4pc GDP growth in Q1 against first quarter in 2017

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In the first quarter, the Gross Domestic Product (GDP) posted a 4.0% increase as gross series and 4.2% as seasonally adjusted series against the same period last year, the National Statistics Institute (INS) informs.

The GDP value – seasonally adjusted figures – estimated for Q1 2018 was RON 222.726 billion current prices, at the same level, in real terms, as in Q4 2017, up by 4.2% against Q1 2017.

As gross series, the estimated GDP in Q1 2018 was RON 176,707 billion in current prices, up – in real terms – by 4% as compared to Q1 2017.

The GDP growth in Q1 2018 against Q1 2017 was supported by almost all branches of the economy, with more positive contributions from the industry (+1%), with a share of 23% in the GDP, which registered a 4.4% increase in the volume of activity, as well as the wholesale and retail trade; repairs of motor vehicles and motorcycles; transportation and storage; hotels and restaurants (+0.8%), with a 20.0% share in the GDP and whose volume of activity increased by 4.1%.

From the point of view of GDP spending, the growth was mainly due to: expenditures for final consumption of households, whose volume increased by 5.4%, contributing by 3.4% to the GDP growth; gross fixed capital formation, whose volume increased by 4.8%, contributing by 0.8% to the GDP growth.

A negative contribution to GDP growth was recorded by net exports (-0.6%), as a consequence of the higher increase of imports of goods and services compared to exports of goods and services.

The seasonally adjusted series of the quarterly Gross Domestic Product has not changed, the review of the estimates for Q1 2018 versus the ‘signal’ version published on May 15, 2018 is insignificant, INS informs.

 

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