INS revises Romania's economic growth in 2015 from 3.8 pct to 3.9 pct of GDP

INS revises Romania’s economic growth in 2015 from 3.8 pct to 3.9 pct of GDP

Newsroom 20/12/2016 | 12:02

Romania’s economy went up by 3.9 percent of GDP in 2015, over the previous estimations, that indicated an increase of 3.8 percent due to a strong increase in the consumption, stimulated by the TVA reduction to food, according to new semi-defined data published by the National Institute of Statistics (INS). Although it increased the growth rate, INS made a downward revision on the GDP value, taking into account that the deflator has strongly decreased.

The Romania’s GDP value from 2015 was RON 71.1 billion (EUR 160 billion), shows the semi-defined data, compared with RON 712.83 billion (EUR 160.4 billion) in the previous version.

The GDP deflator value from 2015 was revised downward, from 2.9 percent to 2.4 percent, which explains the opposite revisions regarding the economic growth rate and the GDP value, says News.ro.

Calculated in euro, Romania’s GDP in 2015, of EUR 160 billion, places the Romanian economy behind some other countries, such as Czech Republic (GDP of EUR 166 billion in 2015), Greece (EUR 176 billion) or Portugal (EUR 179 billion), according to Eurostat.

The economic growth was supported in 2015 by the increase in the population consumption in the GDP formation, by 5.5 percent more than the previous year and the gross formation of the fixed capital, which increased by 8.3 percent.

Both growth rates were revised in drop compared with the previous estimation, when the increase was estimated at 5.9 percent for the population consume and 8.8 percent for investments.

On the other hand, the external trade caused a drop in the economy increase, taking into account that the imports increased by 9.2 percent and the exports only by 5.4 percent.