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September 19, 2021

Real GDP up 5.2 pct in H1, revised by 2.5 bn lei upwards from Sept. provisional figure

The GDP estimate for H1 2016 was 325.57 bln lei in current prices, up 5.2 percent from H1 2015 in real terms; the GDP was revised upwards by 2.48 billion lei from the provisional figure released on September 6, the National Institute of Statistics (INS) informed in a press statement on Friday.

In the version released on September 6, the GDP estimated for H1 2016 was 323.09 billion lei at current prices.

“As against H1 2015, the Gross Domestic Product recorded an increase of 5.2 percent as unadjusted series and 5.0 percent as seasonally adjusted series; the seasonally adjusted series of the quarterly GDP was recalculated following the revision of the estimates for Q2 2016, yet without significant differences versus the variant released in Press Statement No. 224 of Sept. 6, 2016,” INS said.

Compared with Q1 2016, the GDP in the second quarter of 2016 was 1.5 percent higher in real terms. In a y-o-y comparison, in Q1 2016 the GDP was up 6.0 percent as unadjusted series and 5.9 percent as seasonally adjusted series, respectively.

As unadjusted series the GDP estimate for Q1 2016 was 178.86 billion lei at current prices, up 6.0 percent in real terms from Q2 2015.

Expressed as seasonally adjusted series, the GDP estimate for H1 2016 was 374.68 billion lei at current prices, up 5.0 percent from H1 2015 in real terms. Compared with the provisional version (1), the figure has been revised upwards by 2.39 billion lei.

The GDP for Q2 2016 was 189.87 billion lei at current prices, by 1.5 percent higher in real terms from Q1 2016 and 5.9 percent over the figure registered in Q2 2015.

Compared to the provisional version (1), the dynamics of the GDP and of the gross value added remained unchanged in Q 2016, while the amount of net taxes per product dropped 0.2 percentage points.

The gross value added by industry saw some major changes in: professional, scientific and technical activities, administrative services and support services (+0.3 percentage points); wholesale and retail trade, repair of motor vehicles and motorcycles, transport and storage, hotels and restaurants (-0.2 percentage points).

By the use of GDP, the elements to see significant changes in the contribution to GDP growth between the two estimates are as follows: the households’ final consumption expenditure, from + 7.3 percent to + 7.0 percent, due to its volume reducing from 111.2 percent to 110.8 percent; the final consumption expenditure of public administrations, from + 0.3 percent to + 0.5 percent, due to a volume increase from 102 percent to 103.7 percent; imports of goods and services, from + 5.0 percent to 6.0 percent, due to a volume increase from 111.0 percent to 113.5 percent; exports of goods and services from + 1.6 percent to + 3.8 percent, due to growth in volumes from 103.5 percent to 108.5 percent.

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Gabriela Bogdan