The annual rate fell to an all-time low of 2.4% in March, from 2.6% a month earlier. April figures will be released Friday.

Analysts estimate an annual rate between 2% and 2.5% for April, while the year-end inflation is seen at 3.5%, within the central bank’s target.

The Romanian economy is expected to have contracted by 0.2% in the first three months from a quarter earlier, according to an AAFBR internal survey. Compared with the year-earlier period, however, the economy has likely expanded by 1.1% in January through March, the analysts said.

The statistics institute INS is due to release preliminary first-quarter GDP data on May 15.