Romania’s GDP up 4.4% in second quarter

09 September 2019

Romania’s gross domestic product (GDP) increased by 4.4% in the second quarter of the year (Q2) compared to the same period of 2018, while in seasonally adjusted terms it picked up by 1.0% from the previous quarter.

The average annual growth in the first two quarters of the year was 4.7%, according to data released by the National Statistics Institute (INS).

The annual growth rate eased from 5.0% year on year in Q1, when the adjusted GDP was also increasing faster: by 1.2% compared to the last quarter of 2018. The growth rate is expected to further ease toward the end of the year.

On the formation side, it is notable that the value added created by industry contracted by 0.7% year-on-year (in constant prices), in the second quarter, while the construction sector generated 21% greater value added in the period. The services to households performed well in line with expectations: +5.0% year on year.

On the utilisation side, it is worth mentioning that the private consumption and capital formation made equal contributions to the annual rise in the demand: 3.9 percentage points each. This resulted in more resources imported, since the gross domestic production advanced by only 4.4%.

In nominal terms, the GDP reached RON 241 billion (EUR 50.65 bln) in Q2. Nominally, it increased by 11% compared to the same period last year, while expressed in euro it advanced by 9.2%.

The GDP deflator, which indicates the overall rise of the prices in a country’s economy (not confined to consumer prices) was 6.2% year-on-year, down from 7.8% in the first quarter of the year, but still well above the consumer price inflation.

editor@romania-insider.com

(Photo source: Shutterstock)

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Romania’s GDP up 4.4% in second quarter

09 September 2019

Romania’s gross domestic product (GDP) increased by 4.4% in the second quarter of the year (Q2) compared to the same period of 2018, while in seasonally adjusted terms it picked up by 1.0% from the previous quarter.

The average annual growth in the first two quarters of the year was 4.7%, according to data released by the National Statistics Institute (INS).

The annual growth rate eased from 5.0% year on year in Q1, when the adjusted GDP was also increasing faster: by 1.2% compared to the last quarter of 2018. The growth rate is expected to further ease toward the end of the year.

On the formation side, it is notable that the value added created by industry contracted by 0.7% year-on-year (in constant prices), in the second quarter, while the construction sector generated 21% greater value added in the period. The services to households performed well in line with expectations: +5.0% year on year.

On the utilisation side, it is worth mentioning that the private consumption and capital formation made equal contributions to the annual rise in the demand: 3.9 percentage points each. This resulted in more resources imported, since the gross domestic production advanced by only 4.4%.

In nominal terms, the GDP reached RON 241 billion (EUR 50.65 bln) in Q2. Nominally, it increased by 11% compared to the same period last year, while expressed in euro it advanced by 9.2%.

The GDP deflator, which indicates the overall rise of the prices in a country’s economy (not confined to consumer prices) was 6.2% year-on-year, down from 7.8% in the first quarter of the year, but still well above the consumer price inflation.

editor@romania-insider.com

(Photo source: Shutterstock)

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