The National Institute of Statistics (INS) reconfirmed on Friday Romania’s economic growth estimate of 4 percent in the first quarter of 2018.
The statistics office said that the local economy expanded by 4 percent on gross series and by 4.2 percent on seasonally adjusted series compared to the same period of last year.
The estimated GDP for Q1 was RON 226.2 billion in current prices, up 0.1 percent in real terms versus the first quarter of last year.
Looking at GDP usage, significant changes in the contribution to GDP growth between the two estimates were: expenditure for final consumption of households, from + 3.4 percent to 3.7 percent, as a result of the increase of its activity volume from 105.4 percent to 105.9 percent; the expenditure for individual and collective final consumption of general government, from + 0.4 percent to -0.6 percent, as a result of the decrease in their volume of activity from 102.4 percent to 96.6 percent.
The volume of gross value added by industry did not post any major changes, except for: retail and wholesale; repair of motor vehicles and motorcycles; transportation and storage; hotels and restaurants with a 0.4 percentage point reduction in activity; real estate transactions, with an increase in the volume of activity of 0.2 percentage points.