ECONOMY FINANCE&BANKING INDUSTRY

Romania reports highest Q1, 2016 economic growth in EU

With a 4.2-percent increase in its Q1, 2016 Gross Domestic Product (GDP), y-o-y, Romania recorded the highest annual economic growth among the 28 member states of the European Union, according to preliminary estimates released on Friday by the EU’s Eurostat statistics office.

In Q1, 2016, compared with Q4, 2015, Romania’s economic growth was the second largest in the EU, at 1.6 percent, bested only by Slovakia’s 1.7 percent.

Seasonally adjusted GDP rose by 0.5 percent in both the euro area (EA19) and the EU28 during the first quarter of 2016, compared with the previous quarter. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.5 percent in the euro area and by 1.7 percent in the EU28 in the first quarter of 2016, after +1.6 percent and +1.8 percent respectively in the previous quarter.

As far as Romania is concerned, the Eurostat data are similar to the estimates released on Friday by the country’s National Statistics Institute (INS) showing Romania’s Gross Domestic Product (GDP) unadjusted terms advanced 4.3 percent in Q1, 2016 from Q1, 2015. Seasonally adjusted, the growth was 4.2 percent from Q1, 2015. Compared with the last quarter of 2015, Q1, 2016 GDP was up 1.6 percent seasonally adjusted.

In its spring economic projections released early this month, the European Commission estimated the Romanian economy to advance 4.2 percent in 2016 on robust domestic demand, but to slow down in 2017 to 3.7 percent.

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