Romania’s Q1 GDP up 2.2% y/y, statistics office says confirming first estimate

By bne IntelliNews July 5, 2013

Romania’s first-quarter GDP rose 2.2% y/y, the statistics office said this week, confirming its first estimate of the growth released on June 5.

While the nominal GDP was adjusted downwards by some 0.45% from the first estimate to RON 120.9bn [EUR 27.56bn], the real annual growth rate was maintained at 2.2%. The seasonally-adjusted quarterly growth rate was also kept at 0.7%.

The growth was backed by net exports, which are estimated to have had bigger significance than it was shown under the June 5 estimate. Net exports contributed 4.4pps [upward-adjusted from 3.0pps under the first estimate] to the quarter’s 2.2% GDP growth. 

On the opposite, the negative contribution of gross fixed capital formation was adjusted to minus 1.0pps [from minus 0.1pps] and the negative contribution of variation of stocks was also adjusted from minus 0.5pps to minus 1.0pps.

Actual final consumption contributed a minus 0.2pps under both estimates. Exports’ performance was not surprising but the domestic demand’s weakening is slightly disappointing.

On the formation side, industry contributed a major 0.7pps to the 2.2% y/y GDP advance. The value added generated by industry expanded by 2.6% - still below the 4.7% increase in the sector’s gross output.

The wholesale and retail trade, car repairs, hotels and restaurants also contributed 0.4pps to the overall GDP growth, as their combined value added increased by 3.2% y/y. The sector of support, professional and administrative services advanced by 6.8% y/y, contributing another 0.4pps to the GDP expansion.

Related Articles

EC clears €200mn capital increase at Romanian state-owned CEC Bank

The European Commission has approved Romania’s planned €200mn capital increase for state-owned CEC Bank, allowing the country to proceed with strengthening the lender’s financial position, ... more

Austrian bank Addiko to enter Romanian market with consumer loans first

Addiko Bank, an Austrian financial institution specialising in the consumer and SME sector operating in Central and South-Eastern Europe (CSE), is preparing to launch operations in Romania with the ... more

Moldova’s MAIB announces stronger profit and plans to expand in Romania

Moldova’s Maib bank, which plans to list its shares on the Bucharest Exchange (BVB), has reported an excellent third quarter, with net profit rising by 11% year on year to MDL1.1bn ... more

Dismiss