Update: 4pc economic growth in H1, Eurostat: Romania, second largest GDP growth in the EU

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The Gross Domestic Product (GDP) in the second quarter of 2018 was by 1.4% higher than in the previous quarter and by 4.1% higher than in the same period last year as gross series and by 4.2% as seasonally adjusted series, the National Statistics Institute (INS) informs.

In the first half of 2018, the GDP increased by 4% against H1 2017 as gross series and by 4.2% as seasonally adjusted series.

INS informs that the estimated GDP in Q2 2018, as seasonally adjusted series, was of RON 232.583 billion in current prices, up in real terms by 1.4% against Q1 2018 and by 4.2% against Q2 2017. The estimated GDP in H1 2018 was of RON 458.979 billion, up in real terms by 4.2% against H1 2017.

Important contributions had: industry (+1.0%), with a share of 23.6% in GDP and whose volume of activity increased by 4.3%; wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; hotels and restaurants (+0.8%), with a 20.4% share in GDP formation and whose operational volume increased by 3.8%.

Net taxes on products, with a 9.9% share of GDP, have contributed by +0.9% to the GDP growth, volume up by 9.3%.

From the point of view of GDP use, the increase was mainly due to the increase of household final consumption expenditures, whose volume increased by 5.5%, contributing by 3.4% to the GDP growth.

A negative contribution to GDP growth had the net exports (-1.6%), due to the 6.5% increase in exports of goods and services, coupled with a higher increase in the volume of imports of goods and services, of 9 6%.

In 2017, the economy recorded an advance of 6.9% against the previous year, in 2016 it rose by 4.8%, the highest rate after 2008, and in 2015 it advanced by 3.9%.

Romania, second largest GDP growth in the EU

Seasonally adjusted GDP rose by 0.4% in both the euro area (EA19) and the EU28 during the second quarter of 2018, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. In the first quarter of 2018, GDP had also grown by 0.4% in both areas.

Compared  with  the  same  quarter  of  the  previous  year,  seasonally  adjusted  GDP  rose  by  2.1%  in both the euro area and the EU28 in the second quarter of 2018, after +2.4% and +2.3% respectively in the previous quarter.

During  the second quarter  of  2018,  GDP  in  the United  States increased  by 1.0%  compared  with  the  previous quarter (after +0.5% in the first quarter of 2018). Compared with the same quarter of the previous year, GDP grew by 2.9% (after +2.6% in the previous quarter)

Among  Member  States  for  which  data  are  available  for  the second quarter  of 2018, Malta (+1.9%), Estonia and Romania (both  +1.4%) recorded the highest growth compared with the  previous quarter,  while the  lowest growth was observed in Denmark, Greece, France and Italy (all +0.2%).

 

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