GDP up by 5.3% in Q2 2022 compared to last year

Gross Domestic Product recorded an increase by 5.3% in Q2 2022 as against the same quarter of 2021, for both the unadjusted series and for the seasonally adjusted series, the National Institute of Statistics (INS) informed on Wednesday.

In the first semester of 2022, as against the same period of the previous year, the Gross Domestic product increased by 5.8% both for the unadjusted series and for the seasonally adjusted series, while the seasonally adjusted series of quarterly Gross Domestic Product did not change as a result of the revision of the estimates for Q2 2021, as compared to the version published in the Press release no. 207 of August 17, 2022.
The Gross Domestic Product – seasonally adjusted data – estimated for Q2 2022 amounted to 355964.4 million lei current prices, increasing – in real terms – by 2.1% against Q1 2022 and by 5.3% as against Q2 2021.

The Gross Domestic Product estimated for the first half of 2022 amounted to 699846.7 million lei current prices, increasing – in real terms – by 5.8% against the first half of 2021.

The Gross Domestic Product estimated for Q2 2022 amounted to 335190.1 million lei current prices increasing – in real terms – by 5.3% as against Q2 2021.

The Gross Domestic Product estimated for the first half of 2022 amounted to 609019.6 million lei current prices, increasing – in real terms – by 5.8% as against the first half of 2021.

Which industries contributed to the GDP increase?

Almost all industries contributed to the GDP increase in the first semester of 2022 as against the same period of 2021, more significant positive contributions being recorded for the following industries:
– Wholesale and retail; motor–vehicles and motorcycles repair; transport and storage; hotels and restaurants (+2.2%), with a share of 20.6% in GDP, whose activity volume increased by 10.3%;
– Information and communication (IT) (+1.7%), with a share of 6.9% in GDP, whose activity volume increased by 23.9%.
A negative contribution was recorded for industry (–0.2%), with a share of 25.3% in GDP, whose activity volume decreased by –0.1%.

Net taxes on products, with a share of 10.4% in GDP, contributed with +0.5% to the GDP growth rate, their volume increasing by 5.2 %.

From GDP uses standpoint, the increase was mainly due to:
– final consumption expenditure of households whose volume increased by 7.6% contributing by +4.7% to the GDP growth rate;
– gross fixed capital formation whose volume increased by 2.2% contributing by +0.5% to the GDP growth rate.
Net export recorded a negative contribution to the GDP growth rate (–3.9%), being influenced by the volume increase of imports of goods and services, by 14.3% compared to the increase of 7.7% in the volume of exports of goods and services.