3.5 pc economic growth in 2013, above all expectations


These figures are similar to those preliminary estimated by Eurostat according to which Romania recorded the highest economic growth in EU in Q4 of 2013.

Romania’s Gross Domestic Product (GDP) advanced 5.2 percent in unadjusted terms and 5.1 percent in seasonally adjusted terms in the last quarter of 2013 compared to the similar period of 2012, with Romania’s economy growing 3.5 percent on the whole in 2013, according to estimated flash data released by the National Statistics Institute (INS) last Friday. Analysts were expecting a GDP growth of maximum 3 percent. According to the first estimates, Romania’s Q4, 2013 GDP was 1.7 percent higher in real terms than in Q3, 2013 (seasonally adjusted data). The International Monetary Fund (IMF) has recently estimated, through Andrea Schaechter, IMF Mission Chief in Romania, at the end of the visit, that Romania would record an economic growth of 2.8 percent in 2013, followed by an advance of 2.2 percent in 2014. Schaechter mentioned the good agricultural year and the exports registered by Romania last year among the factors having determined this growth.
The INS figures are similar to those preliminary estimated by the European Office for Statistics (Eurostat) released on Friday, according to which Romania recorded the highest economic growth in the European Union in the fourth quarter of 2013, both compared with the previous three months and with the period October-December 2012.
Thanks to a quarterly economic growth of 1.7 percent, Romania ranks first in the EU, followed by the Czech Republic (1.6), Lithuania (1.2 percent), Great Britain, the Netherlands and Latvia (each posting a growth of 0.7 percent). According to Eurostat, during the fourth quarter of 2013, GDP rose by 0.3 percent in the euro area, after a 0.1 percent advance in the previous quarter, and by 0.4 percent in the EU28, after a 0.3 percent increase in Q3, 2013. GDP declined in Cyprus (-1 percent), Finland (- 0.8 percent) and Estonia (-0.1 percent). No data was available for Greece, Denmark, Ireland, Croatia, Luxembourg, Malta and Sweden. Comparatively to the same time span of the last year, Romania’s GDP grew by 5.1 percent, the highest advance both in the euro area and in the EU, followed by Latvia (3.6 percent), Lithuania (3.3 percent), Hungary and Great Britain (each posting a growth of 2.8 percent). The highest decline was recorded in Cyprus (-5.3 percent), Greece (- 2.6 percent), Finland (-1.4 percent) and Italy (-0.8 percent).
On the other hand, the Eurozone economy registered a growth of 0.5 percent in Q4, 2013, after a decline of 0.3 percent in the previous three months, while the EU’s GDP surged by 1 percent over Oct.- Dec. 2013, after an increase of 0.2 percent in the previous quarter.
PM Ponta: Agriculture contributed, but not entirely
Agriculture had an important contribution to the 3.5 percent economic growth registered in 2013, but the economic growth is not entirely owed to this sector, Prime Minister Victor Ponta told a press conference at the Government House.
(read more in Today’ paper)

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