Romania recorded the most significant economic advance among the 28 EU Member States, with a Gross Domestic Product (GDP) growth of 5.6 pct in the first quarter of 2017, against the same period in 2016, shows the third estimate released Thursday by the European Statistical Office (Eurostat).
At an annual pace, the eurozone economy climbed 1.9 pct in the first three months of 2017, as compared to a 1.7 pct advance forecasted by Eurostat last month, and the European Union recorded a 2.1 pct expansion against 2 pct previously estimated. In the fourth quarter of 2016, the growth was 1.8 pct in the euro area and 2 pct in the EU.
The largest increases in the EU in January – March 2017 were registered in Romania (5.6 pct), Slovenia (5 pct), Lithuania (4,1 pct), Estonia and Latvia (each 4pct), Poland and Hungary (each with 3.8pct) and Bulgaria (3.5 pct). There were no annual GDP declines in the EU in the first three months of 2017.
Also, in the first quarter of 2017, as compared to the previous three months, Romania had the highest economic growth in the EU, of 1.7 pct, against a 1.5 pct expansion in the fourth quarter of 2016.
The highest quarterly increases in the EU between January and March 2017 were recorded in Romania (1.7 pct), Latvia (1.6 pct), Slovenia (1.5 pct) and Lithuania (1.4 pct), while the UK had the lowest growth rate of 0.2 pct. There were no quarterly GDP declines in the EU in the first three months of 2017.
In the first three months of this year, the euro area and the EU recorded a quarterly increase of 0.6 pct, compared with a 0.5 pct advance estimated last month by Eurostat. In the fourth quarter of 2016, the increase was 0.5 pct in the euro area and 0.6 pct in the EU.
In the Eurostat estimate, data from three states (Ireland, Luxembourg and Malta) regarding the GDP developments in the first quarter of 2017 are not available.
According to data released by the National Statistics Institute (INS), Romania’s economy grew by 5.7 pct on a gross series and by 5.6 pct on the seasonally adjusted series, in the first quarter of this year compared to the similar period of 2016.
According to the quoted source, the Gross Domestic Product in the first quarter of 2017 was by 1.7 pct higher in real terms higher as compared to the fourth quarter of 2016.