Eurostat: Romania posts 5th highest GDP growth rate in EU in Q1, but lags behind most Eastern European economies

Sorin Melenciuc | 15/05/2018 | 12:24

Romania ranked fifth among the 28 European Union member states in terms of gross domestic product (GDP) growth rate year-on-year in the first quarter of this year, with 4.2 percent in seasonally adjusted series, Eurostat data show.

Earlier on Tuesday, National Institute of Statistics (INS) flash estimate showed that Romania’s GDP, the index widely used to measure the size of national economies, remained flat in the first quarter of this year compared with the fourth quarter of 2017, the weakest pace in one and a half years.

Compared with the first quarter of 2017, the Romanian economy grew by 4 percent in gross series and by 4.2 percent in seasonally adjusted series in the first quarter of 2018, the slowest pace since Q3 2015.

According to Eurostat, the highest growth rates year-on-year in seasonally adjusted series were recorded in the first quarter of 2018 in Latvia (5.2 percent), Poland (4.9 percent), Hungary (4.7 percent), the Czech Republic (4.5 percent), Romania (4.2 percent) and Cyprus (3.8 percent).

For eight out of 28 EU member states there are no available data for GDP growth rates in Q1 2018.

“Seasonally adjusted GDP rose by 0.4% in both the euro area (EA19) and the EU28 during the first quarter of 2018, compared with the previous quarter (…). Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 2.5% in the euro area and by 2.4% in the EU28 in the first quarter of 2018,” Eurostat said in a press release.

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