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Romania's GDP edges up 0.5% y/y in Q1 - provisional data II

Jul 8, 2024, 11:38:22 AMArticle by Alexandru Cristea
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July 8 (SeeNews) - Romania's economic output inched up by an unadjusted 0.5% year-on-year in the first quarter of 2024, compared to 2.4% growth over the same period last year, the statistical board said on Monday, quoting a second set of provisional data.

Romania's GDP edges up 0.5% y/y in Q1 - provisional data II
Romania's GDP as of Q1'24. Source: INS

Consumer spending rose by 3.8% on the year in the first three months of 2024, INS said in a statement.

The output of the agricultural sector rose by an annual 2%, while gross fixed capital formation increased by 7.1%. The output of the industrial sector shrank by 0.8%, while the construction sector contracted by 2.3% on the year.

The imports of goods and services increased by an annual 1.6%, while exports decreased by 3.4% year-on-year during the first quarter of 2024.

On a seasonally adjusted annual comparison basis, Romania’s gross domestic product (GDP) between January and March grew by 2.2% compared to 1.1% real growth in the first quarter of 2023.

The country's economy rose by 2.1% in 2023, compared to a 4.1% expansion in the previous year, according to the latest INS data.

In May, the European Bank for Reconstruction and Development (EBRD) said it expects Romania's economic output to increase by 3.2% in 2024, keeping its September projection unchanged. The European Commission increased its forecast for Romania's economic growth in 2024 to 3.3% from 2.9% projected in February on the back of a rebound in economic activity.

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