Statistics revised: Economic growth in 2015 of 3.9pc, GDP re-evaluated downward

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Romanian economy registered a 3.9% growth in 2015, above the previous estimations of 3.8%, on the background of increased consumption stimulated by the VAT cut for foodstuff, according to almost final data from the National Statistics Institute (INS). On the other hand INS has reviewed downward the GDP, given the lower level of the deflator measuring the price increases. The GDP in 2015 was of RON 711.1 billion (EUR 160 billion), against the previous estimated level of RON 712.83 billion (EUR 160.4 billion).

The economic growth was supported in 2015 by the increased consumption (by 5.5%) and by the gross fixed capital formation (up by 8.3%), informs.

Imports up by 9.2%, export up by 5.4%.

The GDP growth was supported by the increase of operations in IT&C by 9.7%, trade (up by 12.1%), real estate transactions (up by 9.8%) and constructions (up by 6.8%).

Agriculture registered a decrease of 11.8% in 2015, public administration by 11% and financial intermediation by 1%.

Data revision follows the review of the economic growth registered in 2014 from 3% to 3.1%.

Thus, Romanian economy has registered growths above 3% for three years in a row (3.5% in 2013, 3.1% in 2014 and 3.9% in 2015). In the first months of 2016 the economy grew by 4.9%, given the wage increases. For the entire year 2016, estimations point to a 4.8-5% GDP growth.

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