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Eurostat: Romania, highest annual economic growth rate in the European Union between April and June 2017
Romania recorded the highest annual economic growth rate in the European Union between April and June 2017, thanks to a 5.7pct advance, shows the new revised estimate released on Thursday by Eurostat.
Eurostat maintained its estimates that Romania's Gross Domestic Product (GDP) recorded a 5.7pct gain in the first quarter of this year and in the second quarter compared to the same period in 2016. In comparison, Eurostat slightly revised upwards estimates of the annual growth rate of both the euro area from 2.2pct to 2.3pct and the European Union from 2.3pct to 2.4pct.
Also, the new Eurostat data show that in the second quarter, compared to the first quarter, Romania had the third highest quarterly economic growth in the EU instead of the second as Eurostat announced in the preliminary estimates published in mid-August. With an economic growth of 1.6pct from one quarter to the next, Romania is only surpassed by the Czech Republic, 2.5pct, and Sweden, 1.7pct.
In this case, the advance of the Romanian economy is well above the euro area average, where GDP increased 0.6 pct compared to the previous quarter, and in the EU, where Eurostat improved its estimates to 0.7pct from a 0.5pct advance as originally estimated.
Data published by Eurostat are similar to those previously announced by the National Institute of Statistics (INS), according to which, in the second quarter of 2017, compared with the first quarter of 2017, the GDP was in real terms higher by 1.6pct. Compared to the same quarter of 2016, GDP rose 5.9pct on the gross series and 5.7pct on the seasonally adjusted series.