Romania: GDP expands at the fastest pace in five years in Q3
November 14, 2013
According to a preliminary estimate released by the statistical office on 14 November, GDP expanded 4.1% in the third quarter over the same period last year, which marked the largest expansion since Q3 2008. The figure was a significant improvement compared to the 1.5% increase recorded in the second quarter. More detailed data will be released on 4 December.
On a quarter-on-quarter basis, GDP rose 1.6% in seasonally-adjusted terms in Q3, which was well above the 0.5% expansion recorded in the second quarter.
The government expects GDP to expand 1.9% this year, before accelerating to a 2.2% expansion in 2014. FocusEconomics Consensus Forecast panelists expect the economy to grow 1.4% this year, which is down 0.1 percentage points from the previous month's projection. For next year, the panel expects the economy to expand 2.5%, which is unchanged from the previous month's estimate.
Author: Dirina Mançellari, Senior Economist