Romania’s economy went up by 5.9% in the second quarter of this year compared to the same period of 2016, in gross terms. The GDP growth accelerated from 5.7% in the first quarter. In seasonally adjusted terms, the second-quarter increase was 5.7%, according to preliminary data from the National Statistics Institute (INS).

The local economy increased 5.8% year-on-year in the first half of 2017, in gross terms, surpassing the analysts’ estimates. In seasonally adjusted terms, the annual economic growth was 5.7%.

INS will release more detailed information on the economic growth in the second quarter on September 5.

Eurostat data released on Wednesday, August 16, showed that Romania had the highest annual economic growth in the EU in the second quarter, of 5.7%, followed by Latvia with a year-on-year increase of 4.8%, and the Czech Republic with 4.5%.

Industry had the highest contribution to Romania’s 5.7% annual economic growth in the first quarter of this year, surpassing the trade sector. The IT and communications sector also increased its contribution.

Irina Marica, irina.marica@romania-insider.com