ECONOMY FINANCE&BANKING

Romania’s economy advances 5.2pct in H1 2016; household consumption, up 10.4pcT

Romania’s H1 2016 Gross Domestic Product (GDP) advanced 5.2 percent from H1 2015 in unadjusted terms.

Provisional data released on Tuesday by the National Statistics Institute (INS) reveal total consumption contributed 80.6 percent toward the GDP formation in H1 2016.

‘Unadjusted Q2 2016 GDP estimates read 176,380.7 million lei current prices, up 6.0 percent in real terms from Q2 2015. H1 2016 GDP estimates exceed 323.09 billion lei current prices, up 5.2 percent in real terms from H1 2015,’ data with INS show.

Contributing to the y-o-y increase in the Q1 2016 GDP were all the economic branches, with more significant positive influences coming from retail and wholesale trade, repair of motor vehicles and motorcycles, transport and storage, hotels and restaurants (+2.1 percent), with a weight of 18.8 percent in the GDP formation.

Also contributing were information and communications (+0.8 percent), with a lower weight to the GDP formation, of just 6.8 percent, but which activity volume was up 13 percent; industry (+0.4 percent), with a 22.6 percent weight and an increase by 1.7 percent in activity volume; public administration and defence, public social security, education, healthcare and social work (+0.4 percent), with a weight of 11.8 percent and a 3.3-percent rise in activity volume, as well as net taxes on products (+0.4 percent), with a 10.9-percent weight and a 3-percent increase in activity volume.

The GDP growth was mainly the result of a 10.4-percent rise in household final consumption expenditure that contributed 6.8 percent to the GDP growth and a 7.3-percent increase in gross fixed capital formation that contributed 1.6 percent to the growth.

According to INS data, negative impacts on the GDP growth came from net exports (-2.8 percent), as the growth in impor

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