Romania's economy grew by 2.9 percent in 2014

Romania’s Gross Domestic Product (GDP) increased by 2.9 last year, after a 0.5 percent advance in the last quarter of the year compared to the previous three months, indicates a report released by the National Institute of Statistics (INSSE).

As regards the same quarter in 2013, the domestic economy grew by 2.5 percent for seasonally adjusted series and by 2.6 percent for the unadjusted series.

The INSSE has also presented the reviewed results corresponding to the first nine months of the past year.

“As a result of the revision of the unadjusted series relative to 2013, for reconciling the quarterly data to the annual semifinal data, as well as the adding of the estimates for Q4 2014 in the quarterly series, the seasonally adjusted series was recalculated, the volume index being revised as compared to the provisional version of the GDP for Q3 2014”, reads the report.

Consequently, the economic advance in the first quarter of 2014 had been revised from 0.8 percent to 0.3 percent quarter-on-quarter (q-o-q). The GDP evolution in the second quarter, compared to the previous three months, remained unchanged, and the results concerning the third quarter had been adjusted upwards from 1.8 percent economic growth to 2.2 percent.