The Gross Domestic Product (GDP) increased in the first half of this year, as gross series, by 5.8%, the National Statistics Institute informs on Wednesday. The economic growth was, as seasonally adjusted series, of 5.7%.
In the second quarter GDP grew by 5.9% as gross series, against the same period last year. As seasonally adjusted series, the GDP increased by 1.6% against the previous quarter and by 5.7% against the same quarter last year.
“Following the review of the gross series by including the estimated GDP for Q2 2017 in the quarterly series, the seasonally adjusted series was recalculated and the volume indices have been reviewed against the second temporary variant of the GDP for Q1 2017, published by press release no.171 on July 7. Thus, the results for Q1 2017, against Q4 2016, have been reviewed from 101.7% to 101.8%,” INS informs.
The level of 5.7% economic growth has been confirmed on Wednesday by Eurostat, adding that it was the highest growth in the EU, according to a preliminary estimation.
According to Eurostat, the GDP increased in Q1 and Q2 by 5.7% against the similar period last year.
In the same interval, the GDP increased by 2.2% in the eurozone and by 2.3% in the EU, following a 1.9% and respectively 2.1% in the first quarter.
PM Tudose, optimistic
As reaction to the statistics released on Wednesday, Prime Minister Mihai Tudose wrote on Facebook:
“The National Statistics Institute has announced today that Romania had a 5.9% economic growth in the second quarter of 2017, above the level of 5.8% in the first quarter of 2017, of 5.7%. It is a solid economic growth, coming from the strong increase of industrial production by 8% and from the services. Important contributions have the sectors with medium and high added value, such as the high tech.”
BNR official: The GDP in Romania does not lead to prosperity
“We buy and buy, however we haven’t succeeded to consolidate the economic growth through sustainability. There are no investments. (…) The GDP in our country does not lead to prosperity. The consumption demand and the investments demand need to have as pillars the domestic offer. We import too much,” Vasilescu said on Wednesday for Realitatea TV.
According to the National Bank of Romania (BNR) the current account of the balance of payments has registered a EUR 2.745 billion deficit in H1, up by 40.19% against the similar period in 2016.
Romania’s overall foreign debt has increased by 2% (by EUR 1.889 billion, up to EUR 94.266 billion) at June 30, 2017 against December 31, 2016.