA – JAN 2018
Macroeconomic Data
2014 2015 2016 2017F 2018F
Economy
Real GDP, (% yoy) 3.1 3.9 4.8 6.5 4.0
Agriculture, % yoy 4.3 -11.8 0.0 8.5 5.0
Industry (except construction), % yoy 3.6 5.4 1.8 7.3 3.2
Construction, % yoy 1.9 6.8 1.8 1.5 5.0
Wholesale and retail trade; tourism and transport, % yoy 1.6 12.1 11.3 10.8 6.1
Market services, % yoy 2.2 5.6 5.8 6.4 4.3
Public administration, % yoy 6.6 -8.1 3.8 3.0 2.6
Avg net monthly wages (EUR, nominal) 379 418 460 529 567
Avg gross monthly wages (EUR, nominal) 524 576 643 740 773
Avg net monthly wages (% yoy, RON) 7.5 11.3 13.0 18.0 10.0
Minimum gross monthly wages (EUR, nominal, eop) 201 232 275 311 316
Unemployment rate, ILO, % avg 6.8 6.8 6.0 5.1 4.9
External Accounts
Current Account (EUR bn) -1.0 -1.9 -3.5 -6.2 -7.2
Current Account (% of GDP) -0.7 -1.2 -2.1 -3.3 -3.8
Export (FOB, EUR bn) 52.5 54.6 57.4 62.6 66.3
Import (CIF, EUR bn) 58.5 63.0 67.3 75.4 80.7
Export (% yoy) 5.8 4.1 5.1 9.0 6.0
Import (% yoy) 5.8 7.6 7.0 12.0 7.0
Trade balance FOB-CIF (EUR bn) -6.1 -8.4 -10.0 -12.9 -14.4
Trade balance FOB-CIF (% of GDP) -4.0 -5.2 -5.9 -7.0 -7.5
Net FDI (EUR bn) 2.7 3.0 4.5 5.2 5.7
Net FDI (% of GDP) 1.8 1.8 2.7 2.8 3.0
Internat. reserves incl. Gold (EUR bn) 35.5 35.5 37.9 37.1* 37.7
Gross Foreign Debt (EUR bn) 94.7 92.1 92.9 95.2 100.2
Gross Foreign Debt (% of GDP) 63.0 57.6 54.8 51.6 52.5
Fiscal Accounts
Budget Balance (% of GDP) -1.9 -1.5 -2.4 -3.0 -3.5
Public Governmental Debt (% of GDP) 39.4 38.0 37.6 37.2 39.4
Inflation/Monetary/FX
Inflation (CPI), % yoy, eop 0.8 -0.9 -0.5 3.3* 3.3
Central bank reference rate, % eop 2.75 1.75 1.75 1.75* 2.75
Central bank inflation target % 2.50 2.50 2.50 2.50* 2.50
Minimum reserve req. rate on RON liabilities % 10 8 8 8* 6
Minimum reserve req. rate on FX liabilities % 14 14 12 8* 6
3M Robor, % eop 1.7 1.0 0.9 2.05* 2.50
EUR/RON, eop 4.48 4.52 4.54 4.66* 4.78
EUR/RON, avg 4.44 4.45 4.49 4.57* 4.73
Source: NBR, NIS, Ministry of Finance, GarantiBank Research
Note:* actual data

10. Quarterly Macroeconomic
10
QUARTERLY MACROECONOMIC REPORT ROMANIA – JAN 2018
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