Economic growth in Q1 revised up to 3.9 pc


The National Statistics Institute (INS) revised up the data referring to the economic growth registered by Romania in the first three months of 2014, from 3.8 percent to 3.9 percent, as compared to the similar period of 2013, as well as those to the last quarter of 2013, from 0.1 percent to 0.2 percent, according to data released yesterday by the INS, Agerpres reports. “The month has started very well. The INS told us they were wrong, the economic growth is not 3.8 percent it is even 3.9 percent. We have a higher rate of consumption, which means people start to trust the market again and all the measures we have implemented as of Juy 1 both on the economic and social sides have been well received,” said Ponta during the Government session. For the analyzed period, the INS has revised down the negative contributions to the GDP increase brought by the professional, scientific and technical activities, the administrative services’ activities and the support services’ activities from 0.2 percent to 0.1 percent. Likewise, the INS specifies that from the viewpoint of the GDP use significant modifications of the contribution to the GDP increase between the two estimations have recorded: the expenditure for the individual and collective final consumption of the local administrations, from 0.1 percent to -0.4 percent, as a result of the cut of their activity volume (from 100.7 percent to 95.8 percent, and from 101.1 percent to 94.9 percent, respectively), as well as the export of net export of goods and services which registered a 1.2 percent positive contribution to the GDP growth.The same INS reveals that Romania’s retail turnover volume (excluding trade in motor vehicles and motorcycles) over the first five months of 2014 grew both in unadjusted terms and adjusted terms for working days and seasonality, by 8.2 percent and 7.8 percent, respectively, compared to the similar interval of 2013.Romania second in EU in May year-on-year growth of industrial producer prices The Romanian industrial production prices were down 0.3 percent overall in this May from the previous month, with the prices moving down both in the domestic market (-0.3 pct) and the foreign market (-0.2 pct), show figures made public by INS.On the other hand, according to data released by the statistical office of the EU (Eurostat), Greece is first and Romania second in the European Union, in terms of industrial producer prices growth in May based on the same year-ago month,); this indicator fell by 1 percent in the euro area, and by 0.9 percent in the EU28.

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