September 5 (SeeNews) - Romania's annual economic growth accelerated to 5.9% in the second quarter of 2017 from 5.7% in the prior quarter on the back of strong performance of the industrial sector and rising consumption, official data showed on Tuesday.
Quarter-on-quarter, the Romanian economy expanded by an adjusted 1.6% in April-June, slowing down from 1.7% growth in the prior quarter, the country's statistical board, INS, said on Tuesday, confirming earlier flash data.
Overall, in the first half of 2017, Romania's economy grew by 5.8% on the year in non-adjusted terms and and by 5.7% in seasonally adjusted terms, INS data showed.
The figures are in line with a flash estimate released by INS last month.
The industrial sector grew by 7.7% on the year and by 1.8% on the quarter.
Final household consumption increased by 6.9% on the year and by 2.6% on the quarter, while gross fixed capital formation grew by 2.4% on the year and by 4.6% on the quarter.
The agricultural sector output increased 3.2% year on year in the second quarter, and by 2.1% over the previous quarter.
Construction decreased by 8.7% on the year in the second quarter of 2016 and by 6.2% on the quarter.
Imports of goods and services increased by 9.5% on the year and by 2.1% on the quarter, while exports grew 6.6% on the year and 0.6% on the quarter.
In 2016, Romania's economy expanded by 4.8%.
Romania's 2017 budget bill is built on projections of 5.2% economic growth and sets budget deficit at 2.99% of GDP, a target that many find too ambitious.
In June, the World Bank said it raised its forecast for Romania economic growth in 2017 to 4.4% from 3.7% projected in January.
In May, the European Commission lowered its projection for Romania’s economic expansion in 2017 to a real 4.3% from 4.4% forecast in February due to the fiscal easing measures of the social democratic government.
In April, the International Monetary Fund (IMF) said that Romania's real GDP growth is projected to reach 4.2% in 2017 before it decelerates to 3.4% in 2018.
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