Statistics Institute: Romania’s 2015 GDP growth revised upwards to 3.9 pct (semi-final data)

The National Institute of Statistics (INS) revised upwards Romania’s 2015 economic growth compared to 2014 from 3.8 percent (provisional data) to 3.9 pct, as per the semi-final figures released on Tuesday by INS.

“The estimated GDP for 2015 – semi-final data – was of 711.103 billion lei in current prices, up 3.9 percent in real terms from 2014,” INS said in a release.

On the other hand, in the semifinal version, the nominal GDP estimate for 2015 dropped 0.2 pct from 712.8 billion lei – the provisional figure announced in April – to 711.1 billion lei.

As far as the GDP formation is concerned, contributions higher than the April estimates were from industry (from +0.5 pct to +1.4 pct), retail trade (from +1 pct to +1.8 pct), real estate transactions (from +0.2 pct to +0.8 pct) and net taxes (from +5.6 pct to +6.8 pct), while the activities to see a downwards revision are agriculture, building, information and communication, financial intermediation, public administration – with a major downwards revision (from +0.2 pct to -1,3pct).

In terms of GDP use, the household final consumption expenditure was slightly revised downwards (from +3.7 pct to +3.6 pct), as was the share of investments (from + 2.1 pct to +2 pct) and exports (from +5.5 pct to +5.4 pct. The contribution of imports was revised upwards from +9.1 pct to +9.2 pct.

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