Industry, IT&C – main engines for Romania’s economic growth

Romania’s Gross Domestic Product (GDP) estimated for the third quarter of 2014 (Q3), seasonally adjusted, was some EUR 37.8 billion, up by 1.8% compared to the previous quarter and by 3% compared to the same quarter of 2013, the National Statistics Institute (INS) announced on Wednesday, December 3. In gross terms the GDP increased by 3.2% compared to the third quarter of 2013, to EUR 41.6 billion. The economic sectors which contributed most to this increase were the industry, which generated 1.4 percentage points of the total growth, and the information and communications sector, with a 0.8 percentage-point contribution. Commerce also added 0.3 percentage points. Industry has the highest share in GDP formation, some 30.3%, in the third quarter, followed by commerce – 9.8%, and agriculture – 9.6%. From an expenditure approach, private consumption contributed 2.4 percentage points to GDP growth and exports added 0.8 percentage points, while the gross capital formation (investments in the economy) had a negative contribution of -1.1 percentage points. For the first nine months of 2014, Romania’s GDP growth was 2.8%, in gross term, and 3.1% in seasonally adjusted terms. You may also want to read: Romania has fastest economic growth in the EU in the third quarter, compared to the second quarter GDP growth estimates revised up to 2.6% in Romania Emerging Europe Monitor: 3.4% GDP growth for Romania in 2015 editor@romania-insider.com