Romania’s economy advances 2.4 percent in Q1 2020 mainly on household consumption

The annual growth of Romania’s economy in the first quarter of 2020 – 2.4 percent unadjusted and 2.7 percent when seasonally adjusted series, was mainly due to the household final consumption expenditure, which volume increased by 3.8 percent, contributing 2.5 percent to GDP growth, according to provisional data with the National Institute of Statistics (INS) released on Tuesday.

Investment contributed 0.9 percent to the GDP growth, and exports continued to make a negative contribution of minus 3.2 percent.

“From the point of view of GDP use, the increase was mainly due to: household final consumption expenditure, which volume increased by 3.8 percent, contributing 2.5 percent to GDP growth; gross fixed capital formation, which volume increased by 5.9 percent, contributing 0.9 percent to GDP growth; a negative contribution to GDP growth was net exports (-3.2 percent), as a consequence of an 0.8 percent increase in the volume of imports of goods and services, as against a reduction of the volume of exports of goods and services by 5.5 percent,” according to the provisional data regarding Romania’s GDP growth in Q1 2020.

Compared with Q4 2019, the Q1 2020 Gross Domestic Product was up 0.3 percent in real terms. Compared with the same quarter of 2019, the Gross Domestic Product increased by 2.4 percent unadjusted and by 2.7 percent when seasonally adjusted.

Via Agerpres