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Statistics: Romania's Gross Domestic Product advances an estimated 0.5-pct in Q2 2012
Romania's Q2 2012 seasonally adjusted Gross Domestic Product (GDP) is estimated at more than RON 149.51 billion (nearly 32.913 billion euros at today's rates) current prices, up 0.5 percent in real terms from Q 1 2012, according to data released on Friday by the National Statistics Institute (INS).
In unadjusted terms, the estimated Q2 2012 GDP was RON 138.25 billion (nearly 30.434 billion at today's rates) current prices, up 1.1 percent in real terms from Q 1 2012.
Professional, scientific and technical activities; activities of administrative services and support services recorded the highest volume increase (+3.7), followed by construction (+3.6 percent). Less significant increases were recorded in Information and communication (+1.5 percent), real estate activities (+1.1 percent), industry (+0.3 percent) as well as wholesale and retail; repair of motor vehicles and motorcycles; transport and storage; hotels and restaurants (+0.3 percent).
Decreases in the volume of activity were recorded in public administration and defence; social insurance of public sector; education; health and social assistance (-2.1 percent); agriculture, forestry and fisheries (-1.6%); shows, culture and recreation activities; repair of households goods and other services (-1.6 percent) as well as in financial intermediation and insurance (-0.9 percent).
As a result of overall positive economic developments, taxes on products collected by the Government increased, while net tax revenues advanced 5.7 percent.
In terms of Gross Domestic Product uses, in Q2 2012 domestic demand slightly increased by 1.3 percent from the same quarter of 2011 due to the significant increase of gross fixed capital formation (+15.5 percent). Total final consumption increased by 1.3 percent, having been influenced by an increase in final consumption expenditure of households (+2.1 percent). The final consumption expenditure of general government declined 2.4 percent.
Net export had a negative impact on the GDP as a result of an increase in imports of goods and services (+0.2 percent) and decreases in exports (0.5 percent).
Gross Domestic Product estimated for the first half of 2012 amounted to RON 247,727.8 million current prices, increasing - in real terms - by 0.7 percent from the first half of 2011. This growth was significantly determined by increases in the activity volume and, consequently, in the gross value added in construction (+2.3 percent); professional, scientific and technical activities; activities of administrative services and support services (+1.5 percent), as well as in information and communications (+1.5 percent).
Total final consumption raised in H1 2012, by 0.7 percent from the similar period of the year before, particularly as a result of a 1.1-percent rise in the household final consumption expenditure.
The International Monetary Fund (IMF) is expecting Romania to achieve a 0.9-percent economic growth in 2012, while the Romanian Government is counting on a 1.2-percent growth.