Romania's Gross Domestic Product is estimated to have increased by 0.7 percent last year, well above the previously estimated increase of 0.3 percent, according to Romania's Statistics Institute INS. The new number came as new information appeared and after changes in the way some indexes were calculated. However, in nominal terms, the GDP stayed the same, at RON 587 billion – or EUR 131.9 billion.

The extra information which led to the revision in the GDP estimation referred to the fourth quarter of 2012, and had a significant impact on the public administration sector. The second change was using a new reference year for calculating indexes starting January this year: 2010 instead of the previously used reference year 2005.

The 0.3 percent increase announced by the INS in the beginning of March was a provisional figure. According to the most recent estimations based on seasonally adjusted data, the GDP for the fourth quarter of 2012 was of RON 147 billion at current prices – or some EUR 33.1 billion, which was a 0.4 percent quarter-on-quarter growth and a 0.7 percent year-on-year growth.

The INS will publish its estimations for the first quarter of 2013 on May 2013. In 2011, Romania's economy went up by 2.2 percent, after being down 1.1 percent in 2010, according to the INS.

editor@romania-insider.com