BUSINESS

Romania and Czech Republic post highest economic growth in EU

  • They are followed by Poland and Hungary * Baltic “Tigers” register very weak results in Q1 * France surpasses Germany

 

Eurostat, the European Union’s Statistics Office, has published its GDP growth data for Q1 of 2015, as well as the year-on-year growth registered in the first three months of this year.

Since year-on-year growth is the most relevant indicator, we note that Romania and the Czech Republic posted the highest year-on-year growth in Q1, namely 4.2 per cent each. They were followed by Poland (3.5 per cent) and Hungary (3.3 per cent). Among the EU’s developed states, only Sweden and United Kingdom registered significant growth of 2.6 and 2.4 per cent respectively.

At the same time, it has to be pointed out that in Q1 France managed to surpass Germany in what concerns quarter-on-quarter growth. Estonia and Lithuania, until last year considered to be the EU’s economic “tigers,” registered negative growth, as did Finland.

According to the National Statistics Institute (INS), Romania’s GDP grew in Q1 by 4.2 per cent year-on-year and by 1.6 per cent quarter-on-quarter. The bulk trade, industry and IT&C sectors had the most significant contributions to GDP growth.

 

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