Romania’s economy up by 4.8 percent in 2016

The Gross Domestic Product (GDP) increased by 4.8 percent in 2016 compared to 2015, after a growth of 4.7 percent as gross series (4.8 percent as seasonally adjusted series) over the past three months of 2016 compared to the corresponding period of last year, the estimates published on Tuesday by the National Institute of Statistics (INS) reveal.

In the fourth quarter, the GDP was, in real terms, higher by 1.3 percent compared to the previous quarter.

“Following the revision of the quarterly GDP as a gross series for 2014-2015, for reconciling with the annual data (2014 – final version, 2015 – semi-final version) and for including the estimations of the GDP for Q4 of 2016, in the quarterly series, the seasonally adjusted series was re-estimated, the volume indices being revised as compared to the second version of the GDP for the Q3 of 2016, which was published in the press release No. 19 of 13 January 2017. Therefore, the results of Q1 of 2016 compared to Q4 of 2015 were revised from 101.5 percent to 101.3 percent and the results of Q3 of 2016 compared to Q2 of 2016 were revised from 100.6 percent to 100.5 percent,” the INS mentions.

In 2015, the GDP increased by 3.9 percent compared to 2014.

The estimates for this year, regarding the Romanian economy growth oscillates between 3.7 percent forecasted by the World Bank and 5.2 percent forecasted by the National Prognosis Commission.

The estimates regarding the GDP growth were also announced on Monday by the European Commission (EC) which revised the GDP evolution for this year to increase to 4.4 percent, the advance following to slow down to 3.7 percent in 2018. The International Monetary Fund (IMF) counts on a growth of 3.8 percent of the Romania’s GDP, the highest economic growth rate of Europe.

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