The Romanian economy registered a strong growth in the past year, but it took a longer time for Romanians to have confidence in this increase.

In the first half of 2014, the economic expectations stayed between -17 points and -10 points, but the trust in a sustained growth gradually strengthened in the second half of the year, according to the recent GfK Consumer Climate Europe study for the fourth quarter of 2014.

In December 2014, the indicator jumped from 9.3 points to 17.7 points.

The income expectations also increased from -8.9 points in December 2013 to -0.7 points in June last year. In the second half of the year, the indicator went well above zero, to 15.7 points in December. This has been the highest value recorded since October 2008.

However, the desire to purchase remained low, the indicator staying below zero throughout the year. The minimum value of -14 points was in June, but it improved in December when the index reached the maximum value of -0.3 points.

Although the economic development is positive, and the unemployment rate stays at a low level of 6.5%, Romanian consumers need all the income for daily expenses. So far, they have had very little money left for major purchases, according to GfK.

Throughout Europe, the mood of consumers improved again in the fourth quarter of 2014. The indicators for economic and income expectations, as well as willingness to buy, rose towards the end of the year in almost all countries of the European Union (EU).

Irina Popescu, irina.popescu@romania-insider.com