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January 27, 2022

First-half growth estimate revised downward

The National Institute of Statistics (INS) revised its first-half growth estimate from  0.8 pc to 0.7 pc, which brings the mid-year Gross Domestic Product (GDP) to 247,727 bln RON, on the back of growth reported in the construction sector, professional activities and services, the release shows. In the second quarter, the GDP rose 1.1 pc year on year, to 138,259 bln RON current prices, and was also up compared to the first three months of the year, following two consecutive quarters of decline. The branch “Professional, scientific and technical activities; administrative service activities and support service activities” saw the biggest growth in activity volume (3.7 pc), followed by constructions (3.6 pc). Activity volume reductions were reported in the public administration and defense; public social insurance system; education; health and social assistance (2.1 pc), agriculture, forestry and fishing (1.6 pc), cultural and leisure performances; home appliance repairs and other services (1.6 pc) and financial brokerage and insurance (0.9 pc). The overall positive economic developments increased by 5.7 pc the volume of net incoming product tax revenues, the INS also reports. The demand rate led to 1.3 pc GDP growth in the second quarter year on year, mostly on the strength of a 15.5 pc rise in fixed capital fix, and increased end-consumer spending volume(+2.1 pc). Public administration end-consumption dropped 2.4 pc. The 0.2 pc increase in imported goods and services combined with 0.5 pc lower   net volume of exports played a negative role on the GDP. Mid last August, the INS announced a 0.5 pc GDP growth in the second quarter compared to the first, which followed two consecutive quarters of decline, which resulted in a first-half growth of 0,8 pc gross series year on year. In early September, the INS confirmed the “signal “estimate last August.

Average salary slightly down

An INS report shows the median salary going down 1.4 pc (RON 22) from the previous month, to a net RON 1,534, with the highest levels registered in the IT sector, including IT services (RON 3,753), and the lowest in the hotel and restaurant sector (RON 857).The median net salary rose 5.4 pc year on year, and the real salary indices was of 101.5 pc compared to the year-earlier period. Also, the monthly household second quarter income was of RON 2,396 and spending, RON 2,155, according to INS data. Savings matched RON 241 per household. Total spending in the second quarter of the year came to RON de 2,155 (RON 749 per person) and accounted for 89.9 pc of overall revenues.


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