The 5.7 pct economic growth registered in the first quarter of 2017, as compared to the first quarter of 2016, is a confirmation that the measures taken by the Government are the right ones, stated Premier Sorin Grindeanu on Tuesday, according to a press release.
This economic growth exceeds the expectations of analysts and international bodies – International Monetary Fund (IMF), World Bank (BM), the European Commission (CE), added the Prime Minister.
“Romania recorded the highest growth in the European Union in the first quarter of this year, according to data published by Eurostat today,” reads the press release.
According to the quoted source, the Government will continue to support the economic growth trend by stimulating public investment, accelerating the attraction of European funds, and improving the tax collection and reduction of tax evasion.
Economic growth is also the result of business confidence in the economic measures announced by the Government for the next period – including the Prevention Law, the establishment of the Sovereign Wealth Fund – also proven by the confidence indicators calculated by the European Commission, mentions the press release.
“For 2017, we are aiming at attracting substantial European funds to the Romanian economy, namely EUR 5.2 billion. At the same time, I personally monitor the weekly working meetings, the improvement of tax collection and combat of tax evasion. These are levers that support the pace of the economic growth so that the evolution of the economy can be felt in Romanians’ everyday life,” states Grindeanu.
According to the Government, the economic growth rate of 5.7 pct, higher than the estimated figure for the entire 2017, respectively 5.2% pct was anticipated by other developments in the economy. Thus, exports peaked to a record high in March 2017, namely EUR 5.7 billion, and more than 100,000 new jobs were created in the first four months of the year.
“The industrial output has high expansion rates – a positive development in the manufacturing / medium and high-tech industries,” the release mentions, also pointing out that the unemployment rate is “at a historical low after 1989”.
Eurostat: Romania posts highest Q1 2017 economic growth rate in EU
Romania has posted the highest Q1 2017 economic growth rate in EU28, of 5.6 percent, y-o-y, according to a flash estimate published on Tuesday by Eurostat, the statistical office of the European Union.
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.7pct in the euro area and by 2.0pct in the EU28 in the first quarter of 2017, after +1.8pct and +1.9pct respectively in the previous quarter.
The highest growth rates January – March 2017 were reported by Romania (5.6 percent), Poland and Lithuania (4.1 percent each), Latvia (3.9 percent), Hungary (3.7 percent) and Bulgaria (3.4 percent). The only drop in the Gross Domestic Product (GDP) over the same period was reported by Greece (minus 0.5 percent).
In Q1 2017, compared with Q4 2016, Romania’s economic growth was also the highest in the EU: 1.7 percent versus 1.5 percent in Q4 2016.
Seasonally adjusted GDP rose by 0.5pct in both the euro area (EA19) and the EU28 during the first quarter of 2017. In the fourth quarter of 2016, GDP grew by 0.5 percent and 0.6 percent respectively.
Non available in the Q1 2017 GDP flash estimates are data from seven EU member states – Estonia, Ireland, Croatia, Luxembourg, Malta, Slovenia and Sweden.
Data released on Tuesday by the National Institute of Statistics (INS) indicate a 5.7-percent Q1 2017 quarterly economic growth in Romania in unadjusted terms and a 5.6-percent increase in terms adjusted for seasonality.
In real terms, the Q1 2017 GDP was 1.7 percent higher than the Q4 2016 one.
INS says the seasonally adjusted series of quarterly Gross Domestic Product was readjusted as a result of the introduction of the estimates for Q1 2017, the revision being insignificant as compared to the version published on April 7, 2017.
“As a result of the revision of the unadjusted series by including the estimates for Q1 2017 in the quarterly series, the seasonally adjusted series were re-estimated, the volume indices being revised as compared to the version published on April 7, 2017 as following: the results for the first quarter of 2016, as compared to the fourth quarter of 2015, had been revised from 101.3 percent to 101.1 percent; the results for the second quarter of 2016, as compared to the previous quarter, had not changed; the results for the third quarter of 2016, as compared to the first quarter of 2016, had been revised from 100.5 percent to 100.7 percent; the results for the fourth quarter of 2016, as compared to the previous quarter, had been revised from 101.4 percent to 101.5 percent,” says INS.
At a May 5 monetary policy meeting, the Administration Board of the National Bank of Romania (BNR) said available statistics indicate a slight slowdown in Romania’s Q1 2017 GDP.
On May 10, the European Bank for Reconstruction and Development (EBRD) said Romania’s economy should advance 4 percent in 2017, up from the bank’s 3.7-percent forecast last November.
The International Monetary Fund (IMF) has upwardly adjusted, from 3.8 percent to 4.2 percent, its estimates of Romania’s economic growth in 2017, according to IMF’s latest “World Economic Outlook” published this April.
“Our responsibility is to make this growth felt by all Romanians”
The economy advanced 5.7 percent in the first quarter of 2017, from the same period of 2016, much above the initial estimations, says Prime Minister Sorin Grindeanu, pointing out that the Government’s responsibility is to make this growth be felt by all Romanians.
“An outstanding piece of news for Romania! The economy advanced 5.7 percent in the first quarter of 2017, from the same period of 2016, much above the initial estimations! Our responsibility is to make this growth felt by all Romanians,” Grindeanu wrote on Facebook on Tuesday morning.
PSD’s Dragnea: INS data leave no room for malicious interpretation of governance programme
The National Institute of Statistics (INS) data leave no room for “malicious” interpretation of the Social Democratic Party (PSD) governance programme, said party leader Liviu Dragnea on Tuesday.
“The official INS data leave no room for any malicious interpretation from the critics of the PSD governance programme. Romania has a 5.7 percent economic growth in the first quarter from the same period of last year. We can make a comparison with Germany 2.4 percent or France 1.4 percent, which have reported to the Eurostat so far. But the most important thing is that this growth is actually felt in Romanians’ pockets, who saw salary increases and fee cuts this quarter,” Dragnea argued in a Facebook post.