Romania’s GDP grew by 3.8% in the first quarter

Romania’s gross domestic product (GDP) grew by 3.8 percent in the first quarter of 2014 compared to the same period last year, according to the first estimates released by the Romanian National Statistics Institute (INS) on Thursday (May 15). These are “signal” estimates, which are based on incomplete information. More accurate provisory estimates will be released on June 6. The data comes to confirm statements from budget minister Liviu Voinea, who said recently that he expected an economic growth of at least 3.5 percent in the first quarter. Compared to the previous quarter (Q4 2013), Romania’s GDP grew by 0.1 percent, in real terms. Economic growth in the first quarter was supported both by exports and domestic consumption. Romania’s exports grew by 10.1 percent in the first quarter compared to the same period last year, while the retail trade turnover was up 9.3 percent in the same period. Industry still has a very important contribution to economic growth. Industrial production increased by 9.6 percent in the first quarter, the second highest growth in the European Union. Andrei Chirileasa, andrei@romania-insider.com