With a GDP growth of 4.2 percent in the Q1 this year compared to the same period last year, Romania registered the highest year-on-year economic growth rhythm among the 28 member states of the European Union, according to Eurostat.
GDP grew by 4.3 percent year-on-year as a gross series in the first three months of 2016, according to the signal estimates published by the National Statistics Institute (INS) on Friday.
As seasonally adjusted series, GDP grew by 4.2 percent year-on-year.
Compared to the last quarter of 2015, in the first three months of 2016 Romania’s GDP grew by 1.6 percent as seasonally adjusted series.
The seasonally adjusted series are being recalculated on a quarterly basis, as a result of the modification of the models adopted, of the number of regressors used, of the modification of gross series and of the number of available observations.
The next provisional data concerning the Q1 GDP will be published on June 7.
Romania’s GDP growth rate is far superior to that of other European Union member states. Slovakia has the second-highest GDP growth rhythm, trailing far behind Romania with 3.6 percent, and Spain was third with a GDP growth of 3.4 percent. Among Central and Easter European states, Poland registered a GDP growth of just 2.5 percent, Bulgaria 2.9 percent and Hungary 0.5 percent. GDP growth data is not yet available for the Czech Republic.
In the first quarter this year, both the Euro Area and the European Union registered an economic growth of 0.5 percent quarter-on-quarter, slightly higher than the quarterly growth registered in Q4 of 2015. On the other hand, in Q1 of this year, the Euro Area registered a GDP growth of 1.5 percent year-on-year, while the EU28 registered a growth of 1.7 percent year-on-year, both levels showing a slight slowdown compared to the figures registered the previous quarter.
In the spring economic outlook report that the European Commission published early this month, the EC estimates that the Romanian economy will grow by 4.2 percent in 2016, backed by robust domestic demand, and the growth rhythm is expected to slow down to 3.7 percent in 2017.