Romanias 0.2% q/q GDP rise in Q2 driven by public demand.

By bne IntelliNews September 7, 2011
The 0.2% q/q rise in the seasonally adjusted GDP, announced by the statistics office, was mainly driven on the utilisation side by the 14% q/q surge in public administration consumption, the detailed statistics revealed. The private consumption also increased by 0.5% q/q. The contributions of public and private consumption to the GDPs advance on the quarter were 0.8pps and 0.3pps, respectively, according to our calculations. The external demand must have made a negative contribution on the demand side as exports inched down by 5.7% q/q, while imports shrank by 1% q/q only. The trade deficit thus widened from 4.4% of GDP in Q1 to 6.3% y/y in Q2 according to our calculations, in line with the weaker external demand. On the formation side of the GDP, the 0.2% q/q advance was explained by the 2.5% q/q increase in agriculture and the 1.2% q/q rise in the value added generated by the financial services. Industry and construction narrowed their value added in Q2 by 0.4% y/y each.
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