The Gross Domestic Product grew by 4.8% in 2016 against 2015, with major contributions from wholesale and retail trade, repair of motor vehicles and motorcycles, transportation and storage, hotels and restaurants, according to provisional data released on Tuesday by the National Statistics Institute (INS).
Estimated GDP for 2016 was of RON 759.228 billion (approx. EUR 169 billion) in current prices, up – in real terms – by 4.8% as compared to 2015.
As compared to Q32016, in Q4 2016 the GDP was, in real terms, by 1.3% higher. Against to the same quarter of 2015, the GDP grew by 4.7% as gross series and by 4.8% as seasonally adjusted series.
The Gross Domestic Product – seasonally adjusted data – estimated for Q4 2016 was of RON 194.340 billion in current prices, up – in real terms – by 1.3% as compared to Q3 2016.
The GDP growth was due mainly to expenditures for final consumption of households, whose volume increased by 7.4%, contributing by 4.5% to the GDP growth, and the effective collective final consumption of public administration with a contribution of + 0.4%.
A significant negative contribution to the GDP growth had the net export (-0.8%), owing to a 7.6% growth of exports of goods and services, coupled with a higher growth of imports of goods and services by 9.3%.
The European Commission (EC) has revised upwards, to 4.4%, the forecast of GDP in 2017 and to 3.7% in 2018. The IMF outlook for 2017 forecasts a GDP growth by 3 8%, the highest growth rate in Europe.
Eurostat confirms highest annual growth in the EU in Q4
With a GDP growth of 4.8% in Q4 2016 against the same period in 2015, Romania registered the most significant advance of the 28 European Union member states, according to an estimate released on Tuesday by the European Statistics Bureau (Eurostat).
The eurozone economy grew by 1.7% in Q4 2016 as compared to the same period of 2015, while the European Union has recorded an advance of 1.9%. In Q3 the growth was of 1.8% in the eurozone and of 1.9% in the EU.
The highest growths in the EU during October-December 2016 were registered in Romania (4.8%), Slovenia (3.6%), Croatia (3.5%) and Bulgaria (3.4%). No declines in GDP in the EU were registered in Q4 2016, with the exception of Greece (minus 1.1%).
In Q4 2016, as compared to the previous three months, Romania’s GDP registered an advance of 1.3%, against an advance of 0.5% in the third quarter.
According to data released Tuesday by the National Statistics Institute (INS), the GDP increased by 4.7% in Q4 2016 against the similar period of the previous year.