Romania’s gross domestic product (GDP) growth in the first half of the year was supported by almost all branches of economy, with trade, information and communication and industry having the highest contributions, announced the National Institute for Statistics (INS), which kept its outlook on the advance of the economy 3.7 percent as gross series.

 

“Compared to the same quarter of 2014, GDP grew by 3.3 percent as gross series and by 3.7 percent seasonally adjusted; during the first half of 2015 GDP increased compared to the first semester 2014 by 3.7 percent as gross series and by 3.8 percent as adjusted series.

Seasonally adjusted series of the quarterly GDP was recalculated due to revised estimates for the second quarter of 2015, however, there were no differences against the version published in the press release no. 204 of  August 14, 2015,” the INS statement shows.

The gross domestic product (seasonally adjusted) estimated for the second quarter of 2015 was RON 174.7 billion current prices, increasing in real terms by 0.1 percent compared to the first quarter of 2015 and by 3.7 percent compared to the second quarter of 2014. For the first semester of 2015 the GDP stood at RON 351.8 billion current prices, increasing in real terms by 3.8 percent against the first half of 2014.

As gross series the GDP was estimated at RON 164.8 billion current prices for Q2 2015 (up 3.3 percent in real terms over Q2 2014), while for H1 2015 is was estimated at RON 305 billion current prices (up 3.7 percent in real terms over the first half of 2014).

This rise was brought on by almost all branches of economy, major positive contributions coming from wholesale and retail trade; repair of motor vehicles and motorcycles; transport and storage; hotels and restaurants (up 1 percent), with a share of 17.7 percent of GDP and a workload increase of 5.6 percent. The information and communications (up 0.9 percent) had a lower share of 7.2 percent, but showed a significant increase in business volume (13.8 percent). Industry (up 0.5 percent), with a share of 22 percent to GDP also had a workload increased by 2.2 percent, while net taxes on products (up 0.5 percent) accounted for 13.6 percent of the GDP and registered a workload increase of 4.2 percent.

Concerning GDP use, the increase was due mainly to final consumption expenditure of households with a volume increase of 5.4 percent, contributing 3.5 percent to GDP growth.  Gross fixed capital formation had a contribution of 1.5 percent due to a volume increase of 8.1 percent.

“Net exports had a negative contribution to GDP growth (down 1.5 percent), owing to a 6.3 percent increase in exports of goods and services correlated with a higher growth of imports of goods and services, 9.6 percent. However, the slightly positive balance of payments is noteworthy,” the data shows.

In mid-August INS announced that GDP grew by 3.7 percent in the first half of the year as gross series and by 3.8 percent as adjusted series, after the second quarter rose 3.2 percent on gross series and by 3.7 percent as adjusted series for the same period last year, but compared to the first quarter it rose by 0.1 percent.

Seasonally adjusted series of the quarterly gross domestic product was recalculated from the version published in July following the inclusion of estimates for the second quarter of 2015. The estimates for the first quarter were revised from 1.5 percent to 1.4 percent compared to the last quarter of last year and from 4.1 percent to 3.8 percent compared to the same period last year.

Natalia Martian

 

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