ECONOMY FINANCE&BANKING

INS: Romania’s 2017 GDP growth, downwardly adjusted to 6.9pct

Romania’s Gross Domestic Product (GDP) estimated for 2017 amounted to 858332.8 million lei current prices, up in real terms by 6.9 percent as against 2016.

The National Statistics Institute (INS) reported in a press statement released on Thursday that the Gross Domestic Product estimated for Q4 2017 amounted to 258887.4 million lei current prices, up in real terms by 6.7 percent as against Q4 2016.

The seasonally adjusted Gross Domestic Product estimated for Q4 2017 amounted to 222557.1 million lei current prices, up in real terms by 0.5 percent as against Q3 2017 and by 6.8 percent against Q4 2016.

As compared to the provisional version (1), in the provisional version (2) for 2017, the GDP volume decreased by 0.1 percentage point. Gross value added was declined 0.1 percentage point, with more important changes being recorded in: construction (-0.3 percentage points); wholesale and retail; repair of motor vehicles and motorcycles; transport and storage; hotels and restaurants (-0.2 percentage points); public administration and defence; social insurance of public sector; education; health and social assistance (-0.3 percentage points). Net taxes on products growth rate increased by 0.4 percentage points.

In terms of GDP uses, significant changes in the contribution to the growth rate of GDP between the two estimates were recorded for: collective individual consumption expenditure of general government, from +0.4 percent to +0.2 percent, as a result of their activity volume decreasing from 106.2 percent to 102.8 percent; gross fixed capital formation, from +1.2 percent to +1.1 percent, as a result of their activity volume decreasing from 105.4 percent to 104.7 percent; exports of goods and services, from +3.9 percent to +4.0 percent, as a result of their activity volume increasing from 109.5 percent to 109.7 percent; imports of goods and services, from +4.8 percent to +4.8 percent, as a result of their activity volume increasing from 111.1 percent to 111.3 percent.

INS mentioned that the seasonally adjusted series of quarterly Gross Domestic Product did not change significantly due to the revision of the estimates for 2017 as compared to the provisional version (1) published by Press release no. 54 of March 7, 2018.

The seasonally adjusted series are quarterly re-estimated due to the change in adopted models, in the number of regression factors used, in the unadjusted series and in the number of available observations.

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