INS reconfirms Romania’s economic growth rate in Q1, but increases GDP’s value by EUR 1 bln

Georgiana Bendre 07/07/2017 | 12:20

The National Institute of Statistics (INS) reconfirmed on Friday the estimations from the middle of May regarding the economic growth rate in the first quarter, but increased GDP’s value by around EUR 1 billion on gross series.

On May, the first INS estimations showed that GDP, the main indicator that measures the economy, climbed by 5.7 percent in the first quarter compared with the same period of 2016 on gross series and by 1.7 percent compared with the previous quarter.

The rates were confirmed in June and in the second set of initial data, published on Friday. INS changes in increase the GDP value in the first quarter.

The initial data from June showed that on gross series, the GDP value from the first quarter was RON 159.67 billion, while on adjusted series, the GDP value was higher by RON 199.89 billion.

The data published on Friday shows a GDP value from the first quarter of RON 164.21 billion on gross series and RON 203.64 billion on adjusted series.

The statistics shows an increase of economy compared with the last quarter of 2016, when Romania’s GDP increased by 4.8 percent compared with the same period of 2016 on gross series and by 1.5 percent compared with the previous quarter.

On the data adjusted seasonally, Romania’s GDP climbed by 5.6 percent in the first quarter of this year compared with the same period of 2016, after an increase by 5 percent in the last quarter of 2016, by 4.5 percent in the third quarter and 5.7 percent in the second quarter of 2016.

The analysts expected to maintain a high rate of economic growth in the first quarter, but the data published by INS exceeded significantly the estimations.

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