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December 6, 2022

Romania tops EU economic growth chart in Q3

Romania registered the highest economic growth in the European Union in Q3 this year compared to the previous quarter, shows the flash estimate published on Friday by the European Statistical Office (Eurostat).

With a quarterly economic growth of 1.4 percent, Romania tops the EU ranking, followed by Poland and Slovakia (both with 0.9 pct) and Spain with 0.8 pct. According to Eurostat, the seasonally adjusted GDP rose by 0.3 pct in the euro area (EA19), after having seen an advance of 0.4 in the previous quarter, and the EU28 economy advanced 0.4 pct in Q3, similar to the growth registered in Q2.

Compared with the same quarter of the previous year, Romania’s seasonally adjusted GDP rose 3.6 pct, the second highest growth in the EU after the advance of 4.3 pct registered by the Czech Republic. As for the y-o-y growth in the euro zone, it inched up to 1.6 pct from 1.5 pct in Q2, while the y-o-y growth for the EU28 GDP was 1.9 pct, equal to that registered on Q2.

Eurostat figures are similar with the flash estimates released on Friday by the National Institute of Statistics, according to which Romania’s GDP expressed as unadjusted series increased 1.4 pct in real terms in Q3 from the previous quarter, while compared with the similar period of the year before, the advance was 3.6 pct both as unadjusted and seasonally adjusted series. In the first three quarters of the year, Romanian economy advanced 3.7 pct compared with the similar period of the previous year, both as unadjusted and seasonally adjusted series.

In its recently released autumn 2015 forecast, the European Commission improved its estimates for Romania’s economic growth this year to 3.5 percent from 2.8 percent in May.

Romania’s GDP is expected to grow 4.1 percent in 2016 and remain above potential at 3.6 percent in 2017, as an effect of strengthened consumption following fiscal loosening.

Ponta on Romania’s economic growth: Well done! So it is possible!

Former Prime Minister Victor Ponta posted on Friday two messages on his Facebook page, the first ones after November 4, the day he stepped down as Government head.

Both messages refer to the 1.4pct economic growth recorded by Romania in the third quarter of 2015.

“Well done! So it is possible!” Ponta wrote on his Facebook page.

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