Romania’s gross domestic product (GDP) recorded an increase of 8.8 per cent in the third quarter of 2017, gross series, 8.6 per cent in seasonally adjusted series, compared with the same period of 2016, while the growth posted for January-September last year stood at 7 per cent as gross series and 6.9 per cent as seasonally adjusted series, according to the provisional data (2) of the National Institute of Statistics (INS) made public on Friday.
Compared with Q2 2017 the GDP gained 2.6 per cent, in real terms, in Q3 2017.
“The seasonally adjusted series of the quarterly GDP was recalculated after the revision of estimated for Q3 2017, but with no gaps registered between the versions published in the Press release no. 304 of December 5 2017, specifies INS.
The Gross Domestic Products – seasonally adjusted data – estimated for Q3 2017 accounted for 216.886 billion lei current prices, showing an increase – in real terms – of 2.6 per cent compared with Q2 2017 and 8.6 per cent respectively compared with Q3 2016.
Also depending on seasonally adjusted data, the GDP estimated for January 1 – September 30 2017 accounted for 630.486 billion lei current prices, which is a growth – in real terms – of 6.9 per cent compared with the same time span of 2016.
On gross series, the GDP estimated for Q3 2017 accounted for 236.740 billion lei current prices, which is a growth – in real terms – of 8.8 per cent compared with Q3 2016, and 598.461 billion lei respectively current prices, which is a growth – in real terms – by 7 per cent compared with the time span January 1- November 30 2016.
In what concerns the contribution of the various categories of resources and uses to the modification of the Gross Domestic Product, INS specifies that the GDP dynamics in Q3 2017 did not modify in the provisional version (2), compared with the provisional version (1), and that the volume of the gross added value increased by 0.1 percentage points, with more important modifications recorded in: constructions (+0.2 percentage points), from 99 up to 99.2 per cent, information and communications (+0.3 percentage points), from 106.8 per cent up to 107.1 per cent.
“The volume and contribution of net taxes per product to the GDP growth decreased by 0.8 percentage points, and by 0.2 percentage points respectively,” said INS.
In terms of the GDP use, significant modifications in the contribution to the GDP growth in Q3 2017, between the two estimates, were recorded in: expenditure for final consumption of households, from 7.9 per cent down to 7.7 per cent, following the drop recorded in its volume from 113.3 down to 112.8 per cent; expenditure for final consumption of the public administration, from 0.4 down to 1.2 per cent, following an increase in its volume from 103.1 per cent down to 109.4 per cent; the growth formation of fixed capital, from 2.4 per cent down to 2.1 per cent, following the decreases in its volume from 108.8 per cent down to 108.0 per cent; exports of goods and services from 3.1 per cent up to 3.7 per cent, following the growth in its volume of 108.1 per cent up to 109.5 per cent, and the import of goods and services, from 4.3 up to 4.7 per cent, following the growth in its volume from 110.9 per cent up to 111.8 per cent.
The World Bank announced two days ago that it expected Romania to report a GDP growth of 6.4 per cent for 2017, compared to a 4.4 growth estimated in June.
In November, the National Prognosis Commission revised upwards its estimates regarding Romania’s economic growth in 2017, at 6.1 per cent, from 5.6 per cent as previously estimated. According to the autumn prognosis, the Gross Domestic Product will account for 842.5 billion lei this year, compared with 837.1 billion lei as estimated in autumn.
The Monetary International Fund (IMF) too revised upwards, from 4.2 to 5.5 per cent, its estimates regarding the evolution of the Romanian economy in 2017, in its “World Economic Outlook” of October 10.