Romania’s economy increased by 1.6% in the first quarter of 2016 compared to the fourth quarter of 2015, which is the highest growth rate of all 28 European Union members, according to data released by the European Statistics Office – Eurostat.
The Eurozone’s economy increased by 0.6% in Q1 2016 compared to the previous quarter and the average growth rate in the EU was 0.5%.
Cyprus came second, with an 0.9% GDP increase quarter-on-quarter, followed by Spain, Lithuania, Austria, and Slovakia, with 0.8% each, and Bulgaria and Germany with 0.7%. Hungary showed the worst performance, with an 0.8% drop compared to Q4 2015, Greece’s economy declined by 0.5%, and Poland’s GDP was also down by 0.1%.
Romania also had the highest economic growth when compared to the first quarter of 2015, of 4.2%. Only Sweden had a similar growth rate. Slovakia’s economy went up 3.7% and Spain posted a 3.4% increase.
Only Greece had an economic decline of 1.4% in Q1 2016 when compared to Q1 2015.