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Bucharest
July 31, 2021
BUSINESS

0.5 pc economic growth in Q2 compared to Q1




The annual increase is 1.8 pc, INS data shows. The IMF believes Romania will reach over 3 pc economic growth only in 2017.
INS (the National Institute of Statistics) maintains its previous predictions on economic growth in the second and first quarters, namely 0.5 per cent growth compared to January-March and 1.8% compared to January-June 2012, while the GDP went up mid-year, according to raw data, to RON 267.811 billion. Also, it went up 1.5 per cent in the Q2 of this year vs. the same time of 2012 when it grossed RON 146.9 bln (rd. EUR 32.6 bln), data of the second provisional assessment by the National Statistics Institute (INS) reveal.
INS specifies that in terms of the GDP, in the H1 of 2013, no changes were registered in the contributions made to the GDP, between the two assessments.
The GDP of the H2 of 2013, the contributions to the GDP growth, between the two estimates registered in building, retail and wholesale trade, vehicle and motorcycles repairs, transport and storage, hotels and restaurant, public administration and defense, public social security, education, health, net taxes per product.
However, the International Monetary Fund (IMF) warns that, next year, economic growth will reach 2.2 per cent and GDP will exceed 3 per cent only in 2017, as new political tension prior to the 2014 presidential elections will impact investor and consumer confidence and failure to implement structural reforms could lead to a more modest economic growth trajectory, zf.ro notes. Last year, the economy grew by 0.7 per cent and most assessments for this year indicate a GDP growth of around 2 per cent. Apart from the base scenario on economic evolution, the IMF is also analyzing a negative scenario involving an extended recession and new tension in the Euro Zone, all of which could impact exports and generate a continuing reduction in foreign investments and the acceleration of deleveraging in the banking system. Based on this negative scenario, the IMF believes Romanian economy will grow by only 1.5 per cent this year, followed by 0.3 per cent in 2014 and 2.3 per cent in 2015.
New orders in industry grow by 8.6 pc in first eight months
The same INS reveals that the new orders in industry grew by 8.6 per cent January through August this year from the same time span of 2012, due to the increases in the industry of capital goods and consumer goods, according to data provided by the National Institute of Statistics (INS) on Monday. The increase by 8.6 per cent in new orders in industry was due to the positive results recorded in the capital goods industry (plus 21.3 per cent), the industry of consumer goods (5.5 per cent) and the industry of durable goods (3.1 per cent).
According to INS, the new orders in the industry of intermediate goods went down by 6.5 per cent. Compared with the orders of the previous month, the new orders in industry in August 2013 decreased by 1.9 per cent in nominal terms and grew by 6 per cent compared with the same month of the previous year.
Romania’s primary energy resources decline 12.2 pc
Romania’s primary energy resources declined 12.2 per cent January through August this year compared with the same time span in 2012, while the electric energy resources declined 7 per cent, reveal provisional data released by INS. The main primary energy resources amounted to 20.043 million tonnes oil equivalent (toe) over January-August 2013, down 2,797 toe from the same interval last year.
Domestic production amounted to 14.086 million toe, down 7.2 per cent compared with the same period last year, while imports went down 22.2 per cent, totalling 5,957 toe.
According to the INS, Romania imported by 63.4 less natural gas than in the same period last year, by 53.4 less oil and by 21.2 per cent less coal. Romania’s electricity imports dropped 51.2 per cent and the oil imports declined 21.2 per cent.
Net average wage dropped by 1.9 pc in August, as compared to July
The nominal net average wage was RON 1.604 in August, RON 31 (1.9%) less than the previous month. The highest reported wages were in the raw petroleum and natural gas extraction industry (RON 3.948) and the lowest were in the hotel and restaurant business (RON 884), INS shows. The net average wage was RON 2.219 in August, 1.8 per cent lower than in July. “The net wage index for August 2013 compared to the previous month, determined as the ratio between the nominal net wage index and the consumer price index, was 98.3 per cent Compared to October 1990, the net wage index was 120.9 per cent, two percent lower than in July 2013,” the document reveals.
Net average wages were severely decreased in the telecommunication sector, the manufacture of vehicles, trailers and semi-trailers industry, the industry of printing and recording reproductions on media (between 8% and 9%) and the manufacture of textiles industry, the research and development sector, water transport, the manufacture of basic pharmaceutical products and preparations industry, the wastewater collection and treatment industry and other industrial activities (between 6% and 7.5%).
At the other end of the poll, net average wages were most significantly increased in the extraction of coal and lignite industry, other extraction activities (between 8.5% and 13%) and the extraction of metal ores industry and real-estate trading (between 4% and 5.5%).

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