The GDP grew in the first nine months of the year by 4.9% as unadjusted series and by 4.8% as seasonally adjusted series, as compared to the same period in 2015, while in Q3 2016 was, in real terms, higher by 0.6% against the previous quarter, according to data released on Tuesday by the National Statistics Institute (INS).
As compared to the same quarter of 2015, GDP grew by 4.4% as unadjusted series and by 4.6% as seasonally adjusted series.
“Following the revision of the gross series by including the GDP estimation for the third quarter 2016 in the quarterly series, the seasonally adjusted series were re-calculated, the volume indices were revised against the second provisional variant of GDP for Q2 2015, published in the press release no. 257 of October 7, 2016. The results in the first and second quarters of 2016, as compared to the previous quarter, have not changed,” INS informs.
“The growth is below expectations and will be hard to believe that this year the economy will grow by 5%. It confirms that stimulating consumption through tax measures, as VAT cuts has an effect only over the short term, not over the medium and long term,” said Ionut Dumitru, chairman of the Fiscal Council, quoted by hotnews.ro.