Romania GDP


Romania: Economic growth slows in Q2

September 4, 2015

In the second quarter, the economy expanded 3.3% over the same period of the previous year, according to more detailed data released on 4 September. The figure met the preliminary estimate and marked a notable deceleration compared to the 4.3% expansion observed in the first quarter. On a quarter-on-quarter basis, GDP rose 0.1% in seasonally-adjusted terms in Q2, which was down from the 1.4% expansion tallied in the previous quarter. Q2’s slowdown mainly reflected a deterioration in the external sector.

Private consumption grew 5.9% in the second quarter, which was stronger than the 4.9% increase observed in Q1. Conversely, government spending fell from a 3.0% increase in Q1 to a mild 0.4% rise in Q2, which represented the smallest gain in over two years. Growth in fixed investment moderated from an 8.3% rise in Q1 to a 7.9% expansion in Q2.

On the external side of the economy, exports decelerated from a 8.4% increase in Q1 to a weaker 4.2% expansion in Q2. Imports dropped from 11.4% growth in the first quarter to a 7.8% rise in the second quarter. Because exports slowed more than imports, the external sector’s net contribution to overall economic growth decreased from minus 4.5 percentage points in Q1 to minus 5.3 percentage points in Q2, marking the largest detraction in five years.

FocusEconomics Consensus Forecast panelists expect the economy to grow 3.5% in 2015, which is unchanged over the previous month’s projection. For 2016, the panel expects the economy to expand 3.4%.

Author:, Senior Economist

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Romania GDP Chart

Romania GDP Q2 2015

Note: Year-on-year changes of GDP in %.
Source: National Institute of Statistics and FocusEconomics Consensus Forecast.

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