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INS upgraded its outlook of the Romanian economic development in the second quarter of this year

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The National Institute for Statistics (INS) upgraded its outlook of the Romanian economic development in the second quarter of this year as compared to the first quarter, i.e. to minus 0.9 percent up from minus one percent, while the half-yearly and year-over-year increases remained unchanged from the previous outlook, at plus 1.5 percent and plus 2.6 percent respectively, in seasonally adjusted data, according to the new provisional figures sent on Wednesday. 

Industry alongside the information and communications sector and real estate transactions made the most significant contribution to the growth seen by the gross domestic product (GDP) in Q2, while trade, agriculture and construction pulled the national economy down. 

"From the viewpoint of the GDP formation in the second quarter of 2014, modifications of the contribution to the GDP growth between the two outlooks were recorded by real estate transactions, from +0.1 percent to +0.3 percent as a result of the modification of the activity volume by +1.8 percent (from 101.4 pct up to 103.2 pct); the net product taxes from +0.9 percent up to +0.7 percent as a result of the modified product tax volume by -1.5 percent (from 106.8 pct up to 105.3 pct)", the release says. 

As regards the GDP use in the second quarter of this year, the most important contribution was made by consumption (+3.3 pct) and export (+1 pct), while investments had a negative contribution at 2.9 percent. 

The International Monetary Fund (IMF) has revised upwards to 2.4 percent its estimates concerning the advance of the Romanian GDP this year, according to the World Economic Outlook report published by the international financial body on Tuesday. 

In this spring's report the IMF had estimated the Romanian economy would grow 2.2 percent in 2014. Bucharest expects the national economy to expand 2.8 percent this year, even though the GDP growth anticipated when drafting the 2014 budget is of 2.2 percent. In 2013, the Romanian economy grew by 3.5 percent, one of the highest rates in Europe.

 

INS revised 1.7 percent upwards its estimates about the GDP in 2012

 

The National Institute for Statistics (INS) revised 1.7 percent upwards its estimates about the GDP in 2012, the final figures compared to the semi-final figures, up to 596.7 billion lei current prices, according to final data INS sent on Wednesday. (1 euro = 4.067 lei) 

According to this source, the increase was 0.6 percent in nominal terms compared to 2011. 

"From the viewpoint of the GDP formation, significant modifications of the contribution to the GDP growth, between the two estimates, were recorded by industry, construction, retail and wholesale trade, cars and motorcycle repairs, transport and storage; hotels and restaurants, information and communication, public administration and defence, social insurance in the public system, education, healthcare and social assistance," the release reads.

 

Ponta: INS has reconfirmed the growth of the national economy

 

 

The data published by the National Institute for Statistics (INS) has reconfirmed the growth of the national economy as compared to last year, Romanian Prime Minister Victor Ponta said after attending a farming conference on Wednesday. 

"The INS reconfirmed the economic growth as compared to last year. And, as you know, we will fall within all the targets this year. The rest is electoral campaign, allow me to tell you serious things", the premier said when asked whether the Institute figures reconfirm "the downturn". 

Ponta added he had very much appreciated "the upgraded projection made by the IMF from 2.2 to 2.4 percent". 

"It was said we dropped in this respect too. As far as I know, from 2.2 to 2.4 there is growth", the prime minister stressed.

 

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