Statistics confirm the 2.9 pc GDP growth in 2014. GDP per capita climbs to EUR 7,655

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The National Statistics Institute (INS) has confirmed on Friday the GDP growth in 2014, level announced on February 13. The GDP climbed (2014 against 2013) by 2.9% to RON 669.5 billion in current prices, meaning an average GDP per capita of RON 33,989.66 (EUR 7,655.3) according to the BNR average exchange rate in 2014, hotnews.ro informs.

Industry recorded a 0.9% growth, counting for 24.0% of the GDP, information and communications + 0.6%, accounting for 6.0% of GDP.

The collecting of taxes has improved, figures released Friday reveal. “A positive contribution (+ 0.4%) had the net taxes on products (taxes on products minus the subsidies on products), their share in GDP being of 11.5%. They recorded an increase in volume of 3 4%,” the INS release reads.

The most important contributions to the GDP growth in 2014 were given by private consumption (+ 2.9%), with a share of 60.9% to GDP and public use (+ 0.6%), accounting for 14.2% of GDP use.

Investments have slowed down economic growth. As a result of the decrease of volume in gross fixed capital formation by 3.6%, it had a negative contribution to GDP growth of 0.8%.

A positive contribution was represented by the gross fees on products (+0.4 per cent), with a 11.5 per cent share in the GDP and a 3.4 per cent increase in volume.

The volume reduction in the activities of financial intermediation and insurance by 2.7 per cent had a negative impact on the GDP evolution, their contribution to the GDP increase accounting for minus 0.1 per cent.

In terms of GDP use, the most important contributions to the increase of the GDP in 2014 were registered by the expense for the final consumption of population households (+2.9 per cent), with a 60.9 per cent share in the GDP use and the volume of which increased 4.9 per cent and the expense for the final consumption of public administration (+0.6 per cent), with a 14.2 per cent share in the GDP use and a volume increase standing at 3.8 per cent.

Following the decline in the volume of gross fixed capital formation by 3.6 per cent, it registered a negative contribution to the GDP increase, accounting for minus 0.8 per cent.

Moreover, the INS points out that following the revision of the gross series, through the inclusion of some additional data for 2014, the seasonally adjusted series was recalculated, the volume indices having been revised from the “signal” version of the GDP for the Q4 2014, made public in press release of February 13, 2015. Thus, the results of Q2 2014, compared with the previous quarter, were revised from 99.6 per cent to 99.5 per cent.

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