Romania’s GDP increases by 1.6 pct in Q1

GDP grew in real terms in the first quarter against the last three months of 2014 by 1.6 percent, while compared to the same period of the previous year it was higher by 4.3 percent on unadjusted series, respectively 4.2 percent higher seasonally adjusted.

The seasonally adjusted series of the quarterly Gross Domestic Product was recalculated following the addition of the estimations for the first quarter of 2015, being revised compared to the version published in April, according to the National Statistics Institute (INS).

Following the revision of the gross series by including the Gross Domestic Product’s estimation for the first quarter of 2015 in the quarterly series, the seasonally adjusted series was recalculated, the volume parameters being revised against a second provisional version of the Gross Domestic Product for the fourth quarter of 2014 published in a press release issued on April 7.

Thus, Q1 2014 results, compared to the fourth quarter of 2013, were revised from 100.3 percent to 100.1 percent. Also, Q2 2014 results compared to the first quarter of 2014 did not change, while Q3 2014 results compared to the second quarter of 2014 were revised up from 102.1 percent to 102.2 percent. Q4 2014 results compared to the third quarter of 2014 were revised from 100.7 percent to 101.0 percent, says the INS.

The statistics reads that seasonally adjusted series are quarterly recalculated due to the change in the adopted models, to the number of regressors used, to the change in unadjusted series and to the number of available observations.

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“The 4.2 per cent economic growth in the first quarter of 2015 compared with the first quarter of last year is an above expectations result and Romania is going in the right direction,” the Prime Minister said on Wednesday as quoted by Agerpres.

Staff