Economic growth for 2013 revised up by 0.1 pp

Newsroom 09/10/2015 | 17:50

The latest data from the National Institute for Statistics (INS) revised the economic growth registered in 2013 over the previous year from 3.4 percent to 3.5 percent, while the annual GDP was estimated at RON 637.45 billion (EUR 144.43 billion), RON 127.1 million (EUR 28.8 million) less than the initial numbers.  

While the GDP diminished by 0.02 percent, the GDP deflator remained unchanged, rising by 3.4 percent in 2013.

Wholesale and retail, repairs of motor‐vehicles and motorcycles; transport and storage; hotels and restaurants were revised from ‐1.1 percent to ‐2.1 percent, as a consequence of changes in the activity volume by ‐6.3 percentage points (from 93.8 percent to 87.5 percent).

Information and communication saw an upward revision from 0.4 percent to 1.0 percent, as a consequence of changes in volumes of 16.4 percentage points (from 108.1 percent to 124.5 percent).

Financial intermediation and insurance went up from 0.2 percent to 0.7 percent, with volume increases of 20.1 percentage points (from 105.0 percent to 125.1 percent).

Professional, scientific and technical activities; administrative services and support services activities doubled from 0.7 percent to 1.4 percent, while activity volumes increased by 12.2 percentage points (from 114.7 percent to 126.9 percent).

Shows, culture and recreation activities, repair of households goods and other services, however, dropped from 0.1 percent to ‐0.5 percent, as a consequence of  changes in the  activity volume of ‐18.5 percentage points (from 102.4 percent to 83.9 percent).

Drops were also seen in construction (from 0.4 percent to 0.3 percent) and public administration and defence, social insurance of public sector, education, health and social assistance (from 0 percent to -0.3 percent).

By uses, final consumption expenditure of households contributed to GDP growth by 1.6 percent instead of 0.7 percent in the previous version, due to higher volumes by 1.5 percentage points (from 101.1 percent to 102.6 percent).

Instead, final consumption expenditure of non-profit institutions serving households contributed downwards to -1.1 percent from initial stagnation as a consequence of decreasing its volume by 72.9 percentage points (from 104 percent to 31.1 percent)  and gross fixed capital formation was revised from -2.2 percent contribution -1.5 percent with increased volumes of 2.5 percentage points (from 92.1 percent to 94.6 percent).

According to the data, Romania’s economy advanced by 2.8 percent over last year, 3.5 percent in 2013, 0.6 percent in 2012 and 1.1 percent in 2011, when the country came out of two years of recession.

In 2010, the economy contracted by 0.8 percent, while a year ago, when the financial crisis was first felt in Romania, the decrease stood at 7.1 percent.

During 2005-2008, economic growth was between 4.2 percent and 8.5 percent, peaking in 2008.

Natalia Martian

BR Magazine | Latest Issue

Download PDF: Business Review Magazine April 2024 Issue

The April 2024 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “Caring for People and for the Planet”. To download the magazine in
Newsroom | 12/04/2024 | 17:28
Advertisement Advertisement
Close ×

We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

Accept & continue