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GROSS DOMESTIC PRODUCT IN Q1 2016 WAS, IN REAL TERMS, BY 1,6%1 HIGHER, AS COMPARED TO Q4 2015
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As against the same quarter of 2015, the Gross Domestic Product recorded an increase by 4,3% for the unadjusted series and by 4.2% for the seasonally adjusted series;
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The seasonally adjusted series of quarterly Gross Domestic Product did not changed, the revision of the estimates for Q1 2016 as compared to the “flash” estimates published by Press release no. 124 of May 13, 2016 being insignificant.
Romania's Q1, 2016 Gross Domestic Product (GDP) is estimated at over 150 billion lei current prices, up 4.3 percent in real terms from Q1, 2015, according to a press statement of the National Institute of Statistics (INS) released on Tuesday.
"The Q1, 2016 GDP is estimated 150,027.1 million lei current prices, up 4.3 percent in real terms from Q1, 2015. Almost all economic branches contributed to the Q1, 2016 GDP increase y-o-y, with significant developments in retail and wholesale trade, repair of motor vehicles and motorcycles, transport and storage, hotels and restaurants (+2.1 percent), all contributing 18 percent to GDP formation with an activity volume up 13.1 percent; information and communications contributed 0.4 percent to the increase, having had a 6.1 percent contribution to the GDP formation, with an activity volume increase of 7.6 percent, while net taxes on products, with a 13.6 percent share in the GDP formation and a 3.8-percent increase in activity volume, contributed 0.5 percent to the GDP increase," reads the INS statement.
In terms of GDP uses the increase was mainly due to final consumption expenditure of population households whose volume increased by 10.0 percent contributing by 6.4 percent to the GDP growth rate; gross fixed capital formation, with a contribution of +1.3 percent, as a consequence of the increase by 7.0 percent of its volume.
The net export recorded a negative contribution to the GDP growth rate (-3.4 percent) being influenced by a 1.2-percent volume increase in exports of goods and services, in correlation with a higher increase in the volume of imports of goods and services, by 8.0 percent.
Compared with Q4, 2015, the Q1, 2016 GDP was 1.6 percent higher in real terms.
The Gross Domestic Product — seasonally adjusted data — estimated for Q1, 2016 amounted to 185,740.4 million lei current prices, increasing — in real terms — by 1.6 percent against Q4, 2015, and by 4.2 percent against Q1, 2015.
The seasonally adjusted series of quarterly Gross Domestic Product did not change, with the revision of the estimates for Q1 2016 against the flash estimates of May 13, 2016 being insignificant.
In its spring estimates released early this May, the European Commission estimated the Romanian economy to advance 4.2 percent in 2016 on robust domestic demand, and to slow down to 3.7 percent in 2017.