Romania confirms Q3 GDP growth at 4.1% y/y, corrects downward consumption estimates

By bne IntelliNews January 13, 2014

Romania’s statistics office INS confirmed under its second estimate that the country’s GDP advanced by 4.1% in Q3 2013 alone and by 2.7% y/y in Jan-Sep.

Nominally, the Q3 GDP was corrected downward by 0.5% to RON 174.5bn [EUR 39.3bn] and this also resulted in a 0.2% negative correction of the Jan-Sep GDP that was re-estimated at RON 442.3bn [EUR 100.3bn]. No correction was operated on the Q1 and Q2 GDP.

The main difference compared to the first estimate of the Q3 GDP is that the consumption has actually stagnated – and not increased slightly as previously estimated.

Thus, the total [private and public] consumption edged down by 0.1% y/y in Q3 compared to a small 0.6% y/y advance estimated previously. Private consumption was corrected from a 1% y/y advance to only 0.5% y/y, while public consumption was corrected to minus 5.9% y/y from minus 3.2% y/y. The gross fixed capital formation decreased by 4.1% y/y compared to 4% under the first estimate.

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