INS improves Q1 estimates from 3.8 pct economic growth to 3.9 pct

The Romanian economy expanded at a slightly faster pace than previously estimated in the first quarter, largely driven by higher exports and improved contribution from value added tax collection, revised data showed Wednesday.

The National Institute of Stastics corrected its estimate regarding the Q1 GDP, dropping from RON 127.62 billion to RON 126.38 billion, a RON 1.23 billion correction. The economy grew 3.9 percent compared to the first quarter of 2013, after the INS initially estimated it grew by 3.8 percent on June 4.

Prime-minister Victor Ponta announced at the end of April that preliminary data indicated a 3.2 percent growth for the first quarter of 2014. Afterwards, the delegate minister for the Budget, Liviu Voinea, estimated that the economy would between 3 and 4 percent in that same period.

IMF is expecting a 2.8 percent GDP growth from Romania this year, while the European Commission expects Romania’s economy to grow by 2.5 percent in 2015 and 2.6 prcent in 2015.

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