Optimism about economic recovery has increased in Romania considerably since March, according to a new survey of the consumer climate in Europe by consultancy firm GfK. The economic expectations of Romanian consumers scored -2.6 points, which although on balance negative, was an improvement on the last survey in March, when Romania scored -26.2.

The indicator's lowest point came in June 2010, when it reached -71. Romania's most recent score puts economic expectations among local consumers higher than in the UK ( -34 ), France ( -8 ), Poland ( -26 ), and Bulgaria ( -18 ). Germany was very much in the minority with its +3 score for economic expectations.

When asked to consider how the household financial situation would be over the next year, Romanians income expectations appear to be optimistic, scoring +2 – one of the few in Europe to reach positive figures.

Despite the hopes for income improvement, Romanians still aren't rushing to the shops, the willingness to buy indicator scored -18. This was in line with much of Europe, where prudence and 'home austerity' continue to be the watchwords. Germans and Bulgarians, however, seem happy to spend with both countries recording strongly positive scores for willingness to buy.

Liam Lever, liam@romania-insider.com