Romania’s GDP increased by 13.9% in the second quarter (Q2) of the year, compared to the same period last year, and not by 13% - as previously estimated - the statistics office INS announced on October 11.

The output of the construction companies and households’ private consumptions were mainly revised upward.

Consequently, the nominal Q2 GDP was revised up by 0.9% to RON 271.2 bln (EUR 55.05 bln). The GDP deflator was maintained at 5.5% YoY.

The effect of the higher nominal GDP on the public finance ratios is marginal: the public debt at the end of July decreases from 49.3% of GDP to 49.2% of GDP, for instance.

Regarding the specific revision of the Q2 GDP, the statistics office revaluated upward the output (value-added terms) of the constructions sector and, on the utilisation side, the households’ consumption.

Specifically, the sector of constructions generated 7.6% YoY in Q2, compared to 1.0% initially estimated.

The households’ expenditures for own consumptions surged by 11.8% YoY, according to the revised estimates, compared to 10.1% YoY estimated initially. 

(Photo: Anya Berkut/ Dreamstime)

iulian@romania-insider.com