Romania’s statistics office slashes to half its estimate for Q2 trade gap

Romania’s statistics revised downward the GDP growth rate for Q2 to 5.1% YoY from 5.3% YoY, under the revised data published on October 12.

On the formation side, the value added generated by the sector of services to households (trade included) increased by only 8.5%, INS says under revised data, compared to 11.3% estimated initially.

On the GDP utilisation side, the domestic consumption was revised downwards (+5.7% YoY instead of +6%), but the largest revisions were operated on the inventory buildup (2.9% of GDP and not 10.0% as initially estimated) and notably, the trade deficit - revised to only 6.6% of GDP in Q2, down from 13.7% initially estimated.

Under different metrics, the share of domestic demand covered from net imports accounted for only 6.2%, not 12.1% as initially estimated.

Notably, the foreign trade data under GDP breakdown reflects the volume of foreign trade - as opposed to the value of foreign trade reflected by the FOB-CIF data reported separately.

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