INS confirms GDP growth in Q2 to 4.1pct

The National Institute of Statistics (INS) on Wednesday maintained its estimates for the growth of the Romanian economy in the second quarter, both compared to the similar period of 2017 as well as the first quarter of 2018, at 4.1pct and 1.4pct respectively, but revised upward to minus 1.1pct the negative contribution of investments to the advance of the Romanian economy. 

According to INS, the Gross Domestic Product - seasonally adjusted data - estimated for the second quarter of 2018 was 232.710 billion lei in current prices, on the rise - in real terms - by 1.4pct compared to the first quarter of 2018 and by 4.2pct from the second quarter of 2017. The Gross Domestic Product estimated for the first half of 2018 was 459.144 billion lei in current prices, increasing - in real terms - by 4.2pct compared to the first half of 2017. 

According to INS, in the first half of 2018 compared to the first half of 2017, almost all branches of the economy contributed to GDP growth, with the most important positive contributions being in the following branches: industry (+1.1pct), with a share of 24.6pct at GDP formation and whose volume of activity increased by 4.3pct; wholesale and retail trade; repair of motor vehicles and motorcycles; transport and storage; hotels and restaurants (+0.8pct), with a share of 20.3pct in GDP formation and whose activity volume increased by 3.8pct. 

A negative contribution to GDP growth was made by net exports (-1.6pct), due to the 6.5pct increase in exports of goods and services, correlated with a higher increase in the volume of goods and services imports, of 9.6pct. 

In 2017, Romania's economy recorded an advance of 6.9pct compared to the previous year. In 2016 it rose by 4.8pct, the highest rate since 2008, and in 2015 it advanced by 3.9pct.