Romanian GDP up 3.7pct in 9 months

Romanian GDP up 3.7pct in 9 months

The Romanian Gross Domestic Product (GDP) was up 3.7 percent in the nine months of this year as compared to last Jan.-Sept., both by gross series and seasonally adjusted series, shows provisional data published by the National Institute of Statistics on Friday.

The GPD estimated for the first three quarters of this year totalled more than 527.5 billion lei worth of current prices for the seasonally adjusted series and stood at almost 498.48 billion lei for the gross series.

All the economic sectors contributed to the GDP growth, except for agriculture, forestry and fishery (-0.5pct). Wholesale and retail trade, the repair of vehicles and motorcycles, transport and warehousing, hotels and restaurants made a positive contribution of 1.1 percent, accounting for 16.7 percent of GDP; the activity of such sector expanded 7.1 percent.

Information and communications contributed 0.8 percent to the GDP growth, with a lower share in the formation of the GDP (6.7pct), but they recorded a significant rise in the volume of activity (12.8pct).

Industry also made a positive 0.5 percent contribution, accounting for 22.7 percent of the GDP formation, while net product taxes contributed 0.8 percent to the GDP increase and held a 12.6 percent share in the GDP formation.

In terms of the GDP use, the growth was chiefly the result of the end-consumption spending of the households, the volume of which went up 5.7 percent, contributing 3.5 percent to the GDP growth and of the gross formation of fixed capital with 1.5 percent contribution thanks to 6.8 percent increase in its volume.

Negative contribution to the GDP growth was made by the net export (-1.0pct), as a result of the 5.7 percent rise in the exports of goods and services correlated with a higher rise in the volume of imports of goods and services at 8.0 percent.

The GDP in the 3rd quarter was by 1.4 percent larger than in the 2nd quarter, in real terms. The Romanian economy expanded by 3.6 percent as compared to the same quarter in 2014, both by gross and seasonally adjusted series.

The GDP estimated for the 3rd quarter of 2015 totalled 195.77 billion lei in current prices (gross series), on the rise by 3.6 percent from the 3rd quarter of 2014 in real terms.

The gross domestic product by seasonally adjusted data was estimated for this 3rd quarter at 178.432 billion lei in current prices, posting a real-term growth of 1.4 percent from the 2nd quarter of 2015 and having expanded by 3.6 percent y-o-y, the Institute data reveals. More…