Romania’s economy in Q1 2014: Up 3.8 percent on the year and 0.1 compared to previous quarter

Romania’s gross domestic product increased by 0.1 percent compared to Q4 2013 and compared to the first three months of 2013 registered a 3.8 percent growth, according to the National Statistics Institute.

“According to our first estimates, the GDP for the first quarter of 2014 increased by 0.1 percent compared to quarter Iv 2013. Compared to the same period in 2013, the GDP registered a 3.8 percent increase in brute series and adjusted”, according to the INS.

Fueled by a strong industrial sector and revived domestic demand, Romania’s economy is expected to grow by more than 2.5% in 2014.

In 2013, Romania’s economy beat expectations with a 3.5% growth, on the back of a bumper farming production and strong exports. Prime-minister Victor Ponta announced in late April that preliminary date indicate a 3.2 percent GDP increase for the first quarter of 2014.

After, the delegate minister for the Budget, Liviu Voinea, indicated the economy registered an increase between 3 and 4 percent in the first three months, over the increase registered in the same period in 2013.

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