GDP higher by 0.3% in real terms in Q1 2020 as against Q4 2019, INS says

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As against the same quarter of 2019, the Gross Domestic Product recorded an increase by 2.4% for the unadjusted series and by 2.7% for the seasonally adjusted series, according to the Romania’s National Institute of Statistics (INS).

The seasonally adjusted series of quarterly Gross Domestic Product was readjusted as a result of the revision of the estimates for Q1 2020, differences being recorded as compared to the version published in the Press release no. 146 of June 9, 2020.

The Gross domestic product flash estimates, as well as the provisional ones, are affected by the difficulties posed by the pandemic crisis and by the establishment of the State of emergency. These difficulties are connected to the collection of basic data representing entries for national accounts and have materialized by an increase of the non-response rate. To complete the information alternative data sources had been used in order to affect as less as possible the quality of the produced indicators.

The Gross Domestic Product – seasonally adjusted data – estimated for Q1 2020 amounted to 272074.7 million lei current prices, increasing – in real terms – by 0.3% against Q4 2019 and by 207% against Q1 2019.

The Gross Domestic Product estimated for Q1 2020 amounted to 215965.2 million lei current prices, increasing – in real terms – by 2.4% as against Q1 2019.

As compared to the provisional version, the GDP and Gross value added volume is unchanged as well as the volume and contribution of net taxes on products.
Gross value added volume by industries did not recorded significant changes, in general, more important changes being recorded in: – Wholesale and retail; repair of motor vehicles and motorcycles; transport and storage; hotels and restaurants, by -0.5 percentage points, – Shows, culture and recreation activities; repair of households goods and other services, by +0.9 percentage points.

From GDP uses standpoint, significant changes in the contribution to the growth rate of GDP between the two estimates were recorded for: – individual and collective final consumption expenditure of General Government, from +0.2% to 1.0%, as a result of their activity volume decrease from 100.9% to 105.0%; – gross fixed capital formation, from +0.9% to +2.0%, as a result of their activity volume decrease from 105.9% to 113.1%; – net export, from -3.2% to -2.2%.

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