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GROSS DOMESTIC PRODUCTS IN Q1 2022 WAS, IN REAL TERMS, BY 5.1%1 HIGHER, AS COMPARED TO Q4 2021
- As against the same quarter of 2021, the Gross Domestic Product recorded an increase by 6.4% both for the unadjusted series and for the seasonally adjusted series;
- The seasonally adjusted series of quarterly Gross Domestic Product was readjusted as a result of the introduction of the estimates for Q1 2022, differences insignificant being recorded as compared to the version published in the Press release no. 139 of June 8, 2022.
The National Institute of Statistics (INS) has revised to 5.1% the increase in Romania's Q1 2022 Gross Domestic Product (GDP) on a quarterly basis, and to 6.4%, y-o-y, according to its latest provisional data.
Thus, the seasonally adjusted Q1 2022 GDP was 343.678 billion lei current prices, up in real terms by 5.1% on a quarterly basis and 6.4% y-o-y.
In unadjusted terms, Q1 2022 GDP was 273.829 billion lei current prices, up in real terms 6.4% y-o-y.
Compared with the previous provisional data, the GDP decreased by 0.1 percentage points, and the gross added value decreased by 0.6 percentage points.
The volume of gross added value by branches of activity recorded more important changes between the two estimates, as follows: information and communications had an increase in the volume of activity of 0.3 percentage points; professional, scientific and technical activities; administrative service activities and support service activities, had an increase in volume by +0.1 percentage points; wholesale and retail trade; repair of motor vehicles and motorcycles; transport and storage; hotels and restaurants, had a decrease in volume by 3.0 percentage points.
Arts, entertainment and recreation; repairs of household products and other services had an increase in volume of 0.4 percentage points. Construction witnessed a decrease in volume by 0.3 percentage points. Net taxes on products increased by 4.3 percentage points.
In terms of the use of GDP, significant differences were visible between the two estimates regarding costs of individual and collective final consumption of the public administrations, from + 1.5% to + 0.8%, on a decrease in volume from 107.7% to 103.9%; costs of final consumption of the households, from + 4.4% to + 4.6%, as a result of an increase in volume from 107.0% to 107.2%.
The INS says that the seasonally adjusted series of the quarterly GDP has not changed, as the revision of the estimates for the first quarter of 2022 compared to the provisional version published on June 8, 2022, are insignificant. Seasonally adjusted series are recalculated quarterly in accordance with the EU practice.