GDP grew by 0.3 pc in 2012

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Agriculture dropped by 21 pc and industry by 2.1 pc, according to preliminary INS data.

The Gross Domestic Product totaled RON 587.4 bln last year, up by 0.3 per cent compared to 2011, the agriculture sector’s gross added value dropping by 21.2 per cent and the industry sector’s by 2.1 per cent, the preliminary data published yesterday by the National Statistics Institute (INS) shows. At the same time, preliminary data shows a marginal upward revision of the economic growth figure, the INS having previously announced an economic growth of 0.2 per cent in 2012. According to the INS, the growth was significantly influenced by the hike in the volume of activity and, consequently, of the gross added value of information and communications (+29.4 per cent), professional, scientific and technical activities, administrative services and support services (+8.4 per cent), cultural and recreational shows, the repair of home products and other services (+3.1 per cent), the public administration and defence branch, social insurances in the public system, education, health and social assistance (+2.2 per cent), real-estate transactions (+1.5 per cent), retail and wholesale trade, the repair of auto vehicles and motorcycles, transportation and storage, hotels and restaurants (+0.3 per cent). Likewise, the volume of net product taxes grew by 3.7 per cent. Total final consumption grew by 0.9 per cent in 2012 year-on-year, as a result of the 0.6 per cent hike in expenditures on the final consumption of households and the 1.9 per cent growth in expenditures on the final consumption of public administrations.  The estimated GDP in Q4 of 2012 stood at RON 174.8 bln expressed in current prices, up by 0.3 per cent in real terms compared to Q4 of 2011.From the point of view of the GDP’s use, internal demand remained constant in Q4 of 2012 compared to the same period of 2011. The gross formation of fixed capital dropped by 4.2 per cent as a consequence of a fall in public sector investments. The evolution of net exports had a slightly positive effect on the GDP as a result of a steeper drop in the volume of imports of goods and services (-4.3 per cent) compared to the drop in exports (-4.2 per cent). According to the INS, Romania registered an economic growth of 2.2 per cent in 2011 and a contraction of 1.1 per cent in 2010.