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Iulian Ernst
Senior Editor

Iulian studied physics at the University of Bucharest, and he sees himself as a physicist in the broadest sense of the word. He also studied economics at Charles University in Prague and Central European University in Budapest, after a master’s program in business administration at Bucharest Academy of Economic Studies. Since recently, he’s been exploring coding and data analysis for business and economics. As a freelancer, he worked for nearly two decades as an analyst for ISI Emerging Markets, Euromonitor International, Business New Europe, but also as a consultant for OMV Petrom and UkrAgroConsult. Iulian was part of the founding team of Ziarul Financiar. At Romania Insider, which he joined in 2018, he is reviewing the latest economic developments for the premium bulletins and newsletters. He would gladly discuss topics such as macroeconomics, emerging markets, Prague, energy sector including renewable, Led Zeppelin, financial services, as well as tech start-ups and innovative technologies. Email him at iulian@romania-insider.com. 

 

Romania’s Q3 GDP, higher than initially reported

Romania's statistics office INS revised the GDP contraction in Q3 to 5.7% from 6.0% under the first estimate. The GDP decline in the first nine months was adjusted accordingly to 5% from 5.1% previously.

The INS also reviewed the GDP deflator for Q3, which reflects the dynamics of the prices throughout the economy compared to the same period of 2019. The indicator's updated value is 4.1% from 2.2% previously.

As a result, the INS now estimates the nominal GDP in Q3 2020 at RON 285.2 billion (EUR 58.6 bln), 2.2% more than the value announced initially.

The nominal GDP for January-September was also revised upwards by over RON 6 bln (EUR 1.23 bln), to RON 724 bln (EUR 149 bln). The nominal GDP is used for calculating ratios such as the budget deficit to GDP, public debt to GDP, and current account to GDP, which are essential in evaluating macroeconomic imbalances.

On the GDP formation side, the new data show a steeper decline in trade and HoReCa (-4.5% year-on-year, compared to -4.2% previously).

On the GDP utilization side, the increase in gross fixed capital formation was revised downward from +4.2% year-on-year to +2.9%.

iulian@romania-insider.com

(Photo source: Natanael Alfredo/Dreamstime.com)

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Profile picture for user iuliane
Iulian Ernst
Senior Editor

Iulian studied physics at the University of Bucharest, and he sees himself as a physicist in the broadest sense of the word. He also studied economics at Charles University in Prague and Central European University in Budapest, after a master’s program in business administration at Bucharest Academy of Economic Studies. Since recently, he’s been exploring coding and data analysis for business and economics. As a freelancer, he worked for nearly two decades as an analyst for ISI Emerging Markets, Euromonitor International, Business New Europe, but also as a consultant for OMV Petrom and UkrAgroConsult. Iulian was part of the founding team of Ziarul Financiar. At Romania Insider, which he joined in 2018, he is reviewing the latest economic developments for the premium bulletins and newsletters. He would gladly discuss topics such as macroeconomics, emerging markets, Prague, energy sector including renewable, Led Zeppelin, financial services, as well as tech start-ups and innovative technologies. Email him at iulian@romania-insider.com. 

 

Romania’s Q3 GDP, higher than initially reported

Romania's statistics office INS revised the GDP contraction in Q3 to 5.7% from 6.0% under the first estimate. The GDP decline in the first nine months was adjusted accordingly to 5% from 5.1% previously.

The INS also reviewed the GDP deflator for Q3, which reflects the dynamics of the prices throughout the economy compared to the same period of 2019. The indicator's updated value is 4.1% from 2.2% previously.

As a result, the INS now estimates the nominal GDP in Q3 2020 at RON 285.2 billion (EUR 58.6 bln), 2.2% more than the value announced initially.

The nominal GDP for January-September was also revised upwards by over RON 6 bln (EUR 1.23 bln), to RON 724 bln (EUR 149 bln). The nominal GDP is used for calculating ratios such as the budget deficit to GDP, public debt to GDP, and current account to GDP, which are essential in evaluating macroeconomic imbalances.

On the GDP formation side, the new data show a steeper decline in trade and HoReCa (-4.5% year-on-year, compared to -4.2% previously).

On the GDP utilization side, the increase in gross fixed capital formation was revised downward from +4.2% year-on-year to +2.9%.

iulian@romania-insider.com

(Photo source: Natanael Alfredo/Dreamstime.com)

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