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GDP INCREASED BY 4.8% IN THE YEAR 2016, AS AGAINST THE PREVIOUS YEAR

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  • Gross domestic product in Q4 2016 was, in real terms, by 1.4%1 higher, as compared to Q3 2015;

  • As against the same quarter of 2015, the Gross Domestic Product recorded an increase by 4.8% for unadjusted series and by 4.9% for seasonally adjusted series;

  • The seasonally adjusted series of quarterly Gross Domestic Product was readjusted as a result of the revision of the GDP unadjusted series for 2016, no significant changes being recorded as compared to the version published in the Press release no. 53 of March 7, 2017.

The National Institute of Statistics (INS) has upwardly adjusted by 0.1 percentage points Romania's Q4 2016 economic growth y-o-y, affirming the annual growth rate at 4.8 percent, according to provisional data posted on Friday on the INS website.

Compared with Q3 2016, the Gross Domestic Product (GDP) in Q4 2016 was 1.4 percent higher in real terms and 0.1 percent higher than provisional estimates.

Against Q4 2015, Q4 2016 GDP was up 4.8 percent in unadjusted terms (0.1 percent higher than provisioned) and 4.9 percent (0.1 percent higher than provisioned) when adjusted for seasonality.

The estimated 2016 GDP was 761.473 billion lei current prices, up 4.8 percent in real terms from 2015. The estimated Q4 2016 GDP was 228.890 billion lei current prices, up 4.8 percent from Q4 2015.

In 2016, the provisional GDP dynamics did not undergo changes. Total gross added value did not change, but changes did occur in some business areas, with the most important having been reported in retail and wholesale trade, repair of motor vehicles and motorcycles, transport and storage, hotels and restaurants (+0.4 percent) as well as in information and communications (-0.4 percent). Net taxes on products were down 0.2 percent.

"In terms of GDP formation, changes in the contributions to the 2016 GDP growth between the two sets of estimates were recorded in the household actual final consumption, from +4.5 percent to +5.0 percent, on an increase in volume from 106.7 percent to 107.3 percent; on gross capital formation, from +0.0 percent to—0.8 percent on a decrease in volume from 100.0 percent to 96.7 percent; in imports of goods and services, from +3.9 percent to +4.1 percent on a volume increase from 109.3 percent to 109.8 percent, as well as in exports of goods and services, from +3.1 percent to +3.4 percent on an increase in volume from 107.6 percent to 108.3 percent ." 

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Monday, April 10, 2017