Romania's first-quarter GDP up 3.8 percent according to the INSSE

The economic advance continued in the first quarter of 2014 according to the “flash” estimates released today by the National Institute of Statistics (INSSE) which reveal a 3.8 percent growth of the Gross Domestic Product, compared to the same period last year, both for the unadjusted and for the seasonally adjusted series.

Based on these first estimates, GDP in Q1 2014 was, in real terms, 0.1 percent higher than in the last quarter of the past year.  The provisional form of the GDP for the first three months of 2014 will be announced next month, on June 6.

Liviu Voinea, the Minister Delegate for Budget stated yesterday, according to Agerpres that the progress recorded by Romania’s economy in Q1 is translated into a growth of the GDP of at least 3.5 percent. He also anticipated an overall improvement by 4 percent concerning the entire year.

Estimations of international institutions such as the International Monetary Fund, the World Bank or the European Bank for Reconstruction and Development show an increase in the GDP which does not exceeds 3 percent. The latter has this week updated the initial forecast of 2.4 percent advance of the GDP to 2.6 percent.

In 2013, Romania has achieved a significant progress in terms of economic growth, the GDP rising by 3.5 percent driven by a strong export performance, a great agricultural year and an unexpected development of the industry.