July 8 (SeeNews) - Romania’s economy grew by 6.4% year-on-year in the first quarter of 2022, compared to a 0.1% annual contraction during the same period last year, the statistical board said on Friday, citing non-adjusted provisional data that confirms earlier flash estimates.
Final household consumption rose by 6.4% on the year in the first three months of 2022, INS said in a statement.
In June, INS said Romania's gross domestic product (GDP) increased by a non-adjusted 6.5% on the year in the first quarter.
The agricultural sector’s output edged up by an annual 0.9%, the output of the industrial sector shrank by 0.3%, while the construction sector grew by 4.4% on the year in the first quarter of 2022, according to the statement. Gross fixed capital formation increased by 1.7%.
The imports of goods and services increased by an annual 8.8%, while exports grew by 10.6% year-on-year during the first quarter of 2022.
On a seasonally adjusted annual comparison basis, Romania’s gross domestic product (GDP) grew by 6.4% between January and March compared to a 0.1% real contraction in the first quarter of 2021.
Compared to the previous quarter, the GDP grew by a revised 5.1% in the first quarter of 2022, following a 1% increase in the fourth quarter of 2021. In June, INS said that the GDP grew by 5.2% in the first quarter of 2022 compared to the previous quarter.
Romania’s economic output will increase by an estimated 2.9% in 2022, finance ministry analysts said in April, revising their previous forecast for 4.3% growth.
The country's economy grew by 5.9% in 2021, compared to a 3.9% contraction in 2020.
(1 euro = 4.9451 Romanian lei)