Romania’s gross domestic product (GDP) increased by 7% in 2017 versus 2016, reaching EUR 187.5 billion, according to new data from the National Statistics Institute (INS).

Industry had the highest contribution to the GDP growth last year, namely 1.9 percentage points. Industry had a share of 24.2% in the GDP and recorded an 8% increase in its activity volume.

Wholesale and retail, motor-vehicles and motorcycles repair, transport and storage, and hotels and restaurants had the second highest contribution, namely 1.6 pp. This sector generated 18.7% of the GDP and saw an 8.4% increase in volume.

Agriculture, forestry and fishing, a sector that only stands for 4.4% of the GDP, contributed 0.7 pp to the economic growth, due to an 18.3% volume increase in 2017. Professional, scientific and technical activities, administrative services and support services also contributed 0.7 pp to the economic growth in 2017. This sector stands for 6.9% of the GDP and increased its volume by almost 10%.

The information and communication sector also brought 0.6 pp of last year’s economic growth. The sector stands for 5.1% of the GDP.

From the GDP uses standpoint, the increase was mainly due to the household consumption, which increased by 10.3% last year, contributing by 6.4 percentage points to the GDP growth. Gross fixed capital formation (investments) had a contribution of 1.2 pp.

editor@romania-insider.com