June 8 (SeeNews) - Romania's economy grew by 2.3% year-on-year in the first quarter of 2023, compared to 6.3% growth over the same period last year, the statistical board said on Thursday, citing non-adjusted provisional data that confirms earlier flash estimates.
Final household consumption volume rose by 5.8% on the year in the first three months of 2023, INS said in a statement.
The output of the agricultural sector edged down by an annual 0.9%, while gross fixed capital formation increased by 13.2%. The output of the industrial sector shrank by 2.3%, while the construction sector grew by 8.5% on the year.
The imports of goods and services increased by an annual 1.1%, while exports inched down by 0.5% year-on-year during the first quarter of 2023.
On a seasonally adjusted annual comparison basis, Romania’s gross domestic product (GDP) between January and March grew by 2.8% compared to a 4.9% real growth in the first quarter of 2022.
Compared to the previous quarter, the GDP grew by 0.1% in the first quarter of 2023, following a 1% increase in the fourth quarter of 2022.
Romania’s economic output will increase by an estimated 2.8% in 2023, finance ministry analysts said in May, maintaining their previous forecast.
The country's economy grew by 4.7% in 2022, compared to a 5.8% contraction in the previous year, according to the latest INS data.
On Tuesday, the World Bank said it expects Romania's economy to expand 2.6% in 2023, maintaining its previous forecast.