Romania’s economic growth over the first nine months of 2018 was 4.2pct, both in unadjusted terms and seasonally adjusted, compared with the same period of 2017; compared with Q2 2018, Q3 2018 economic growth was 1.9pct higher in real terms, according to data with the National Institute of Statistics (INS) released on Wednesday.
Compared with the same quarter of 2017, Q3 2018 GDP rose by 4.3pct in unadjusted terms and 4.1pct when seasonally adjusted.
Unadjusted Gross Domestic Product was revised for 2010-2012 to ensure consistency with the accounts of the Public Administration and the Balance of Payments. The review was conducted following the implementation of the new macroeconomic indicators review policy designed to respect the requirements imposed by Regulation 2304/2016 on the modalities, structure, periodicity and assessment indicators of the quality reports on data transmitted pursuant to Regulation (EU) No 549/2013 of the European Parliament and of the European Council.
The seasonally adjusted GDP series was also recalculated as a result of the inclusion of Q3 2018 estimates, revised against the version published in the Press Release no. 263 of October 10, 2018.
According to INS, as a result of the revision of the unadjusted series by including the Gross Domestic Product estimate for the third quarter of 2018 in the quarterly series, the seasonally adjusted series was recalculated, with volume indices being revised against the second interim version of GDP for the second quarter of 2018 in the press release of October 10, 2018 as follows: the Q1 2018 results compared with Q4 2017 were revised from 100.1pct to 100.3pct and the results of Q2 2018 compared with Q1 2018 were revised from 101.4pct to 101.5pct.
INS says the seasonally adjusted series is recalculated quarterly as a result of changes in the models adopted, the number of regressions used, the developments in unadjusted series and the number of observations available.