INS: Romania’s economy up by 5.2% in the first three months of 2022

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In Q1 2022, as compared to the previous quarter, the Gross Domestic Product increased by 5,2%, announced the National Institute of Statistics (INS) today. As compared to the same quarter of 2021, the Gross Domestic Product increased by 6.5%.

As a result of the revision of the unadjusted series by including the estimates for Q1 2022 in the quarterly series, the seasonally adjusted series were reestimated, the volume indices being revised as compared to the version published in the Press release no. 85 of April 8, 2022 as following:
the results for the first quarter of 2021, as compared to the fourth quarter of 2020, had been revised from 101,9% to 101,1%;
the results for the second quarter of 2021, as compared to the third quarter of 2020, had been revised from 101.6% to 103.3%;
the results for the third quarter of 2021, as compared to the second quarter of 2021, had been revised from 100,4% to 97,1%;
the results for the fourth quarter of 2021, as compared to the previous quarter, had been revised from 99,9% to 101.0%.

Regarding the evolution of GDP in the last quarter of last year, the INS explained that in the seasonally adjusted series the volume indices were changed from the second provisional version as a result of the revision of the gross series by including the estimate of Gross Domestic Product for the first quarter of 2022 , as well as the change of the model applied for the seasonal adjustment in the quarterly series.

Thus, if according to data published in April, GDP fell by 0.1% in the last quarter of last year, the new data show that the economy recorded an advance of 1%.

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