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Update: 7pc GDP growth in 2017. Inflation rate up to 4.3pc in January

Romania’s economy grew by 7% in 2017 against the previous year, whereas in the past quarter of the year the growth was of 6.9% as gross series, down from 8.8% in Q3, the National Statistics Institute (INS) informed on Wednesday.

The GDP growth in Q4 was of 9.6% against the previous quarter.

INS underscores it was the most significant economic growth of the past 10 years. A 6.9% growth was registered also in 2007.

The Q3 2017 results against Q2 2017 have been revised from 102.6% to 102.4%.

The National Prognosis Commission (CNP) has revised upwards to 6.1% the forecast for GDP growth this year, in the winter paper over medium term prognosis for 2017-2021, following the forecast last autumn of 5.5% for 2018.

On the other hand, INS reports that the inflation rate reached in January 4.3%, up from 3.3% in December. Inflation rates higher than 4% were reported in 2013.

Against December 2017, in January 2018 the highest price increases were registered by non-food goods (1.08% on average), foodstuff by 0.64% and services tariffs by 0.32%.

Against January 2017, in January 2018 the non-food goods prices increased on average by 6.23%, the foodstuff prices by 3.79% and the services tariffs by 0.9%, INS informs.

The average rate of consumer prices in the past 12 months (February 2017-January 2018) against the previous 12 months (February 2016-January 2017) is of 1.7%, INS further informs.

Construction works, down by 5.4%

The volume of construction works fell by 5.4% as gross series by 2017 compared to 2016, but the new construction works increased by 4.9%, INS also informs.

On structural elements, there were decreases in the maintenance and repair works by 24.6% and in the capital repair works by 17.7%.

Decreases were registered in engineering construction by 21.3% and in non-residential buildings by 12.6%. The works for residential buildings have increased by 69.7%.

Eutrostat estimate figures confirm highest growth in the EU

With an advance of 7% in Q4 2017, compared to the same period of 2016, Romania recorded the highest annual growth rate in the European Union in the interval October-December 2017, shows a preliminary estimate published on Wednesday by Eurostat.

Seasonally adjusted GDP rose by 0.6% in both the euro area (EA19) and the EU28 during the fourth quarter of 2017, compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. In the third quarter of 2017, GDP grew by 0.7% in both zones.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 2.7% in the euro area and by 2.6% in the EU28 in the fourth quarter of 2017, after +2.8% in both zones in the previous quarter, Eurostat informs.

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