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Bucharest
April 20, 2021
BUSINESS

Romania maintains economic growth of over 3 pc per year

* Processing industry contributes 1.3 pc to GDP growth  * Information and communications industry contributes 0.7 pc * Processing industry has a GDP share of 30.3 pc, while the information and communications sector (5.2 pc) has surpassed agriculture (5.1 pc of GDP).

According to the National Statistics Institute (INS), Romania maintains a GDP growth of over 3 pc in the first 9 months of 2014. Thus, in the first three quarters the GDP growth was of 2.8 per cent as gross series and 3.1 per cent as series adjusted to seasonality, compared to the same period of 2013. The GDP registered a growth of 1.8 per cent year-on-year in the third quarter this year, according to the preliminary data published on Wednesday by the INS.

The GDP – seasonally adjusted data – estimated for Q3 of 2014 stood at RON 167.070 bln in current prices, up by 1.8 per cent quarter-on-quarter and by 3 per cent year-on-year, in real terms.

In the first nine months of the year the estimated GDP stood at RON 496.299 bln in current prices, up by 3.1 per cent year-on-year and by 1.8 per cent quarter-on-quarter.

As a gross series, the GDP estimated for the third quarter of 2014 stood at RON 183.595 bln in current prices, up by 3.2 per cent year-on-year in real terms.

The GDP estimated for the first nine months of the year stood at RON 469.213 bln in current prices, up by 2.8 per cent year-on-year in real terms.

The most important contributions to the GDP’s year-on-year growth in the first nine months of the year came from industry (+1.3 per cent), which had a GDP share of 30.3 per cent and whose volume of activity grew by 4.2 per cent, and from the information and communications sector (+0.7 per cent), which had a GDP share of 5.2 per cent and whose volume of activity grew by 15.3 per cent.

Net product taxes had a positive contribution (+0.3 per cent), their share in the formation of GDP standing at 12 per cent and their volume growth at 2.6 per cent.

The 3.1 per cent drop in the construction sector’s volume of activity had a negative impact on the GDP, its contribution to it being of -0.2 per cent. Financial intermediations and insurances also had a negative contribution to GDP growth (-0.1 per cent), as a result of a 2.8 per cent drop in their volume of activity.

From the point of view of GDP’s usage, the most important contributions to GDP growth in the first nine months of the year came from the following components: expenditures on final consumption of households (+3 per cent), which has a 62.5 per cent share in the usage of GDP and whose volume grew by 4.8 per cent, and net exports (+1 per cent), a consequence of the 8.1 per cent growth in the volume of goods and services exports, correlated with the smaller growth in the volume of goods and services imports (5.7 per cent).

As a consequence of the significant drop (-7.3 per cent) in the volume of gross formation of fixed capital, the latter had a negative contribution to GDP growth (-1.8 per cent).

 

 

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