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Satistics: Romania's economic growth is 4.8 pct in 2016

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Romania's Gross Domestic Product (GDP) increased in 2016 by 4.8 percent compared to 2015, important contributions being recorded in trade sectors of wholesale and retail, vehicles and motorcycles repair, transport and storage, hotels and restaurants, according to the provisional data (1) published on Tuesday by the National Institute of Statistics (INS).

The estimated GDP for 2016 was 759.228 billion lei current prices, increasing — in real terms — by 4.8 percent compared to 2015.

Compared to the Q 3 of 2016, the GDP in the Q 4 of 2016 was, in real terms, higher by 1.3 percent. In comparison to the same quarter of 2015, the GDP recorded a growth by 4.7 percent on gross series and on seasonally adjusted series an increase by 4.8 percent.

"The seasonally adjusted series of the quarterly GDP was recalculated following the revision of estimations for the Q 4 of 2016, not being recorded changes compared to the version published in the Press Release No.42 from 14 February 2017."

On gross series, the GDP estimated for the Q 4 of 2016 stood at 227.141 billion lei current prices, increasing — in real terms — by 4.7 percent compared to the Q 4 of 2015.

In the growth of the GDP in 2016 compared to 2015, all economy branches contributed, except agriculture, forestry and fishing, the following branches having more important positive contributions: wholesale and retail trade, vehicles and motorcycles repair, transport and storage, hotels and restaurants (+1.8 percent), with a share of 18.1 percent to the GDP forming and of which activity volume increased by 10.9 percent; information and communication (+0.7 percent), with a reduced share to the GDP forming (5.6 percent), but which recorded a significant growth of the activity volume (14.2 percent); professional, scientific and technical activities; administrative services activities and activities of support services (+0.6 percent), with a share of 7.4 percent to the GDP forming and of which activity volume increased by 8.0 percent; industry (+0.4 percent), with a share of 23.1 percent to the GDP forming and of which activity volume increased by 1.7 percent and net taxes per products (+0.5 percent), with a share of 10.5 percent to the GDP forming and of which activity volume increased by 4.3 percent.

In respect to using the GDP, the increase was mainly due to the expenditure for the final consumption of population's households, of which volume increased by 7.4 percent, thus contributing by 4.5 percent to the growth of the GDP and the final collective effective consumption of public administrations, with a share of +0.4 percent, a consequence of the growth by 4.7 percent of its volume.

The net export (-0.8 percent) had an important negative contribution to the GDP increase, consequence of the growth by 7.6 percent of goods and services exports volume, correlated with a higher increase of goods and services imports volume by 9.3 percent.

"The seasonally adjusted series of the quarterly GDP didn't change, the estimations' revision for the Q 4 of 2016 compared to the 'signal' version published in the Press Release No. 42 from 14 February 2017 being insignificant. The seasonally adjusted series is quarterly recalculated following changes of the adopted models of the number of used regressors, gross series and the number of available observations," the INS mentions.

The European Commission (EC) revised the prognosis regarding the GDP development in 2017 to increase to 4.4 percent, the advancement following to slow-down to 3.7 percent in 2018. The International Monetary Fund (IMF) counts in 2017 on a growth of Romania's GDP of 3.8 percent, the highest economic growth rate of Europe.

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