March 7 (SeeNews) - Romania's economy expanded by 7% year-on-year in 2017 compared to a growth rate of 4.8% in 2016, provisional data from the country's statistical board, INS, showed on Wednesday.
The figures confirm earlier flash estimates.
Final household consumption grew 6.6% in 2017, INS data showed.
The agricultural sector output increased 18.3% year on year in 2017, while gross fixed capital formation grew 5.4%. The industrial sector grew by 8% on the year, while construction output edged down by 0.3%.
Imports of goods and services increased 11.1%, while exports grew 9.5% in 2017, relative to 2016.
In the fourth quarter of 2016 alone Romania's economic growth accelerated to an annual 6.9%, from 8.8% in the third quarter, INS unadjusted data data showed.
On a seasonally adjusted quarterly comparison basis, Romania's GDP growth decelerated to 0.6% in the fourth quarter, compared to a 2.4% increase in the previous quarter.
The 2017 budget bill was built on projections of 6.1% economic growth and deficit equivalent to 2.96% of GDP.
In February, Romanian finance ministry analysts raised their 2018 growth forecast to 6.1% from 5.5% based on expectations of more robust performance across sectors than originally projected.
(1 euro=4.6596 lei)