Economic growth in 2017 was fuelled by consumption, statistics say

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Statistics have confirmed on Wednesday that the economy grew by 7% in 2017, an increase based on higher consumption (which climbed by over 10%), while the increasing imports dragged the economy downwards.

“A significant negative contribution to the GDP growth was recorded by net exports (-0.8%), as result of the 9.5% increase in the volume of exports of goods and services correlated with a higher increase in the volume of imports of goods and services by 11.1%,” the National Statistics Institute informs.

As compared to Q3 2017, the GDP in Q4 2017 was, in real terms, by 0.6% higher. Against the same quarter of 2016, the Gross Domestic Product had an increase of 6.9% as gross series and of 7.0% as seasonally adjusted series.

As seasonally adjusted series, the estimated GDP for Q4 2017 was of RON 221.798 billion in current prices, up in real terms by 0.6% against Q3 2017 and by 7% against Q4 2016. As gross series, the estimated GDP for Q4 2017 was of RON 258.046 billion in current prices, up in real terms by 6.9% against Q4 2016.

The INS figures reveal that the estimated GDP for 2017 was of RON 856.251 billion in current prices, up in real terms by 7% against 2016.

In regard to using the GDP, the growth was determined mainly by:

  • the household expenditures, with a volume up by 10.3%, contributing by 6.4% to the GDP growth;
  • the formation of the gross fixed capital, with a contribution of +1.2%, as a result of the 5.4% increase in volume.

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