Loading page...

Romanian Business News - ACTMedia :: Services|About us|Contact|RSS RSS


Statistics: Romania's Q1 2020 growth estimate officially kept at 0.3pct

  • As against the same quarter of 2019, the Gross Domestic Product recorded an increase by 2.4% for the unadjusted series and by 2.7% for the seasonally adjusted series;

  • The seasonally adjusted series of quarterly Gross Domestic Product was readjusted as a result of the revision of the estimates for Q1 2020, differences being recorded as compared to the version published in the Press release no. 146 of June 9, 2020.

  • The Gross domestic product flash estimates, as well as the provisional ones, are affected by the difficulties posed by the pandemic crisis and by the establishment of the State of emergency. These difficulties are connected to the collection of basic data representing entries for national accounts and have materialized by an increase of the non-response rate. To complete the information alternative data sources had been used in order to affect as less as possible the quality of the produced indicators. According to current practice, the data published today will be revised, according to the Press Release Calendar and the national accounts revision policy published on NIS web-site, when new data sources become available.

Romania's real-term Gross Domestic Product in the first three months of 2020 was up 0.3% over Q4 2019, and 2.4% over Q1 2019 and even 2.7% when seasonally adjusted, according to provisional data released by the National Institute of Statistics (INS) on Tuesday.

According to INS, the seasonally adjusted Gross Domestic Product estimated for the first quarter of 2020 was 272.074 billion lei current prices, up in real terms 0.3% from Q4 2019 and by 2.7% from Q1 2019.

Unadjusted, the estimated Gross Domestic Product in the first quarter of 2020 was 215.965 billion lei current prices, up 2.4% in real prices over Q1 2019.

According to INS, compared with provisional version 1, the dynamics of GDP and gross value added remained unchanged, as did the volume and contribution of net taxes on product. The volume of gross value added by industry did not generally change significantly, with the exception of retail and wholesale trade; repair of motor vehicles and motorcycles; transport and storage; hotels and restaurants, with a reduction in business volume by 0.5%, as well as entertainment, cultural and recreational activities; repairs of household products and other services, with an increase in the volume of activity of 0.9%.

In terms of the use of the GDP, significant changes in the contribution to the GDP growth between the two estimates were reported in individual and collective final consumption of the public administration expenditure, from + 0.2% to + 1.0%, as a result of an increase in their volume of activity from 100.9% to 105.0%; gross fixed capital formation, from + 0.9% to + 2.0%, as a result of a change in its volume of activity from 105.9% to 113.1%; net exports, from -3.2% to -2.2%.