Romania’s GDP goes up 1.4 pct in Q3, largest increase in Europe

Newsroom 13/11/2015 | 13:19

According to data released by the National Institute for Statistics (INS), Romania saw a 3.7 percent increase of the GDP during the first nine months of 2015, the same level registered during the first half of the year. During the third quarter GDP indicated a 3.6 percent rise over the same period of the previous year.

In the third quarter the economic growth leaped 1.4 percent over Q2, while keeping steady between Q2 and Q1. The initial estimation for the growth between the first two quarters of the year had been at 0.1 percent, but the INS revised the data released in October to include results from the third quarter.

The European Commission has improved the autumn forecast estimates on Romania’s economic growth, which will accelerate this year to 3.5 percent in 2016 and 4.1 percent respectively, supported by fiscal relaxation measures which stimulate domestic demand.

The budget for the current year was based taking into account GDP growth of 2.5 percent. The National Prognosis Commission estimates show an advance of 3.3 percent, and the IMF predicts a 3.4 percent advance.

Among member states, Romania saw the largest increase in Q3 over Q2 2015, followed by Poland and Slovakia (both with 0.9 percent) and Bulgaria with 0.7 percent. When in comes to annual increase, Romania came in after the Czech Republic (4.3 percent) and on the same level with Poland. Drops were registered by Finland (down 0.7 percent y-o-y) and Greece (down 0.4 percent).

Seasonally adjusted GDP rose by 0.4 percent in the EU during the third quarter of 2015, compared with the previous quarter, according to Eurostat, while year on year there was a 1.9 percent increase.

The eurozone registered a 0.3 percent increase q-o-q and 1.6 percent y-o-y.